EastGroup Properties, Inc. $EGP Shares Purchased by Citigroup Inc.

Citigroup Inc. lifted its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 38.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,461 shares of the real estate investment trust’s stock after purchasing an additional 17,009 shares during the period. Citigroup Inc. owned about 0.12% of EastGroup Properties worth $10,403,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in EastGroup Properties in the second quarter valued at approximately $252,405,000. Principal Financial Group Inc. lifted its position in shares of EastGroup Properties by 43.5% during the 3rd 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 buying an additional 602,253 shares in the last quarter. Invesco Ltd. grew its stake in EastGroup Properties by 89.5% in the 2nd quarter. Invesco Ltd. now owns 927,566 shares of the real estate investment trust’s stock valued at $155,015,000 after acquiring an additional 438,117 shares during the period. Cbre Investment Management Listed Real Assets LLC grew its stake in EastGroup Properties by 31.0% in the 2nd 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 acquiring an additional 192,801 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in EastGroup Properties by 13.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,025,235 shares of the real estate investment trust’s stock worth $173,533,000 after acquiring an additional 117,597 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Stock Up 0.7%

EGP stock opened at $196.32 on Friday. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47. The firm has a 50-day moving average of $185.12 and a two-hundred day moving average of $177.51. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $197.95. The company has a market cap of $10.47 billion, a price-to-earnings ratio of 40.31, a PEG ratio of 3.20 and a beta of 1.11.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a dividend of $1.55 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $6.20 dividend on an annualized basis and a yield of 3.2%. EastGroup Properties’s payout ratio is 127.31%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Wells Fargo & Company increased their price objective on shares of EastGroup Properties from $187.00 to $196.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Wall Street Zen lowered shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Sunday, February 8th. Evercore set a $188.00 price objective on EastGroup Properties in a research note on Friday, February 6th. Cantor Fitzgerald increased their target price on EastGroup Properties from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Finally, Truist Financial lifted their price target on EastGroup Properties from $203.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.