Caprock Group LLC Purchases Shares of 7,889 EastGroup Properties, Inc. $EGP

Caprock Group LLC bought a new position in shares of EastGroup Properties, Inc. (NYSE:EGP) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,889 shares of the real estate investment trust’s stock, valued at approximately $1,338,000.

Other hedge funds and other institutional investors have 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. increased its stake in 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 worth $336,076,000 after buying an additional 602,253 shares during the period. Invesco Ltd. lifted its holdings 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 worth $155,015,000 after buying an additional 438,117 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC boosted its position 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 buying an additional 192,801 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of EastGroup Properties by 1.5% during the second quarter. Vanguard Group Inc. now owns 7,306,840 shares of the real estate investment trust’s stock valued at $1,221,119,000 after acquiring an additional 108,561 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on EGP shares. Truist Financial lifted their price objective on EastGroup Properties from $177.00 to $188.00 and gave the stock a “buy” rating in a report on Wednesday, November 12th. Piper Sandler lifted their price target on shares of EastGroup Properties from $220.00 to $230.00 and gave the stock an “overweight” rating in a research note on Monday, February 9th. Barclays upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research note on Thursday, December 4th. KeyCorp boosted their target price on shares of EastGroup Properties from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 10th. Finally, Wall Street Zen cut shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. One 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 stock. According to MarketBeat, EastGroup Properties currently has an average rating of “Moderate Buy” and a consensus price target of $197.89.

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $190.88 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.01 and a quick ratio of 0.01. The firm has a market capitalization of $10.18 billion, a PE ratio of 39.19, a P/E/G ratio of 2.79 and a beta of 1.11. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $193.14. The business’s fifty day moving average price is $183.01 and its two-hundred day moving average price is $175.43.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $1.55 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $6.20 annualized dividend and a dividend yield of 3.2%. EastGroup Properties’s dividend payout ratio (DPR) 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.