Runnymede Capital Advisors Inc. Invests $879,000 in EastGroup Properties, Inc. $EGP

Runnymede Capital Advisors Inc. bought a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 4,933 shares of the real estate investment trust’s stock, valued at approximately $879,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. 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 worth $336,076,000 after acquiring an additional 602,253 shares in the last quarter. Invesco Ltd. increased its holdings in shares of EastGroup Properties by 89.5% during the second 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 in the last quarter. Centersquare Investment Management LLC increased its holdings in shares of EastGroup Properties by 619.9% during the third quarter. Centersquare Investment Management LLC now owns 297,319 shares of the real estate investment trust’s stock valued at $50,324,000 after acquiring an additional 256,019 shares in the last quarter. Alyeska Investment Group L.P. raised its position in shares of EastGroup Properties by 296.6% in the 3rd quarter. Alyeska Investment Group L.P. now owns 285,476 shares of the real estate investment trust’s stock valued at $48,320,000 after purchasing an additional 213,493 shares during the last quarter. Finally, Hudson Bay Capital Management LP raised its position in shares of EastGroup Properties by 199.8% in the 3rd quarter. Hudson Bay Capital Management LP now owns 207,372 shares of the real estate investment trust’s stock valued at $35,100,000 after purchasing an additional 138,193 shares during the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on EGP. Robert W. Baird set a $203.00 target price on shares of EastGroup Properties in a research report on Wednesday, February 11th. Wall Street Zen raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Truist Financial boosted their price objective on shares of EastGroup Properties from $203.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. 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, February 10th. Finally, Royal Bank Of Canada raised their target price on EastGroup Properties from $183.00 to $195.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 18th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $200.18.

EastGroup Properties Stock Performance

EGP opened at $188.54 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 12-month low of $137.67 and a 12-month high of $197.95. The firm has a 50 day moving average of $187.94 and a two-hundred day moving average of $181.45. The firm has a market capitalization of $10.05 billion, a PE ratio of 38.71, a P/E/G ratio of 3.07 and a beta of 1.09.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, March 31st. EastGroup Properties’s dividend payout ratio 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.