Cynosure Group LLC Invests $310,000 in EastGroup Properties, Inc. (NYSE:EGP)

Cynosure Group LLC bought a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,724 shares of the real estate investment trust’s stock, valued at approximately $310,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Trust N.A. increased its stake in shares of EastGroup Properties by 12.7% during the fourth quarter. Raymond James Trust N.A. now owns 2,062 shares of the real estate investment trust’s stock worth $378,000 after purchasing an additional 232 shares in the last quarter. Raymond James & Associates increased its stake in EastGroup Properties by 3.8% during the 4th quarter. Raymond James & Associates now owns 120,580 shares of the real estate investment trust’s stock worth $22,131,000 after buying an additional 4,431 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in EastGroup Properties by 11.2% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 5,658 shares of the real estate investment trust’s stock worth $1,038,000 after buying an additional 572 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of EastGroup Properties by 15.0% during the fourth quarter. Pacer Advisors Inc. now owns 61,527 shares of the real estate investment trust’s stock valued at $11,293,000 after acquiring an additional 8,002 shares during the last quarter. Finally, ZRC Wealth Management LLC acquired a new stake in shares of EastGroup Properties in the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Trading Down 0.2 %

Shares of NYSE:EGP traded down $0.47 during mid-day trading on Tuesday, reaching $190.87. 80,292 shares of the company were exchanged, compared to its average volume of 281,246. The firm has a market cap of $9.19 billion, a price-to-earnings ratio of 41.49, a P/E/G ratio of 2.92 and a beta of 0.98. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10. EastGroup Properties, Inc. has a 1 year low of $154.75 and a 1 year high of $191.61. The firm’s 50-day simple moving average is $169.80 and its 200 day simple moving average is $173.30.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $1.27 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.66%. EastGroup Properties’s payout ratio is presently 110.20%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wedbush raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $162.00 to $208.00 in a report on Monday. KeyCorp cut their price objective on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a report on Tuesday, April 30th. BNP Paribas began coverage on EastGroup Properties in a report on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 price target for the company. BMO Capital Markets assumed coverage on EastGroup Properties in a research note on Monday, April 22nd. They set an “outperform” rating and a $190.00 price objective on the stock. Finally, Piper Sandler dropped their target price on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $182.75.

EastGroup Properties Company 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.