Envestnet Asset Management Inc. Reduces Stake in EastGroup Properties, Inc. $EGP

Envestnet Asset Management Inc. cut its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 6.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 136,993 shares of the real estate investment trust’s stock after selling 9,870 shares during the quarter. Envestnet Asset Management Inc.’s holdings in EastGroup Properties were worth $23,187,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the company. Allianz Asset Management GmbH raised its stake in shares of EastGroup Properties by 1.8% during the 3rd quarter. Allianz Asset Management GmbH now owns 51,544 shares of the real estate investment trust’s stock worth $8,724,000 after buying an additional 908 shares during the last quarter. WCM Investment Management LLC raised its position in EastGroup Properties by 22.9% during the third quarter. WCM Investment Management LLC now owns 124,316 shares of the real estate investment trust’s stock worth $21,054,000 after acquiring an additional 23,129 shares during the last quarter. Bridges Investment Management Inc. raised its position in EastGroup Properties by 5.9% during the third quarter. Bridges Investment Management Inc. now owns 10,077 shares of the real estate investment trust’s stock worth $1,706,000 after acquiring an additional 557 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of EastGroup Properties by 43.5% in the third quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock valued at $336,076,000 after purchasing an additional 602,253 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its position in shares of EastGroup Properties by 10.5% in the third quarter. Thrivent Financial for Lutherans now owns 26,163 shares of the real estate investment trust’s stock valued at $4,428,000 after purchasing an additional 2,489 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on EGP shares. Deutsche Bank Aktiengesellschaft downgraded EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 price objective for the company. in a research report on Monday, January 5th. Cantor Fitzgerald raised their price target on EastGroup Properties from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Royal Bank Of Canada set a $183.00 price objective on EastGroup Properties and gave the company a “sector perform” rating in a research report on Tuesday, October 28th. Robert W. Baird set a $203.00 price objective on EastGroup Properties in a research note on Wednesday. Finally, Citigroup boosted their target price on shares of EastGroup Properties from $210.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $197.89.

EastGroup Properties Stock Up 1.9%

Shares of EGP opened at $190.88 on Friday. The firm has a market cap of $10.18 billion, a PE ratio of 39.19, a price-to-earnings-growth ratio of 2.73 and a beta of 1.11. The company’s fifty day moving average is $183.01 and its two-hundred day moving average is $175.36. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $193.14. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.47.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a dividend of $1.55 per share. The ex-dividend date was Wednesday, December 31st. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.2%. EastGroup Properties’s payout ratio is presently 127.31%.

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.