Ausbil Investment Management Ltd Trims Holdings in EastGroup Properties, Inc. $EGP

Ausbil Investment Management Ltd reduced its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 37.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,966 shares of the real estate investment trust’s stock after selling 4,255 shares during the period. Ausbil Investment Management Ltd’s holdings in EastGroup Properties were worth $1,241,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of EGP. Aptus Capital Advisors LLC raised its stake in EastGroup Properties by 15.1% during the third quarter. Aptus Capital Advisors LLC now owns 54,849 shares of the real estate investment trust’s stock worth $9,284,000 after purchasing an additional 7,212 shares during the period. Principal Financial Group Inc. grew its stake 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 during the period. Nordea Investment Management AB increased its holdings in shares of EastGroup Properties by 13.4% during the 3rd quarter. Nordea Investment Management AB now owns 82,533 shares of the real estate investment trust’s stock worth $13,912,000 after buying an additional 9,776 shares during the last quarter. Citigroup Inc. increased its holdings in shares of EastGroup Properties by 38.3% during the 3rd quarter. Citigroup Inc. now owns 61,461 shares of the real estate investment trust’s stock worth $10,403,000 after buying an additional 17,009 shares during the last quarter. Finally, Channing Capital Management LLC raised its position in shares of EastGroup Properties by 14.5% in the 3rd quarter. Channing Capital Management LLC now owns 55,184 shares of the real estate investment trust’s stock worth $9,340,000 after buying an additional 7,004 shares during the period. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Trading Up 0.4%

NYSE:EGP opened at $184.41 on Friday. The business’s 50-day moving average is $187.74 and its two-hundred day moving average is $180.40. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.01 and a quick ratio of 0.01. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $197.95. The firm has a market capitalization of $9.83 billion, a PE ratio of 37.87, a price-to-earnings-growth ratio of 2.99 and a beta of 1.10.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $6.20 annualized dividend and a yield of 3.4%. EastGroup Properties’s payout ratio is 127.31%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on EGP. Royal Bank Of Canada lifted their target price on EastGroup Properties from $183.00 to $195.00 and gave the company a “sector perform” rating in a report on Wednesday, February 18th. Piper Sandler upped 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. Cantor Fitzgerald raised their price objective on EastGroup Properties from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Mizuho reaffirmed a “neutral” rating and issued a $172.00 price objective (down from $180.00) on shares of EastGroup Properties in a research note on Thursday, December 4th. Finally, Truist Financial boosted their target price on EastGroup Properties from $203.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned 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 $200.18.

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.