Raymond James Financial Inc. Invests $116.76 Million in EastGroup Properties, Inc. (NYSE:EGP)

Raymond James Financial Inc. purchased a new position in EastGroup Properties, Inc. (NYSE:EGP) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 727,500 shares of the real estate investment trust’s stock, valued at approximately $116,756,000. Raymond James Financial Inc. owned about 1.47% of EastGroup Properties at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. CIBC Asset Management Inc raised its position in shares of EastGroup Properties by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust’s stock worth $234,000 after purchasing an additional 72 shares during the last quarter. Principal Securities Inc. raised its position in shares of EastGroup Properties by 18.5% in the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after purchasing an additional 84 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of EastGroup Properties by 7.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock worth $252,000 after purchasing an additional 90 shares during the last quarter. Versant Capital Management Inc raised its position in shares of EastGroup Properties by 18.7% in the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock worth $97,000 after purchasing an additional 95 shares during the last quarter. Finally, waypoint wealth counsel raised its position in EastGroup Properties by 1.9% in the 4th quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust’s stock worth $867,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $184.51 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. 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 $9.60 billion, a P/E ratio of 39.68, a P/E/G ratio of 3.35 and a beta of 0.99. The firm’s 50 day simple moving average is $171.47 and its two-hundred day simple moving average is $175.31.

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

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.04%. EastGroup Properties’s dividend payout ratio is currently 120.43%.

Wall Street Analyst Weigh In

EGP has been the subject of a number of research analyst reports. Morgan Stanley reduced their price target on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a research note on Monday, December 30th. Deutsche Bank Aktiengesellschaft began coverage on shares of EastGroup Properties in a research report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 target price for the company. Jefferies Financial Group raised EastGroup Properties from a “hold” rating to a “buy” rating and increased their price target for the company from $174.00 to $194.00 in a report on Thursday, January 2nd. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Finally, Robert W. Baird increased their target price on EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $191.65.

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.