Federated Hermes Inc. Sells 2,491 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Federated Hermes Inc. reduced its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 26.0% during the fourth quarter, HoldingsChannel reports. The firm owned 7,075 shares of the real estate investment trust’s stock after selling 2,491 shares during the period. Federated Hermes Inc.’s holdings in EastGroup Properties were worth $1,299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of EGP. Venturi Wealth Management LLC raised its position in EastGroup Properties by 51.6% in the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 66 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of EastGroup Properties by 0.7% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,087 shares of the real estate investment trust’s stock valued at $1,680,000 after purchasing an additional 67 shares during the last quarter. Baker Avenue Asset Management LP boosted its holdings in EastGroup Properties by 18.2% in the third quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust’s stock worth $78,000 after purchasing an additional 72 shares during the last quarter. UniSuper Management Pty Ltd boosted its holdings in EastGroup Properties by 0.8% in the third quarter. UniSuper Management Pty Ltd now owns 12,500 shares of the real estate investment trust’s stock worth $2,082,000 after purchasing an additional 100 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its stake in EastGroup Properties by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 19,264 shares of the real estate investment trust’s stock valued at $3,208,000 after buying an additional 100 shares during the last quarter. 92.14% of the stock is owned by institutional investors.

Insider Buying and Selling at EastGroup Properties

In other 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 transaction, the chief financial officer now owns 102,617 shares of the company’s stock, valued at $18,752,230.58. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.00% of the company’s stock.

EastGroup Properties Stock Performance

Shares of NYSE EGP opened at $157.82 on Tuesday. The stock has a market cap of $7.60 billion, a PE ratio of 34.23, a price-to-earnings-growth ratio of 2.47 and a beta of 0.93. EastGroup Properties, Inc. has a 1 year low of $154.75 and a 1 year high of $188.85. The firm has a fifty day moving average price of $174.31 and a 200-day moving average price of $175.03. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $1.27 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.08 dividend on an annualized basis and a yield of 3.22%. EastGroup Properties’s payout ratio is presently 110.20%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on EGP. Mizuho restated a “neutral” rating and issued a $185.00 price target on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Evercore ISI dropped their target price on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a research report on Thursday, April 25th. JPMorgan Chase & Co. initiated coverage on EastGroup Properties in a research note on Thursday, April 11th. They set a “neutral” rating and a $190.00 price target for the company. Barclays lowered their price objective on shares of EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, BMO Capital Markets started coverage on shares of EastGroup Properties in a report on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price objective on the stock. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, EastGroup Properties currently has an average rating of “Hold” and an average target price of $187.60.

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.