Citigroup Inc. Raises Stock Position in EastGroup Properties, Inc. $EGP

Citigroup Inc. raised its position in EastGroup Properties, Inc. (NYSE:EGP) by 38.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,461 shares of the real estate investment trust’s stock after purchasing an additional 17,009 shares during the quarter. Citigroup Inc.’s holdings in EastGroup Properties were worth $10,403,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Ontario Teachers Pension Plan Board purchased a new stake in shares of EastGroup Properties during the 3rd quarter valued at approximately $1,703,000. Syon Capital LLC raised its position in EastGroup Properties by 85.1% in the third quarter. Syon Capital LLC now owns 3,733 shares of the real estate investment trust’s stock valued at $632,000 after purchasing an additional 1,716 shares during the period. First National Bank of Omaha purchased a new stake in EastGroup Properties in the third quarter valued at $1,396,000. NEOS Investment Management LLC lifted its stake in shares of EastGroup Properties by 101.7% in the 3rd quarter. NEOS Investment Management LLC now owns 4,862 shares of the real estate investment trust’s stock valued at $823,000 after purchasing an additional 2,451 shares during the last quarter. Finally, Heartland Advisors Inc. grew its holdings in shares of EastGroup Properties by 40.4% during the 3rd quarter. Heartland Advisors Inc. now owns 37,545 shares of the real estate investment trust’s stock worth $6,355,000 after purchasing an additional 10,800 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

EGP opened at $196.32 on Friday. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $197.95. The stock 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. The stock’s 50 day simple moving average is $185.12 and its 200 day simple moving average is $177.51. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.01 and a quick ratio of 0.01.

EastGroup Properties Announces Dividend

The firm 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. This represents a $6.20 annualized dividend and a yield of 3.2%. The ex-dividend date was Wednesday, December 31st. EastGroup Properties’s dividend payout ratio is presently 127.31%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Piper Sandler boosted their price objective on shares of EastGroup Properties from $220.00 to $230.00 and gave the company an “overweight” rating in a report on Monday, February 9th. KeyCorp upped their price objective on shares of EastGroup Properties from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Tuesday, February 10th. Morgan Stanley set a $205.00 price objective on shares of EastGroup Properties in a research report on Friday, January 16th. UBS Group set a $200.00 target price on EastGroup Properties in a research report on Thursday, December 4th. Finally, Royal Bank Of Canada lifted their price target on shares of EastGroup Properties from $183.00 to $195.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, EastGroup Properties currently has an average rating of “Moderate Buy” and an average price target of $200.18.

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.