EastGroup Properties, Inc. $EGP Shares Bought by Russell Investments Group Ltd.

Russell Investments Group Ltd. boosted its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 7.6% during the third quarter, Holdings Channel reports. The institutional investor owned 339,141 shares of the real estate investment trust’s stock after buying an additional 23,956 shares during the period. Russell Investments Group Ltd.’s holdings in EastGroup Properties were worth $57,403,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. True Wealth Design LLC raised its holdings in EastGroup Properties by 159.7% in the third quarter. True Wealth Design LLC now owns 161 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 99 shares during the period. State of Wyoming acquired a new position in shares of EastGroup Properties in the second quarter worth about $27,000. MAI Capital Management raised its position in shares of EastGroup Properties by 83.7% in the 3rd quarter. MAI Capital Management now owns 180 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 82 shares in the last quarter. Steigerwald Gordon & Koch Inc. bought a new position in EastGroup Properties during the 3rd quarter valued at $34,000. Finally, Mather Group LLC. bought a new position in shares of EastGroup Properties during the third quarter worth about $35,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on EGP shares. Mizuho reiterated a “neutral” rating and set a $172.00 price objective (down from $180.00) on shares of EastGroup Properties in a research note on Thursday, December 4th. Truist Financial boosted their price target on shares of EastGroup Properties from $203.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. UBS Group set a $200.00 price objective on EastGroup Properties in a report on Thursday, December 4th. Piper Sandler raised their target price on shares of EastGroup Properties from $220.00 to $230.00 and gave the stock an “overweight” rating in a report on Monday, February 9th. Finally, Cantor Fitzgerald raised their target price on shares of EastGroup Properties from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $200.18.

EastGroup Properties Trading Up 0.5%

Shares of EGP opened at $191.17 on Wednesday. EastGroup Properties, Inc. has a 12-month low of $137.67 and a 12-month high of $197.95. The firm has a market capitalization of $10.20 billion, a price-to-earnings ratio of 39.26, a P/E/G ratio of 3.10 and a beta of 1.10. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.47. The stock’s 50-day moving average price is $186.74 and its 200 day moving average price is $179.00.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.2%. The ex-dividend date is Tuesday, March 31st. EastGroup Properties’s dividend payout ratio (DPR) is presently 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.