Federated Hermes Inc. Has $1.30 Million Position in EastGroup Properties, Inc. (NYSE:EGP)

Federated Hermes Inc. cut its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 26.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,075 shares of the real estate investment trust’s stock after selling 2,491 shares during the period. Federated Hermes Inc.’s holdings in EastGroup Properties were worth $1,299,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of EGP. Wellington Management Group LLP grew its holdings in EastGroup Properties by 113.1% during the third quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock worth $115,773,000 after purchasing an additional 368,954 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in shares of EastGroup Properties during the 3rd quarter worth approximately $58,974,000. Daiwa Securities Group Inc. increased its holdings in shares of EastGroup Properties by 1,265.5% during the 3rd quarter. Daiwa Securities Group Inc. now owns 241,716 shares of the real estate investment trust’s stock worth $40,253,000 after acquiring an additional 224,014 shares during the last quarter. American Century Companies Inc. raised its stake in EastGroup Properties by 1,206.6% in the 3rd quarter. American Century Companies Inc. now owns 160,109 shares of the real estate investment trust’s stock valued at $26,663,000 after acquiring an additional 147,855 shares during the period. Finally, Vanguard Group Inc. raised its stake in EastGroup Properties by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,532,176 shares of the real estate investment trust’s stock valued at $1,087,803,000 after acquiring an additional 81,798 shares during the period. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Trading Up 1.2 %

EGP opened at $157.82 on Tuesday. The stock has a market capitalization of $7.60 billion, a price-to-earnings ratio of 34.23, a P/E/G ratio of 2.47 and a beta of 0.93. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. EastGroup Properties, Inc. has a twelve month low of $154.75 and a twelve month high of $188.85. The company has a 50-day simple moving average of $174.31 and a 200 day simple moving average of $175.03.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. began coverage on shares of EastGroup Properties in a research report on Thursday, April 11th. They set a “neutral” rating and a $190.00 price objective for the company. Truist Financial upped their price target on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a research note on Tuesday, February 20th. Piper Sandler cut their price objective on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating for the company in a research report on Monday. Mizuho restated a “neutral” rating and set a $185.00 price objective on shares of EastGroup Properties in a report on Tuesday, April 2nd. Finally, Evercore ISI lowered their target price on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a research note on Thursday, April 25th. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $187.60.

Insider Buying and Selling

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the transaction, the chief financial officer now directly owns 102,617 shares in the company, valued at $18,752,230.58. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.00% of the stock is currently owned by company insiders.

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.