Mechanics Bank Trust Department Purchases New Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Mechanics Bank Trust Department purchased a new stake in EastGroup Properties, Inc. (NYSE:EGP) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,365 shares of the real estate investment trust’s stock, valued at approximately $219,000.

Several other institutional investors have also recently made changes to their positions in the stock. V Square Quantitative Management LLC grew its stake in shares of EastGroup Properties by 47.7% in the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 61 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of EastGroup Properties by 503.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock valued at $58,000 after acquiring an additional 302 shares during the period. Versant Capital Management Inc increased its stake in shares of EastGroup Properties by 18.7% during the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock worth $97,000 after purchasing an additional 95 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of EastGroup Properties by 90.7% in the 3rd quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 255 shares during the period. Finally, Quarry LP acquired a new stake in EastGroup Properties in the 3rd quarter valued at about $102,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Trading Down 1.8 %

EGP opened at $161.35 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. EastGroup Properties, Inc. has a fifty-two week low of $155.10 and a fifty-two week high of $192.61. The company’s 50 day moving average price is $166.18 and its two-hundred day moving average price is $176.79. The firm has a market capitalization of $7.99 billion, a price-to-earnings ratio of 33.34, a PEG ratio of 1.88 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). The business had revenue of $162.88 million during the quarter, compared to the consensus estimate of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.95 EPS. As a group, research analysts predict that EastGroup Properties, Inc. will post 8.34 earnings per share for the current year.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date was Tuesday, December 31st. EastGroup Properties’s dividend payout ratio is presently 115.70%.

Analysts Set New Price Targets

EGP has been the subject of several research analyst reports. KeyCorp reiterated a “sector weight” rating on shares of EastGroup Properties in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft initiated coverage on EastGroup Properties in a research report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 target price on the stock. Evercore ISI lifted their price target on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Wells Fargo & Company decreased their price objective on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $186.00 target price on shares of EastGroup Properties in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $190.88.

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.