Arizona State Retirement System Boosts Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Arizona State Retirement System raised its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 2.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,142 shares of the real estate investment trust’s stock after purchasing an additional 279 shares during the quarter. Arizona State Retirement System’s holdings in EastGroup Properties were worth $2,270,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Proficio Capital Partners LLC purchased a new stake in EastGroup Properties in the fourth quarter valued at $3,967,000. Cbre Investment Management Listed Real Assets LLC purchased a new stake in EastGroup Properties in the fourth quarter valued at $8,606,000. Keybank National Association OH boosted its holdings in EastGroup Properties by 6.0% in the fourth quarter. Keybank National Association OH now owns 2,564 shares of the real estate investment trust’s stock valued at $411,000 after purchasing an additional 144 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in EastGroup Properties by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 650,612 shares of the real estate investment trust’s stock valued at $104,417,000 after purchasing an additional 10,812 shares during the last quarter. Finally, State of Michigan Retirement System boosted its holdings in EastGroup Properties by 1.7% in the fourth quarter. State of Michigan Retirement System now owns 11,727 shares of the real estate investment trust’s stock valued at $1,882,000 after purchasing an additional 200 shares during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EGP has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft began coverage on shares of EastGroup Properties in a report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price target on the stock. Robert W. Baird upped their price objective on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and upped their price objective for the stock from $174.00 to $194.00 in a research report on Thursday, January 2nd. Truist Financial upped their price objective on shares of EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a research report on Friday, February 14th. Finally, KeyCorp reiterated a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $191.65.

EastGroup Properties Stock Down 1.8 %

EGP stock opened at $181.03 on Tuesday. The company has a market cap of $9.42 billion, a price-to-earnings ratio of 38.93, a PEG ratio of 3.35 and a beta of 0.99. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties, Inc. has a 12 month low of $155.10 and a 12 month high of $192.61. The firm has a 50-day moving average of $171.86 and a two-hundred day moving average of $175.22.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. As a group, analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $1.40 dividend. The ex-dividend date is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.09%. EastGroup Properties’s payout ratio is 120.43%.

About EastGroup Properties

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.