EastGroup Properties, Inc. (NYSE:EGP) Shares Acquired by DigitalBridge Group Inc.

DigitalBridge Group Inc. boosted its stake in EastGroup Properties, Inc. (NYSE:EGP) by 8.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,813 shares of the real estate investment trust’s stock after acquiring an additional 4,350 shares during the period. DigitalBridge Group Inc.’s holdings in EastGroup Properties were worth $8,636,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. CIBC Asset Management Inc increased its holdings in shares of EastGroup Properties by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust’s stock valued at $234,000 after purchasing an additional 72 shares during the period. Principal Securities Inc. raised its position in EastGroup Properties by 18.5% during the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 84 shares during the last quarter. waypoint wealth counsel lifted its stake in shares of EastGroup Properties by 1.9% in the 4th quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust’s stock worth $867,000 after acquiring an additional 100 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in shares of EastGroup Properties by 1.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 10,042 shares of the real estate investment trust’s stock valued at $1,612,000 after acquiring an additional 100 shares in the last quarter. Finally, US Bancorp DE increased its stake in shares of EastGroup Properties by 1.4% during the fourth quarter. US Bancorp DE now owns 7,395 shares of the real estate investment trust’s stock worth $1,187,000 after acquiring an additional 102 shares during the period. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Trading Down 1.0 %

Shares of EastGroup Properties stock opened at $165.21 on Wednesday. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $192.61. 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 business has a 50 day moving average price of $168.91 and a 200 day moving average price of $169.88. The company has a market capitalization of $8.68 billion, a P/E ratio of 35.53, a P/E/G ratio of 3.35 and a beta of 1.05.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.11 by $0.01. The company had revenue of $174.45 million during the quarter, compared to analysts’ expectations of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.98 earnings per share. Sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $1.40 per share. The ex-dividend date was Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.39%. EastGroup Properties’s dividend payout ratio (DPR) is presently 122.54%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Royal Bank of Canada lowered their price objective on EastGroup Properties from $189.00 to $183.00 and set a “sector perform” rating on the stock in a report on Tuesday, April 29th. Evercore ISI lifted their price target on EastGroup Properties from $179.00 to $180.00 and gave the company an “in-line” rating in a research note on Thursday, April 24th. Robert W. Baird increased their price objective on EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Raymond James set a $190.00 target price on shares of EastGroup Properties and gave the stock a “strong-buy” rating in a research report on Monday, April 14th. Finally, 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 for the company. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $187.00.

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.