EastGroup Properties, Inc. (NYSE:EGP) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 8.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 107,270 shares of the real estate investment trust’s stock after acquiring an additional 8,634 shares during the period. Envestnet Asset Management Inc. owned 0.25% of EastGroup Properties worth $17,734,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its holdings in EastGroup Properties by 783.3% in the first quarter. Parallel Advisors LLC now owns 159 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 141 shares during the last quarter. Delta Asset Management LLC TN purchased a new stake in EastGroup Properties in the fourth quarter valued at approximately $37,000. Itau Unibanco Holding S.A. purchased a new stake in EastGroup Properties in the fourth quarter valued at approximately $41,000. Group One Trading L.P. purchased a new stake in EastGroup Properties in the first quarter valued at approximately $41,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in EastGroup Properties by 29.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 705 shares of the real estate investment trust’s stock valued at $104,000 after purchasing an additional 159 shares during the period. 90.69% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Stock Performance

NYSE:EGP opened at $179.34 on Friday. The firm has a market capitalization of $8.14 billion, a PE ratio of 47.82, a price-to-earnings-growth ratio of 3.41 and a beta of 0.93. The business’s fifty day moving average price is $177.91 and its 200 day moving average price is $169.54. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.01 and a quick ratio of 0.01. EastGroup Properties, Inc. has a 12 month low of $137.47 and a 12 month high of $188.85.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Thursday, September 28th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.25. EastGroup Properties’s dividend payout ratio is 133.33%.

Insider Activity at EastGroup Properties

In related news, SVP Richard Reid Dunbar sold 1,600 shares of the stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $181.25, for a total value of $290,000.00. Following the transaction, the senior vice president now owns 17,288 shares of the company’s stock, valued at $3,133,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on EGP shares. StockNews.com started coverage on EastGroup Properties in a research report on Thursday, August 17th. They issued a “hold” rating on the stock. BTIG Research boosted their target price on EastGroup Properties from $198.00 to $218.00 in a research report on Wednesday, July 26th. Morgan Stanley reissued an “equal weight” rating and issued a $158.00 target price on shares of EastGroup Properties in a research report on Tuesday, August 1st. Truist Financial cut their price objective on EastGroup Properties from $180.00 to $175.00 in a research report on Monday, May 15th. Finally, Piper Sandler upped their price objective on EastGroup Properties from $195.00 to $215.00 in a research report on Thursday, July 27th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties currently has an average rating of “Moderate Buy” and a consensus price target 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.