Wealthfront Advisers LLC Makes New $1.95 Million Investment in EastGroup Properties, Inc. (NYSE:EGP)

Wealthfront Advisers LLC acquired a new position in shares of EastGroup Properties, Inc. (NYSE:EGP) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 12,123 shares of the real estate investment trust’s stock, valued at approximately $1,946,000.

Other institutional investors have also recently bought and sold shares of the company. Canton Hathaway LLC acquired a new stake in EastGroup Properties during the 4th quarter worth about $30,000. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of EastGroup Properties by 503.3% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock valued at $58,000 after buying an additional 302 shares during the last quarter. Principal Securities Inc. lifted its holdings in shares of EastGroup Properties by 18.5% during the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock valued at $86,000 after buying an additional 84 shares during the last quarter. Quarry LP acquired a new stake in shares of EastGroup Properties during the 3rd quarter valued at about $102,000. Finally, Versant Capital Management Inc lifted its holdings in shares of EastGroup Properties by 18.7% during the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock valued at $97,000 after buying an additional 95 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on EGP shares. Raymond James upgraded EastGroup Properties from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $185.00 to $200.00 in a report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft started coverage on EastGroup Properties in a report on Tuesday, January 14th. They set a “buy” rating and a $180.00 price target for the company. Robert W. Baird lifted their price target on EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Truist Financial raised their price objective on EastGroup Properties from $168.00 to $180.00 and gave the company a “hold” rating in a research note on Friday, February 14th. Finally, KeyCorp reissued a “sector weight” rating on shares of EastGroup Properties in a research note on Tuesday, December 17th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average price target of $191.65.

EastGroup Properties Stock Performance

Shares of NYSE EGP opened at $179.96 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average is $173.08 and its two-hundred day moving average is $175.23. The company has a market cap of $9.36 billion, a P/E ratio of 38.70, a P/E/G ratio of 3.35 and a beta of 0.99. EastGroup Properties, Inc. has a 12 month low of $155.10 and a 12 month high of $192.61.

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

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Monday, March 31st. EastGroup Properties’s dividend payout ratio is presently 120.43%.

About EastGroup Properties

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.