Advisors Asset Management Inc. Increases Stock Position in EastGroup Properties, Inc. $EGP

Advisors Asset Management Inc. grew its stake in EastGroup Properties, Inc. (NYSE:EGP) by 35.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,436 shares of the real estate investment trust’s stock after buying an additional 3,506 shares during the period. Advisors Asset Management Inc.’s holdings in EastGroup Properties were worth $2,274,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Canton Hathaway LLC raised its position in EastGroup Properties by 31.6% during the third quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 60 shares in the last quarter. Cetera Investment Advisers boosted its stake in EastGroup Properties by 1.9% in the second quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock worth $613,000 after buying an additional 68 shares in the last quarter. Virtus Investment Advisers LLC raised its stake in shares of EastGroup Properties by 7.5% during the second quarter. Virtus Investment Advisers LLC now owns 999 shares of the real estate investment trust’s stock worth $167,000 after acquiring an additional 70 shares in the last quarter. Azzad Asset Management Inc. ADV lifted its holdings in shares of EastGroup Properties by 3.1% in the 3rd quarter. Azzad Asset Management Inc. ADV now owns 2,361 shares of the real estate investment trust’s stock worth $400,000 after acquiring an additional 71 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of EastGroup Properties by 3.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,489 shares of the real estate investment trust’s stock valued at $421,000 after purchasing an additional 77 shares in the last quarter. 92.14% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Cantor Fitzgerald lifted their target price on shares of EastGroup Properties from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Citigroup lifted their price objective on EastGroup Properties from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday. Evercore set a $188.00 target price on EastGroup Properties in a research note on Friday, February 6th. Weiss Ratings restated a “buy (b-)” rating on shares of EastGroup Properties in a research report on Monday, December 29th. Finally, BNP Paribas Exane upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $207.00 price objective for the company in a research report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $197.89.

EastGroup Properties Stock Up 1.9%

EGP opened at $190.88 on Monday. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $193.14. The company has a market capitalization of $10.18 billion, a PE ratio of 39.19, a PEG ratio of 2.79 and a beta of 1.11. The firm’s 50 day simple moving average is $183.01 and its two-hundred day simple moving average is $175.51.

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a dividend of $1.55 per share. The ex-dividend date was Wednesday, December 31st. This represents a $6.20 annualized dividend and a yield of 3.2%. EastGroup Properties’s payout ratio is 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.