Invesco Ltd. Buys 3,981 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Invesco Ltd. boosted its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 0.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 521,377 shares of the real estate investment trust’s stock after buying an additional 3,981 shares during the period. Invesco Ltd. owned approximately 1.05% of EastGroup Properties worth $83,676,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Employees Retirement System of Texas increased its holdings in shares of EastGroup Properties by 44.6% during the fourth quarter. Employees Retirement System of Texas now owns 51,900 shares of the real estate investment trust’s stock valued at $8,329,000 after acquiring an additional 16,000 shares in the last quarter. Bank of Montreal Can increased its stake in EastGroup Properties by 676.0% during the 4th quarter. Bank of Montreal Can now owns 101,349 shares of the real estate investment trust’s stock valued at $16,266,000 after purchasing an additional 88,288 shares in the last quarter. Polymer Capital Management US LLC bought a new stake in EastGroup Properties during the 4th quarter valued at about $279,000. FMR LLC raised its holdings in EastGroup Properties by 1.4% in the fourth quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust’s stock worth $253,496,000 after buying an additional 21,432 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of EastGroup Properties in the fourth quarter worth approximately $100,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

Shares of EGP opened at $154.91 on Monday. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.61. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of 33.31, a PEG ratio of 3.35 and a beta of 0.94. The business has a 50-day simple moving average of $174.69 and a two-hundred day simple moving average of $172.11.

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, analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $1.40 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.61%. EastGroup Properties’s dividend payout ratio is 120.43%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on EGP shares. Morgan Stanley reduced their price target on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a research report on Monday, December 30th. Truist Financial upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Thursday. Robert W. Baird lifted their price objective on EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. StockNews.com raised EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Friday. Finally, KeyCorp reiterated a “sector weight” rating on shares of EastGroup Properties in a research note on Tuesday, December 17th. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, EastGroup Properties currently has an average rating of “Moderate Buy” and an average target price of $189.00.

EastGroup Properties 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.