Norges Bank Buys New Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Norges Bank purchased a new position in shares of EastGroup Properties, Inc. (NYSE:EGP) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 626,697 shares of the real estate investment trust’s stock, valued at approximately $100,579,000. Norges Bank owned approximately 1.27% of EastGroup Properties at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Crowley Wealth Management Inc. bought a new position in shares of EastGroup Properties during the 4th quarter worth about $29,000. Canton Hathaway LLC bought a new position in EastGroup Properties during the fourth quarter worth about $30,000. Thurston Springer Miller Herd & Titak Inc. lifted its stake in EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after purchasing an additional 302 shares during the period. Principal Securities Inc. boosted its holdings in EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock valued at $86,000 after purchasing an additional 84 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of EastGroup Properties by 18.7% in the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock valued at $97,000 after purchasing an additional 95 shares during the period. Institutional investors own 92.14% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on EGP shares. Morgan Stanley decreased their price target on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Monday, December 30th. Robert W. Baird increased their target price 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. StockNews.com lowered shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Monday. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Finally, Truist Financial boosted their target price on EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a report on Friday, February 14th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $190.47.

EastGroup Properties Stock Down 0.1 %

Shares of NYSE:EGP opened at $176.06 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. The stock has a market cap of $9.16 billion, a price-to-earnings ratio of 37.86, a P/E/G ratio of 3.35 and a beta of 0.99. The company has a 50 day moving average of $177.34 and a 200-day moving average of $174.31. EastGroup Properties, Inc. has a one year low of $155.10 and a one year high of $192.61.

EastGroup Properties (NYSE:EGP) last released its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, topping 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%. On average, sell-side analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend is Monday, March 31st. EastGroup Properties’s payout ratio is 120.43%.

EastGroup Properties Company 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.