ExodusPoint Capital Management LP Acquires 22,869 Shares of EastGroup Properties, Inc. (NYSE:EGP)

ExodusPoint Capital Management LP raised its stake in EastGroup Properties, Inc. (NYSE:EGP) by 15.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 166,969 shares of the real estate investment trust’s stock after purchasing an additional 22,869 shares during the quarter. ExodusPoint Capital Management LP owned 0.34% of EastGroup Properties worth $26,797,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Franklin Resources Inc. lifted its stake in EastGroup Properties by 337.0% during the 3rd quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock valued at $8,728,000 after acquiring an additional 37,863 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of EastGroup Properties by 20.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust’s stock valued at $261,000 after purchasing an additional 275 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in EastGroup Properties by 5.5% during the fourth quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust’s stock worth $72,610,000 after purchasing an additional 23,626 shares during the last quarter. BankPlus Trust Department bought a new stake in EastGroup Properties in the 4th quarter worth about $1,871,000. Finally, Nordea Investment Management AB increased its stake in EastGroup Properties by 6.1% in the 4th quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust’s stock valued at $11,667,000 after buying an additional 4,176 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on EGP shares. KeyCorp restated a “sector weight” rating on shares of EastGroup Properties in a research note on Tuesday, December 17th. Evercore ISI restated an “in-line” rating and set a $185.00 price objective (up previously from $181.00) on shares of EastGroup Properties in a report on Monday, March 17th. Raymond James upgraded shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and boosted their target price for the company from $185.00 to $200.00 in a research note on Wednesday, December 11th. Truist Financial raised their price target on shares of EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a research note on Friday, February 14th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on EastGroup Properties in a research report on Tuesday, January 14th. They set a “buy” rating and a $180.00 price target on the stock. 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $190.47.

EastGroup Properties Stock Performance

Shares of EGP stock opened at $175.77 on Thursday. The company has a market capitalization of $9.14 billion, a P/E ratio of 37.80, a PEG ratio of 3.35 and a beta of 0.99. EastGroup Properties, Inc. has a fifty-two week low of $155.10 and a fifty-two week high of $192.61. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a 50 day moving average price of $177.49 and a two-hundred day moving average price of $174.32.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, topping the consensus estimate of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. Analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.40 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.19%. EastGroup Properties’s payout ratio is presently 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.