AE Wealth Management LLC Acquires 24,873 Shares of EastGroup Properties, Inc. $EGP

AE Wealth Management LLC raised its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 19.5% in the third quarter, Holdings Channel reports. The fund owned 152,247 shares of the real estate investment trust’s stock after acquiring an additional 24,873 shares during the period. AE Wealth Management LLC’s holdings in EastGroup Properties were worth $25,769,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of EGP. Norges Bank acquired a new position in shares of EastGroup Properties in the 2nd quarter valued at approximately $252,405,000. Invesco Ltd. lifted its stake in EastGroup Properties by 89.5% in the second quarter. Invesco Ltd. now owns 927,566 shares of the real estate investment trust’s stock valued at $155,015,000 after buying an additional 438,117 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC boosted its holdings in shares of EastGroup Properties by 31.0% in the second quarter. Cbre Investment Management Listed Real Assets LLC now owns 814,104 shares of the real estate investment trust’s stock valued at $136,053,000 after buying an additional 192,801 shares during the period. Vanguard Group Inc. boosted its holdings in shares of EastGroup Properties by 1.5% in the second quarter. Vanguard Group Inc. now owns 7,306,840 shares of the real estate investment trust’s stock valued at $1,221,119,000 after buying an additional 108,561 shares during the period. Finally, Ceredex Value Advisors LLC increased its position in shares of EastGroup Properties by 65.7% during the second quarter. Ceredex Value Advisors LLC now owns 266,550 shares of the real estate investment trust’s stock worth $44,546,000 after acquiring an additional 105,705 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of EastGroup Properties in a research report on Monday, December 29th. Truist Financial lifted their price target on EastGroup Properties from $177.00 to $188.00 and gave the company a “buy” rating in a research note on Wednesday, November 12th. Cantor Fitzgerald restated an “overweight” rating on shares of EastGroup Properties in a report on Tuesday, January 20th. Wells Fargo & Company increased their price objective on EastGroup Properties from $187.00 to $196.00 and gave the stock an “overweight” rating in a report on Monday, November 10th. Finally, Industrial Alliance Securities set a $200.00 target price on EastGroup Properties in a research report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, EastGroup Properties presently has a consensus rating of “Moderate Buy” and a consensus target price of $195.19.

Insiders Place Their Bets

In other EastGroup Properties news, EVP Richard Reid Dunbar sold 2,000 shares of the company’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $175.00, for a total transaction of $350,000.00. Following the sale, the executive vice president directly owned 20,630 shares of the company’s stock, valued at approximately $3,610,250. This represents a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.00% of the company’s stock.

EastGroup Properties Stock Up 2.1%

EGP stock opened at $181.23 on Friday. The company has a market cap of $9.67 billion, a price-to-earnings ratio of 38.07, a P/E/G ratio of 2.60 and a beta of 1.11. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $188.89. The business has a 50 day moving average price of $181.60 and a two-hundred day moving average price of $173.74. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.42.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a $1.55 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $6.20 annualized dividend and a dividend yield of 3.4%. EastGroup Properties’s dividend payout ratio (DPR) is currently 130.25%.

EastGroup Properties Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.