EastGroup Properties, Inc. (NYSE:EGP) Position Boosted by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lifted its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 182.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 34,829 shares of the real estate investment trust’s stock after buying an additional 22,500 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in EastGroup Properties were worth $6,507,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of EGP. Vanguard Group Inc. lifted its holdings in EastGroup Properties by 3.2% in the first quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock worth $1,233,785,000 after acquiring an additional 210,207 shares during the last quarter. Ceredex Value Advisors LLC bought a new position in EastGroup Properties in the second quarter worth about $35,131,000. Boston Partners lifted its holdings in EastGroup Properties by 26.1% in the first quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock worth $171,399,000 after acquiring an additional 197,427 shares during the last quarter. Zimmer Partners LP lifted its holdings in EastGroup Properties by 465.6% in the first quarter. Zimmer Partners LP now owns 200,558 shares of the real estate investment trust’s stock worth $36,054,000 after acquiring an additional 165,100 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of EastGroup Properties by 202.1% in the second quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock valued at $32,036,000 after purchasing an additional 125,991 shares during the period. Institutional investors own 92.14% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on EGP. Wells Fargo & Company dropped their price target on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Wedbush reiterated an “outperform” rating and set a $209.00 price objective on shares of EastGroup Properties in a research note on Friday, October 25th. StockNews.com lowered shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Truist Financial raised their target price on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Finally, Barclays reduced their target price on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $191.50.

EastGroup Properties Trading Down 0.5 %

EastGroup Properties stock opened at $175.20 on Tuesday. The company has a 50 day moving average price of $181.52 and a 200 day moving average price of $176.20. EastGroup Properties, Inc. has a 52 week low of $155.23 and a 52 week high of $192.61. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08. The firm has a market capitalization of $8.67 billion, a price-to-earnings ratio of 36.20, a P/E/G ratio of 2.62 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The firm had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.95 EPS. Research analysts forecast that EastGroup Properties, Inc. will post 8.35 EPS for the current year.

EastGroup Properties Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.20%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is 115.70%.

EastGroup Properties Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.