State of Michigan Retirement System Increases Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

State of Michigan Retirement System increased its position in shares of EastGroup Properties, Inc. (NYSE:EGPFree Report) by 5.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,727 shares of the real estate investment trust’s stock after purchasing an additional 600 shares during the quarter. State of Michigan Retirement System’s holdings in EastGroup Properties were worth $2,108,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new position in shares of EastGroup Properties in the 4th quarter worth approximately $31,000. Venturi Wealth Management LLC grew its stake 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 valued at $36,000 after purchasing an additional 66 shares during the period. ZRC Wealth Management LLC bought a new position in EastGroup Properties in the 4th quarter valued at $37,000. Mather Group LLC. purchased a new stake in shares of EastGroup Properties during the 1st quarter valued at $42,000. Finally, Tucker Asset Management LLC bought a new stake in shares of EastGroup Properties during the 3rd quarter worth $44,000. 92.14% of the stock is owned by institutional investors.

Analysts Set New Price Targets

EGP has been the subject of a number of research analyst reports. Barclays decreased their price objective on shares of EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating for the company in a report on Monday, April 29th. Piper Sandler lowered their price target on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. BNP Paribas started coverage on EastGroup Properties in a report on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price objective for the company. Robert W. Baird lowered their target price on EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Finally, BMO Capital Markets assumed coverage on EastGroup Properties in a research note on Monday, April 22nd. They set an “outperform” rating and a $190.00 price target for the company. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $182.41.

View Our Latest Report on EGP

EastGroup Properties Trading Down 0.0 %

Shares of EastGroup Properties stock opened at $172.00 on Friday. The company’s 50-day moving average price is $164.51 and its 200-day moving average price is $173.54. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. EastGroup Properties, Inc. has a 12-month low of $154.75 and a 12-month high of $188.85. The company has a market cap of $8.28 billion, a price-to-earnings ratio of 37.31, a PEG ratio of 2.68 and a beta of 0.98.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend is Friday, June 28th. EastGroup Properties’s dividend payout ratio is presently 110.20%.

About EastGroup Properties

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for EastGroup Properties (NYSE:EGP)

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