Amalgamated Bank Grows Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Amalgamated Bank raised its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 1.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,439 shares of the real estate investment trust’s stock after buying an additional 320 shares during the quarter. Amalgamated Bank’s holdings in EastGroup Properties were worth $3,762,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EGP. Creative Planning grew its holdings in EastGroup Properties by 4.8% in the third quarter. Creative Planning now owns 2,555 shares of the real estate investment trust’s stock valued at $477,000 after purchasing an additional 117 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of EastGroup Properties by 35.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,869 shares of the real estate investment trust’s stock valued at $351,000 after purchasing an additional 488 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of EastGroup Properties by 7.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock valued at $252,000 after buying an additional 90 shares during the period. abrdn plc increased its holdings in shares of EastGroup Properties by 10.3% during the 3rd quarter. abrdn plc now owns 9,913 shares of the real estate investment trust’s stock worth $1,852,000 after buying an additional 924 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of EastGroup Properties by 6.4% in the 3rd quarter. New York State Common Retirement Fund now owns 203,806 shares of the real estate investment trust’s stock worth $38,075,000 after buying an additional 12,234 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Up 1.7 %

Shares of EastGroup Properties stock opened at $183.10 on Friday. EastGroup Properties, Inc. has a 1-year low of $155.10 and a 1-year high of $192.61. The company has a market capitalization of $9.53 billion, a PE ratio of 39.38, a P/E/G ratio of 3.35 and a beta of 1.00. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. The business has a 50-day moving average of $169.10 and a 200-day moving average of $175.26.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. As a group, equities analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $1.40 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.06%. EastGroup Properties’s dividend payout ratio (DPR) is presently 120.43%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Robert W. Baird boosted their price target on EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Jefferies Financial Group upgraded EastGroup Properties from a “hold” rating to a “buy” rating and boosted their target price for the stock from $174.00 to $194.00 in a report on Thursday, January 2nd. Truist Financial increased their target price on shares of EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a research report on Friday, February 14th. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Finally, StockNews.com raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Monday, February 10th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, EastGroup Properties has an average rating of “Moderate Buy” and an average target price of $191.65.

EastGroup Properties Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.