First Republic Investment Management Inc. Raises Stock Position in EastGroup Properties, Inc. (NYSE:EGP)
First Republic Investment Management Inc. boosted its position in shares of EastGroup Properties, Inc. (NYSE:EGP – Get Rating) by 16.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,845 shares of the real estate investment trust’s stock after purchasing an additional 3,508 shares during the period. First Republic Investment Management Inc. owned approximately 0.06% of EastGroup Properties worth $3,586,000 at the end of the most recent quarter.
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Other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. acquired a new stake in shares of EastGroup Properties during the first quarter valued at about $354,000. Group One Trading L.P. acquired a new position in shares of EastGroup Properties in the first quarter valued at approximately $41,000. Private Advisor Group LLC grew its holdings in shares of EastGroup Properties by 10.3% in the first quarter. Private Advisor Group LLC now owns 1,212 shares of the real estate investment trust’s stock valued at $246,000 after purchasing an additional 113 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in shares of EastGroup Properties in the first quarter valued at approximately $12,520,000. Finally, Vanguard Group Inc. grew its holdings in shares of EastGroup Properties by 2.2% in the first quarter. Vanguard Group Inc. now owns 6,172,033 shares of the real estate investment trust’s stock valued at $1,254,651,000 after purchasing an additional 133,344 shares in the last quarter. 89.48% of the stock is owned by hedge funds and other institutional investors.
EastGroup Properties Stock Performance
Shares of NYSE EGP opened at $168.77 on Monday. The company has a market cap of $7.35 billion, a PE ratio of 32.15, a price-to-earnings-growth ratio of 3.02 and a beta of 0.88. EastGroup Properties, Inc. has a 12 month low of $137.47 and a 12 month high of $217.46. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.03 and a quick ratio of 0.03. The company has a 50-day simple moving average of $154.59 and a 200-day simple moving average of $157.27.
EastGroup Properties Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Friday, December 30th were issued a dividend of $1.25 per share. The ex-dividend date was Thursday, December 29th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.96%. EastGroup Properties’s dividend payout ratio (DPR) is presently 95.24%.
Wall Street Analysts Forecast Growth
Several research firms have commented on EGP. StockNews.com cut shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Friday, October 28th. Robert W. Baird upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $170.00 price target for the company in a report on Thursday, January 5th. Wells Fargo & Company boosted their price objective on shares of EastGroup Properties from $140.00 to $160.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 22nd. Truist Financial reduced their price objective on shares of EastGroup Properties from $175.00 to $170.00 and set a “hold” rating for the company in a research report on Tuesday, November 29th. Finally, KeyCorp upgraded shares of EastGroup Properties from a “sector weight” rating to an “overweight” rating and set a $170.00 price objective for the company in a research report on Wednesday, December 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties presently has a consensus rating of “Hold” and a consensus target price of $167.70.
EastGroup Properties Company Profile
EastGroup Properties, Inc is an internally-managed equity real estate investment trust. The firm is engaged in the development, acquisition, and operation of industrial properties in the United States. Its portfolio consists of distribution facilities in Florida, California, Texas, Arizona, and North Carolina.
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