EastGroup Properties, Inc. (NYSE:EGP) Shares Purchased by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. increased its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 7.5% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 54,272 shares of the real estate investment trust’s stock after acquiring an additional 3,789 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.12% of EastGroup Properties worth $9,961,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of EGP. Vanguard Group Inc. lifted its position in EastGroup Properties by 1.3% in the third quarter. Vanguard Group Inc. now owns 6,532,176 shares of the real estate investment trust’s stock valued at $1,087,803,000 after buying an additional 81,798 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of EastGroup Properties by 3.9% in the 3rd quarter. Deutsche Bank AG now owns 1,042,443 shares of the real estate investment trust’s stock worth $173,598,000 after acquiring an additional 38,766 shares during the last quarter. Invesco Ltd. boosted its position in shares of EastGroup Properties by 12.7% during the 3rd quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock worth $120,975,000 after purchasing an additional 81,636 shares during the period. Wellington Management Group LLP increased its holdings in EastGroup Properties by 113.1% in the 3rd quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock valued at $115,773,000 after purchasing an additional 368,954 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in EastGroup Properties by 2.2% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 361,853 shares of the real estate investment trust’s stock valued at $66,414,000 after purchasing an additional 7,724 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Trading Up 2.4 %

EGP opened at $163.11 on Tuesday. The business’s 50-day simple moving average is $176.79 and its 200-day simple moving average is $175.38. The company has a market cap of $7.83 billion, a P/E ratio of 36.99, a PEG ratio of 2.52 and a beta of 0.93. EastGroup Properties, Inc. has a one year low of $154.75 and a one year high of $188.85. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28.

EastGroup Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a dividend of $1.27 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 annualized dividend and a yield of 3.11%. EastGroup Properties’s dividend payout ratio is currently 115.19%.

Wall Street Analysts Forecast Growth

EGP has been the subject of several research analyst reports. Truist Financial raised their price target on EastGroup Properties from $186.00 to $188.00 and gave the stock a “hold” rating in a research report on Tuesday, February 20th. Royal Bank of Canada increased their price target on shares of EastGroup Properties from $180.00 to $190.00 and gave the stock a “sector perform” rating in a research report on Friday, February 16th. Mizuho reaffirmed a “neutral” rating and set a $185.00 target price on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Barclays began coverage on shares of EastGroup Properties in a research report on Wednesday, March 27th. They issued an “equal weight” rating and a $181.00 price target for the company. Finally, JPMorgan Chase & Co. assumed coverage on EastGroup Properties in a research report on Thursday, April 11th. They set a “neutral” rating and a $190.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, EastGroup Properties presently has a consensus rating of “Hold” and a consensus target price of $188.47.

Insider Activity at EastGroup Properties

In related news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the sale, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.00% of the stock is owned by corporate insiders.

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.