Johnson Investment Counsel Inc. Sells 2,964 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Johnson Investment Counsel Inc. lessened its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 46.0% during the fourth quarter, Holdings Channel reports. The fund owned 3,476 shares of the real estate investment trust’s stock after selling 2,964 shares during the period. Johnson Investment Counsel Inc.’s holdings in EastGroup Properties were worth $558,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Canton Hathaway LLC bought a new stake in EastGroup Properties in the 4th quarter valued at $30,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in EastGroup Properties by 503.3% in 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 acquiring an additional 302 shares during the period. Principal Securities Inc. grew its holdings in EastGroup Properties by 18.5% in 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 in the last quarter. Versant Capital Management Inc grew its holdings in 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 valued at $97,000 after buying an additional 95 shares in the last quarter. Finally, Quarry LP acquired a new position in EastGroup Properties in the 3rd quarter valued at $102,000. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

NYSE:EGP opened at $181.09 on Thursday. The stock’s 50-day simple moving average is $172.72 and its 200 day simple moving average is $175.22. The firm has a market capitalization of $9.42 billion, a PE ratio of 38.95, a price-to-earnings-growth ratio of 3.35 and a beta of 0.99. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties, Inc. has a twelve month low of $155.10 and a twelve month high of $192.61.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data 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 return on equity of 7.89% and a net margin of 35.57%. On average, analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 3.09%. The ex-dividend date is Monday, March 31st. EastGroup Properties’s dividend payout ratio (DPR) is presently 120.43%.

Analysts Set New Price Targets

A number of research analysts have commented on EGP shares. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft started coverage on EastGroup Properties in a report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price objective on the stock. Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $185.00 to $200.00 in a report on Wednesday, December 11th. Robert W. Baird upped their price objective on EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Finally, Morgan Stanley decreased their price objective on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a report on Monday, December 30th. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.