Advisors Asset Management Inc. Purchases 3,506 Shares of EastGroup Properties, Inc. $EGP

Advisors Asset Management Inc. grew its position in EastGroup Properties, Inc. (NYSE:EGP) by 35.3% in the third quarter, HoldingsChannel.com reports. The firm owned 13,436 shares of the real estate investment trust’s stock after acquiring an additional 3,506 shares during the period. Advisors Asset Management Inc.’s holdings in EastGroup Properties were worth $2,274,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of EastGroup Properties during the 2nd quarter valued at $252,405,000. Principal Financial Group Inc. raised its holdings in EastGroup Properties by 43.5% during 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 acquiring an additional 602,253 shares during the period. Invesco Ltd. lifted its position in shares of 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 acquiring an additional 438,117 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC boosted its stake 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 worth $136,053,000 after acquiring an additional 192,801 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of EastGroup Properties by 1.5% during the second quarter. Vanguard Group Inc. now owns 7,306,840 shares of the real estate investment trust’s stock worth $1,221,119,000 after purchasing an additional 108,561 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EGP has been the topic of a number of research analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of EastGroup Properties in a report on Monday, December 29th. Robert W. Baird set a $203.00 price objective on shares of EastGroup Properties in a research report on Wednesday. iA Financial set a $200.00 target price on shares of EastGroup Properties in a research report on Monday, October 27th. Evercore set a $188.00 target price on shares of EastGroup Properties in a research note on Friday, February 6th. Finally, Truist Financial lifted their price target on shares of EastGroup Properties from $177.00 to $188.00 and gave the company a “buy” rating in a report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $197.89.

EastGroup Properties Price Performance

Shares of EGP stock opened at $190.88 on Monday. The stock has a market capitalization of $10.18 billion, a price-to-earnings ratio of 39.19, a P/E/G ratio of 2.79 and a beta of 1.11. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $193.14. The stock has a fifty day simple moving average of $183.01 and a two-hundred day simple moving average of $175.51.

EastGroup Properties Dividend Announcement

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