Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 5.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,791 shares of the real estate investment trust’s stock after purchasing an additional 1,026 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in EastGroup Properties were worth $3,449,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in EGP. Pacer Advisors Inc. lifted its stake in shares of EastGroup Properties by 15.0% in the fourth quarter. Pacer Advisors Inc. now owns 61,527 shares of the real estate investment trust’s stock worth $11,293,000 after buying an additional 8,002 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in shares of EastGroup Properties by 2.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 361,853 shares of the real estate investment trust’s stock worth $66,414,000 after buying an additional 7,724 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of EastGroup Properties by 3.5% in the third quarter. The Manufacturers Life Insurance Company now owns 272,447 shares of the real estate investment trust’s stock worth $45,370,000 after buying an additional 9,160 shares in the last quarter. Invesco Ltd. lifted its stake in shares of EastGroup Properties by 12.7% in the third quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock worth $120,975,000 after buying an additional 81,636 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of 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 worth $1,087,803,000 after buying an additional 81,798 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Price Performance

Shares of EGP opened at $163.11 on Tuesday. EastGroup Properties, Inc. has a 1-year low of $154.75 and a 1-year high of $188.85. The stock has a market cap of $7.83 billion, a PE ratio of 36.99, a P/E/G ratio of 2.52 and a beta of 0.93. The firm has a 50-day simple moving average of $176.79 and a two-hundred day simple moving average of $175.38. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.28 and a quick ratio of 0.28.

EastGroup Properties Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Mizuho reissued a “neutral” rating and issued a $185.00 price target on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Royal Bank of Canada raised 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 note on Friday, February 16th. Barclays began coverage on shares of EastGroup Properties in a research note on Wednesday, March 27th. They issued an “equal weight” rating and a $181.00 price target on the stock. KeyCorp raised their price objective on shares of EastGroup Properties from $188.00 to $198.00 and gave the stock an “overweight” rating in a research report on Monday, February 12th. Finally, BMO Capital Markets began coverage on shares of EastGroup Properties in a research report on Monday. They set an “outperform” rating and a $190.00 price objective for the company. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $188.47.

Insider Buying and Selling at EastGroup Properties

In related news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the transaction, the chief financial officer now owns 102,617 shares in the company, valued at $18,752,230.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.00% of the company’s stock.

EastGroup Properties Company Profile

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.