EastGroup Properties, Inc. $EGP Shares Purchased by Channing Capital Management LLC

Channing Capital Management LLC boosted its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 14.5% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 55,184 shares of the real estate investment trust’s stock after acquiring an additional 7,004 shares during the period. Channing Capital Management LLC owned about 0.10% of EastGroup Properties worth $9,340,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Canton Hathaway LLC grew its position in shares of EastGroup Properties by 31.6% in 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 during the period. Cetera Investment Advisers lifted its stake in EastGroup Properties by 1.9% in the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock valued at $613,000 after buying an additional 68 shares in the last quarter. Virtus Investment Advisers LLC boosted its holdings in EastGroup Properties by 7.5% in the 2nd quarter. Virtus Investment Advisers LLC now owns 999 shares of the real estate investment trust’s stock worth $167,000 after buying an additional 70 shares during the last quarter. Azzad Asset Management Inc. ADV increased its stake in EastGroup Properties by 3.1% during 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 buying an additional 71 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of EastGroup Properties by 3.2% during the third 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 acquiring an additional 77 shares during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Up 1.1%

Shares of NYSE:EGP opened at $192.81 on Friday. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.47. The business has a fifty day moving average of $184.04 and a two-hundred day moving average of $176.42. The stock has a market cap of $10.28 billion, a P/E ratio of 39.59, a PEG ratio of 2.82 and a beta of 1.11. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $193.68.

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 issued a $1.55 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.2%. EastGroup Properties’s dividend payout ratio is currently 127.31%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EGP. Piper Sandler lifted their price target on EastGroup Properties from $220.00 to $230.00 and gave the stock an “overweight” rating in a research note on Monday, February 9th. Mizuho restated a “neutral” rating and issued a $172.00 price objective (down previously from $180.00) on shares of EastGroup Properties in a report on Thursday, December 4th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of EastGroup Properties in a report on Monday, December 29th. Morgan Stanley set a $205.00 target price on shares of EastGroup Properties in a research report on Friday, January 16th. Finally, Citigroup raised their price target on shares of EastGroup Properties from $210.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, EastGroup Properties presently has an average rating of “Moderate Buy” and a consensus target price of $200.18.

About EastGroup Properties

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.