EastGroup Properties, Inc. $EGP Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 6.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 136,993 shares of the real estate investment trust’s stock after selling 9,870 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.26% of EastGroup Properties worth $23,187,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of EastGroup Properties in the 2nd quarter valued at about $252,405,000. Principal Financial Group Inc. boosted its holdings in EastGroup Properties by 43.5% in the third quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock valued at $336,076,000 after purchasing an additional 602,253 shares in the last quarter. Invesco Ltd. increased its stake in EastGroup Properties by 89.5% in the second quarter. Invesco Ltd. now owns 927,566 shares of the real estate investment trust’s stock valued at $155,015,000 after purchasing an additional 438,117 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC increased its stake in EastGroup Properties by 31.0% in the second quarter. Cbre Investment Management Listed Real Assets LLC now owns 814,104 shares of the real estate investment trust’s stock valued at $136,053,000 after purchasing an additional 192,801 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in EastGroup Properties by 1.5% during the second quarter. Vanguard Group Inc. now owns 7,306,840 shares of the real estate investment trust’s stock worth $1,221,119,000 after purchasing an additional 108,561 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on EGP shares. Truist Financial increased their target price on shares of EastGroup Properties from $177.00 to $188.00 and gave the company a “buy” rating in a research report on Wednesday, November 12th. Weiss Ratings restated a “buy (b-)” rating on shares of EastGroup Properties in a research note on Monday, December 29th. Robert W. Baird set a $203.00 price objective on EastGroup Properties in a report on Wednesday. BNP Paribas Exane raised EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $207.00 target price for the company in a report on Monday, October 27th. Finally, KeyCorp upped their target price on EastGroup Properties from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $197.89.

EastGroup Properties Stock Performance

NYSE:EGP opened at $190.88 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.01 and a quick ratio of 0.01. The firm has a market cap of $10.18 billion, a price-to-earnings ratio of 39.19, a price-to-earnings-growth ratio of 2.73 and a beta of 1.11. The firm’s fifty day moving average price is $183.01 and its 200 day moving average price is $175.36. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $193.14.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $1.55 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $6.20 dividend on an annualized basis and a yield of 3.2%. EastGroup Properties’s dividend payout ratio (DPR) is presently 127.31%.

EastGroup Properties Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.