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

JPMorgan Chase & Co. lifted its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 13.0% in the 3rd quarter, Holdings Channel reports. 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.’s holdings in EastGroup Properties were worth $173,533,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in 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 valued at $1,221,119,000 after purchasing an additional 108,561 shares during the last quarter. State Street Corp increased its holdings in shares of EastGroup Properties by 2.5% in the 2nd quarter. State Street Corp now owns 2,667,793 shares of the real estate investment trust’s stock worth $449,491,000 after buying an additional 65,060 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of EastGroup Properties by 43.5% during the 3rd 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 buying an additional 602,253 shares in the last quarter. Norges Bank bought a new stake in shares of EastGroup Properties during the 2nd quarter worth $252,405,000. Finally, Geode Capital Management LLC lifted its holdings in shares of EastGroup Properties by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,062,770 shares of the real estate investment trust’s stock worth $177,636,000 after acquiring an additional 18,116 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Stock Up 1.1%

EGP opened at $192.81 on Friday. 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. The business’s 50-day moving average price is $184.04 and its 200-day moving average price is $176.42. The company has a market cap of $10.28 billion, a P/E ratio of 39.59, a P/E/G ratio of 2.82 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%.

Analysts Set New Price Targets

EGP has been the topic of a number of research analyst reports. UBS Group set a $200.00 target price on EastGroup Properties in a research note on Thursday, December 4th. Barclays upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating in a report on Thursday, December 4th. Mizuho reiterated a “neutral” rating and set a $172.00 price objective (down from $180.00) on shares of EastGroup Properties in a research report on Thursday, December 4th. iA Financial set a $200.00 target price on EastGroup Properties in a research report on Monday, October 27th. Finally, Robert W. Baird set a $203.00 target price on EastGroup Properties in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $200.18.

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.