Citigroup Inc. boosted its holdings in EastGroup Properties, Inc. (NYSE:EGP – Free Report) by 22.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 26,591 shares of the real estate investment trust’s stock after buying an additional 4,847 shares during the quarter. Citigroup Inc. owned 0.06% of EastGroup Properties worth $4,396,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. NewEdge Wealth LLC raised its position in shares of EastGroup Properties by 2.2% during the first quarter. NewEdge Wealth LLC now owns 4,625 shares of the real estate investment trust’s stock worth $765,000 after purchasing an additional 100 shares during the period. Vestmark Advisory Solutions Inc. increased its stake in EastGroup Properties by 2.2% in the 1st quarter. Vestmark Advisory Solutions Inc. now owns 4,625 shares of the real estate investment trust’s stock worth $765,000 after purchasing an additional 100 shares in the last quarter. Private Advisor Group LLC raised its holdings in EastGroup Properties by 10.3% during the 1st quarter. Private Advisor Group LLC now owns 1,212 shares of the real estate investment trust’s stock worth $246,000 after buying an additional 113 shares during the period. Treasurer of the State of North Carolina lifted its stake in EastGroup Properties by 0.7% during the first quarter. Treasurer of the State of North Carolina now owns 17,984 shares of the real estate investment trust’s stock valued at $2,973,000 after buying an additional 130 shares in the last quarter. Finally, Parallel Advisors LLC boosted its holdings in shares of EastGroup Properties by 783.3% in the first quarter. Parallel Advisors LLC now owns 159 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 141 shares during the period. Institutional investors own 90.69% of the company’s stock.
Insider Buying and Selling
In other EastGroup Properties news, SVP Richard Reid Dunbar sold 1,600 shares of EastGroup Properties stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $181.25, for a total value of $290,000.00. Following the completion of the sale, the senior vice president now directly owns 17,288 shares in the company, valued at $3,133,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.
EastGroup Properties Stock Performance
EastGroup Properties Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be paid a $1.27 dividend. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.25. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $5.08 annualized dividend and a dividend yield of 2.83%. EastGroup Properties’s payout ratio is presently 133.33%.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on EGP shares. Citigroup boosted their price target on shares of EastGroup Properties from $195.00 to $210.00 and gave the company a “buy” rating in a report on Friday, July 14th. StockNews.com began coverage on EastGroup Properties in a report on Thursday, August 17th. They issued a “hold” rating for the company. KeyCorp raised their target price on EastGroup Properties from $174.00 to $188.00 in a research report on Wednesday, July 12th. BTIG Research upped their price target on EastGroup Properties from $198.00 to $218.00 in a research report on Wednesday, July 26th. Finally, Wells Fargo & Company raised their price objective on EastGroup Properties from $165.00 to $179.00 and gave the stock an “equal weight” rating in a research report on Monday, August 7th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $185.60.
About EastGroup Properties
EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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