Fifth Third Bancorp Has $412,000 Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Fifth Third Bancorp lowered its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 9.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,341 shares of the real estate investment trust’s stock after selling 253 shares during the quarter. Fifth Third Bancorp’s holdings in EastGroup Properties were worth $412,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in EastGroup Properties by 5.5% during the 4th quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust’s stock worth $72,610,000 after acquiring an additional 23,626 shares during the last quarter. BankPlus Trust Department acquired a new position in EastGroup Properties during the 4th quarter worth approximately $1,871,000. Osterweis Capital Management Inc. boosted its position in EastGroup Properties by 2.2% during the 4th quarter. Osterweis Capital Management Inc. now owns 209,820 shares of the real estate investment trust’s stock worth $33,674,000 after acquiring an additional 4,484 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in EastGroup Properties by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 650,612 shares of the real estate investment trust’s stock worth $104,417,000 after acquiring an additional 10,812 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of EastGroup Properties in the 4th quarter valued at approximately $100,579,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Royal Bank Of Canada cut their price objective on EastGroup Properties from $189.00 to $183.00 and set a “sector perform” rating for the company in a report on Tuesday, April 29th. Truist Financial cut their price objective on EastGroup Properties from $180.00 to $177.00 and set a “buy” rating for the company in a report on Monday, May 5th. Piper Sandler cut their price objective on EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Raymond James Financial reissued a “strong-buy” rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Finally, Wells Fargo & Company cut their price objective on EastGroup Properties from $199.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, May 19th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, EastGroup Properties has an average rating of “Moderate Buy” and a consensus target price of $188.00.

EastGroup Properties Trading Up 0.0%

Shares of EastGroup Properties stock opened at $170.57 on Wednesday. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $192.61. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market capitalization of $8.96 billion, a price-to-earnings ratio of 37.32, a P/E/G ratio of 3.76 and a beta of 1.02. The business has a fifty day simple moving average of $165.95 and a two-hundred day simple moving average of $168.94.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.11 by $0.01. EastGroup Properties had a return on equity of 7.41% and a net margin of 34.60%. The company had revenue of $174.45 million during the quarter, compared to the consensus estimate of $169.67 million. During the same quarter last year, the firm earned $1.98 earnings per share. The company’s revenue was up 13.1% on a year-over-year basis. Research analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Monday, June 30th. EastGroup Properties’s dividend payout ratio (DPR) is presently 122.54%.

EastGroup Properties 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.