APG Asset Management US Inc. Grows Stake in EastGroup Properties, Inc. $EGP

APG Asset Management US Inc. increased its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 11.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 300,159 shares of the real estate investment trust’s stock after acquiring an additional 31,805 shares during the quarter. EastGroup Properties comprises 0.4% of APG Asset Management US Inc.’s investment portfolio, making the stock its 29th biggest position. APG Asset Management US Inc.’s holdings in EastGroup Properties were worth $51,660,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Canton Hathaway LLC increased its stake in EastGroup Properties by 31.6% in 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 last quarter. Cetera Investment Advisers boosted its position in shares of EastGroup Properties by 1.9% during the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock valued at $613,000 after acquiring an additional 68 shares during the last quarter. Virtus Investment Advisers LLC grew its holdings in shares of EastGroup Properties by 7.5% during the second quarter. Virtus Investment Advisers LLC now owns 999 shares of the real estate investment trust’s stock worth $167,000 after purchasing an additional 70 shares in the last quarter. Azzad Asset Management Inc. ADV grew its holdings in shares of EastGroup Properties by 3.1% during the third quarter. Azzad Asset Management Inc. ADV now owns 2,361 shares of the real estate investment trust’s stock worth $400,000 after purchasing an additional 71 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of EastGroup Properties by 3.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,489 shares of the real estate investment trust’s stock worth $421,000 after purchasing an additional 77 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on EGP. Deutsche Bank Aktiengesellschaft lowered shares of EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 target price for the company. in a research report on Monday, January 5th. Mizuho reaffirmed a “neutral” rating and set a $172.00 price objective (down from $180.00) on shares of EastGroup Properties in a report on Thursday, December 4th. Barclays raised EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research note on Thursday, December 4th. Robert W. Baird set a $203.00 price target on EastGroup Properties in a research report on Wednesday, February 11th. Finally, Morgan Stanley set a $205.00 price objective on EastGroup Properties in a report on Friday, January 16th. 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 data from MarketBeat.com, EastGroup Properties currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.18.

EastGroup Properties Stock Up 0.7%

EGP opened at $196.32 on Friday. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $197.95. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47. The business’s 50-day moving average price is $185.12 and its 200-day moving average price is $177.51. The company has a market cap of $10.47 billion, a P/E ratio of 40.31, a P/E/G ratio of 3.20 and a beta of 1.11.

EastGroup Properties Dividend Announcement

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

EastGroup Properties Company 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.