Allspring Global Investments Holdings LLC purchased a new position in EastGroup Properties, Inc. (NYSE:EGP – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 836 shares of the real estate investment trust’s stock, valued at approximately $145,000.
Other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC boosted 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 worth $26,000 after acquiring an additional 141 shares in the last quarter. Dark Forest Capital Management LP boosted its holdings in EastGroup Properties by 3,380.0% in the first quarter. Dark Forest Capital Management LP now owns 174 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 169 shares in the last quarter. Group One Trading L.P. acquired a new stake in EastGroup Properties in the first quarter worth about $41,000. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in EastGroup Properties in the first quarter worth about $49,000. Finally, Belpointe Asset Management LLC boosted its holdings in EastGroup Properties by 141.0% in the first quarter. Belpointe Asset Management LLC now owns 494 shares of the real estate investment trust’s stock worth $82,000 after acquiring an additional 289 shares in the last quarter. Institutional investors and hedge funds own 90.69% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have weighed in on the company. Wedbush assumed coverage on EastGroup Properties in a report on Tuesday, October 3rd. They issued a “neutral” rating and a $175.00 price target for the company. Piper Sandler lifted their target price on EastGroup Properties from $195.00 to $215.00 in a report on Thursday, July 27th. Raymond James raised EastGroup Properties from a “market perform” rating to an “outperform” rating and set a $180.00 target price for the company in a report on Friday, October 27th. StockNews.com assumed coverage on EastGroup Properties in a report on Thursday, October 5th. They set a “hold” rating for the company. Finally, Evercore ISI decreased their target price on EastGroup Properties from $177.00 to $170.00 in a report on Monday, October 9th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.08.
EastGroup Properties Price Performance
EastGroup Properties stock opened at $165.20 on Tuesday. The stock has a market capitalization of $7.65 billion, a PE ratio of 41.82, a price-to-earnings-growth ratio of 2.59 and a beta of 0.97. EastGroup Properties, Inc. has a 12 month low of $144.40 and a 12 month high of $188.85. The business has a 50 day simple moving average of $167.91 and a 200-day simple moving average of $171.39.
EastGroup Properties Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were given a $1.27 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.25. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.08%. EastGroup Properties’s payout ratio is 128.61%.
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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