Westpac Banking Corp Has $2.05 Million Stock Holdings in EastGroup Properties, Inc. $EGP

Westpac Banking Corp increased its stake in EastGroup Properties, Inc. (NYSE:EGP) by 51.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,136 shares of the real estate investment trust’s stock after acquiring an additional 4,148 shares during the quarter. Westpac Banking Corp’s holdings in EastGroup Properties were worth $2,054,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jones Financial Companies Lllp boosted its holdings in EastGroup Properties by 18,900.0% in the first quarter. Jones Financial Companies Lllp now owns 950 shares of the real estate investment trust’s stock worth $167,000 after acquiring an additional 945 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of EastGroup Properties by 28.0% during the first quarter. Goldman Sachs Group Inc. now owns 190,144 shares of the real estate investment trust’s stock worth $33,494,000 after acquiring an additional 41,538 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of EastGroup Properties by 309.8% in the first quarter. Jane Street Group LLC now owns 15,878 shares of the real estate investment trust’s stock worth $2,797,000 after purchasing an additional 12,003 shares during the period. Focus Partners Wealth increased its stake in EastGroup Properties by 2.2% in the 1st quarter. Focus Partners Wealth now owns 6,103 shares of the real estate investment trust’s stock worth $1,075,000 after acquiring an additional 130 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in EastGroup Properties by 1.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 57,571 shares of the real estate investment trust’s stock valued at $9,621,000 after purchasing an additional 962 shares during the last quarter. 92.14% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft downgraded shares of EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 price target for the company. in a research note on Monday, January 5th. Citigroup upped their price objective on shares of EastGroup Properties from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Barclays raised shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research report on Thursday, December 4th. Piper Sandler boosted their price objective 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, Robert W. Baird set a $203.00 target price on EastGroup Properties in a report on Wednesday, February 11th. 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 MarketBeat, EastGroup Properties currently has an average rating of “Moderate Buy” and an average target price of $200.18.

EastGroup Properties Price Performance

EGP stock opened at $191.01 on Thursday. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $193.96. The firm has a market capitalization of $10.19 billion, a P/E ratio of 39.22, a price-to-earnings-growth ratio of 3.10 and a beta of 1.11. The company has a fifty day simple moving average of $184.56 and a two-hundred day simple moving average of $177.02. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.47.

EastGroup Properties Announces Dividend

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

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.