Swiss National Bank raised its stake in EastGroup Properties, Inc. (NYSE:EGP – Free Report) by 2.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 96,287 shares of the real estate investment trust’s stock after acquiring an additional 2,300 shares during the quarter. Swiss National Bank owned approximately 0.21% of EastGroup Properties worth $16,715,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of EGP. 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 period. Dark Forest Capital Management LP lifted 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 valued at $29,000 after acquiring an additional 169 shares during the period. Group One Trading L.P. acquired a new position in EastGroup Properties in the first quarter valued at approximately $41,000. Kayne Anderson Rudnick Investment Management LLC acquired a new position in EastGroup Properties in the first quarter valued at approximately $49,000. Finally, Belpointe Asset Management LLC lifted 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 valued at $82,000 after acquiring an additional 289 shares during the period. 90.69% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have recently commented on EGP. Evercore ISI cut their price objective on EastGroup Properties from $177.00 to $170.00 in a research report on Monday, October 9th. BTIG Research boosted their price objective on EastGroup Properties from $198.00 to $218.00 in a research report on Wednesday, July 26th. Wells Fargo & Company boosted their price objective on EastGroup Properties from $165.00 to $179.00 and gave the company an “equal weight” rating in a research report on Monday, August 7th. Morgan Stanley restated an “equal weight” rating and issued a $158.00 price objective on shares of EastGroup Properties in a research report on Tuesday, August 1st. Finally, Raymond James upgraded EastGroup Properties from a “market perform” rating to an “outperform” rating and set a $180.00 price objective for the company in a research report on Friday, October 27th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $186.08.
EastGroup Properties Stock Up 0.9 %
Shares of EastGroup Properties stock opened at $170.00 on Monday. EastGroup Properties, Inc. has a 52 week low of $144.40 and a 52 week high of $188.85. The business’s fifty day simple moving average is $167.31 and its 200-day simple moving average is $171.52. The firm has a market cap of $7.88 billion, a PE ratio of 43.04, a price-to-earnings-growth ratio of 2.63 and a beta of 0.97.
EastGroup Properties Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was 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 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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