Allspring Global Investments Holdings LLC cut its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP – Get Rating) by 63.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 817 shares of the real estate investment trust’s stock after selling 1,404 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in EastGroup Properties were worth $117,000 at the end of the most recent reporting period.
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A number of other institutional investors and hedge funds have also recently bought and sold shares of EGP. FMR LLC boosted its holdings in EastGroup Properties by 88.5% in the 2nd quarter. FMR LLC now owns 1,342,138 shares of the real estate investment trust’s stock valued at $207,133,000 after purchasing an additional 630,210 shares during the last quarter. Zimmer Partners LP boosted its holdings in EastGroup Properties by 70.0% in the 2nd quarter. Zimmer Partners LP now owns 850,000 shares of the real estate investment trust’s stock valued at $131,181,000 after purchasing an additional 350,000 shares during the last quarter. Millennium Management LLC boosted its holdings in EastGroup Properties by 253.5% in the 2nd quarter. Millennium Management LLC now owns 454,424 shares of the real estate investment trust’s stock valued at $70,131,000 after purchasing an additional 325,858 shares during the last quarter. State Street Corp boosted its holdings in EastGroup Properties by 11.5% in the 1st quarter. State Street Corp now owns 2,412,188 shares of the real estate investment trust’s stock valued at $492,949,000 after purchasing an additional 248,538 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in EastGroup Properties by 7.9% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,964,584 shares of the real estate investment trust’s stock valued at $457,524,000 after purchasing an additional 217,183 shares during the last quarter. 89.48% of the stock is currently owned by institutional investors and hedge funds.
EastGroup Properties Trading Up 1.1 %
Shares of NYSE:EGP opened at $168.77 on Friday. EastGroup Properties, Inc. has a 52 week low of $137.47 and a 52 week high of $217.46. The company’s 50 day moving average is $154.59 and its two-hundred day moving average is $157.26. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 0.85. The company has a market cap of $7.35 billion, a PE ratio of 32.15, a P/E/G ratio of 2.99 and a beta of 0.88.
EastGroup Properties Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Friday, December 30th were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend was Thursday, December 29th. EastGroup Properties’s dividend payout ratio is presently 95.24%.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the stock. Truist Financial decreased their target price on shares of EastGroup Properties from $175.00 to $170.00 and set a “hold” rating on the stock in a report on Tuesday, November 29th. BTIG Research reduced their price target on shares of EastGroup Properties from $248.00 to $198.00 and set a “buy” rating on the stock in a research note on Monday, October 17th. StockNews.com downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Friday, October 28th. Morgan Stanley reduced their price target on shares of EastGroup Properties from $195.00 to $150.00 and set an “equal weight” rating on the stock in a research note on Monday, October 17th. Finally, Piper Sandler reduced their price target on shares of EastGroup Properties from $200.00 to $187.00 and set an “overweight” rating on the stock in a research note on Friday, October 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to 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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