EastGroup Properties, Inc. (NYSE:EGP) Stock Holdings Reduced by Mitsubishi UFJ Asset Management UK Ltd.

Mitsubishi UFJ Asset Management UK Ltd. reduced its position in EastGroup Properties, Inc. (NYSE:EGP) by 36.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,000 shares of the real estate investment trust’s stock after selling 4,000 shares during the period. Mitsubishi UFJ Asset Management UK Ltd.’s holdings in EastGroup Properties were worth $1,308,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EGP. Vanguard Group Inc. raised its position in EastGroup Properties by 3.2% during the first quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock valued at $1,233,785,000 after acquiring an additional 210,207 shares in the last quarter. Ceredex Value Advisors LLC acquired a new stake in shares of EastGroup Properties in the 2nd quarter valued at $35,131,000. Boston Partners increased its position in EastGroup Properties by 26.1% during the first quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock worth $171,399,000 after buying an additional 197,427 shares during the last quarter. Zimmer Partners LP lifted its position in shares of EastGroup Properties by 465.6% in the first quarter. Zimmer Partners LP now owns 200,558 shares of the real estate investment trust’s stock worth $36,054,000 after buying an additional 165,100 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of EastGroup Properties by 202.1% during the 2nd quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock worth $32,036,000 after acquiring an additional 125,991 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on EGP shares. Evercore ISI raised their price objective on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday, October 7th. Royal Bank of Canada upped their price objective on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 30th. Wells Fargo & Company upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $179.00 to $214.00 in a research note on Wednesday, August 28th. Truist Financial boosted their target price on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Finally, KeyCorp raised their price target on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $191.73.

EastGroup Properties Price Performance

NYSE EGP traded up $0.81 on Friday, reaching $182.83. The company’s stock had a trading volume of 245,413 shares, compared to its average volume of 294,808. EastGroup Properties, Inc. has a 52 week low of $154.75 and a 52 week high of $192.61. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. The firm has a market cap of $8.80 billion, a PE ratio of 39.64, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. The business has a 50-day moving average price of $184.33 and a 200 day moving average price of $175.27.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The company had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.89 earnings per share. Sell-side analysts expect that EastGroup Properties, Inc. will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $1.40 per share. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date was Monday, September 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.06%. EastGroup Properties’s dividend payout ratio (DPR) is presently 121.48%.

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.