JPMorgan Chase & Co. Grows Stake in EastGroup Properties, Inc. $EGP

JPMorgan Chase & Co. grew its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 13.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,025,235 shares of the real estate investment trust’s stock after acquiring an additional 117,597 shares during the period. JPMorgan Chase & Co. owned about 1.92% of EastGroup Properties worth $173,533,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. True Wealth Design LLC grew its holdings in EastGroup Properties by 159.7% during the third quarter. True Wealth Design LLC now owns 161 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 99 shares during the period. State of Wyoming bought a new stake in shares of EastGroup Properties in the second quarter valued at $27,000. Steigerwald Gordon & Koch Inc. bought a new stake in shares of EastGroup Properties in the third quarter valued at $34,000. Mather Group LLC. purchased a new position in shares of EastGroup Properties during the 3rd quarter valued at $35,000. Finally, Canton Hathaway LLC grew its stake in shares of EastGroup Properties by 31.6% during the 3rd quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 60 shares during the period. Institutional investors own 92.14% of the company’s stock.

Analysts Set New Price Targets

EGP has been the topic of a number of research reports. Morgan Stanley set a $205.00 price objective on EastGroup Properties in a research note on Friday, January 16th. UBS Group set a $200.00 target price on shares of EastGroup Properties in a research note on Thursday, December 4th. Evercore set a $188.00 price target on shares of EastGroup Properties in a research note on Friday, February 6th. Wall Street Zen downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Sunday, February 8th. Finally, Royal Bank Of Canada boosted their target price on shares of EastGroup Properties from $183.00 to $195.00 and gave the company a “sector perform” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $200.18.

EastGroup Properties Price Performance

EGP stock opened at $192.81 on Friday. The firm has a 50 day moving average of $184.04 and a 200-day moving average of $176.42. The firm has a market capitalization of $10.28 billion, a P/E ratio of 39.59, a price-to-earnings-growth ratio of 2.82 and a beta of 1.11. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $193.68. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, December 31st. EastGroup Properties’s dividend payout ratio (DPR) is 127.31%.

About EastGroup Properties

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.