Mitsubishi UFJ Asset Management Co. Ltd. Increases Stake in EastGroup Properties, Inc. $EGP

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 6.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,366 shares of the real estate investment trust’s stock after purchasing an additional 2,602 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.08% of EastGroup Properties worth $6,832,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. True Wealth Design LLC grew its position in shares of EastGroup Properties by 159.7% during the 3rd quarter. True Wealth Design LLC now owns 161 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 99 shares during the period. State of Wyoming purchased a new position in EastGroup Properties during the second quarter worth approximately $27,000. MAI Capital Management boosted its position in EastGroup Properties by 83.7% during the third quarter. MAI Capital Management now owns 180 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 82 shares in the last quarter. Steigerwald Gordon & Koch Inc. acquired a new stake in EastGroup Properties in the third quarter valued at approximately $34,000. Finally, Mather Group LLC. purchased a new stake in shares of EastGroup Properties in the third quarter valued at approximately $35,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

NYSE EGP opened at $196.28 on Tuesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01. The stock’s fifty day moving average is $185.43 and its two-hundred day moving average is $177.85. The firm has a market capitalization of $10.47 billion, a P/E ratio of 40.30, a price-to-earnings-growth ratio of 3.20 and a beta of 1.10. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $197.95.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.2%. The ex-dividend date was Wednesday, December 31st. EastGroup Properties’s dividend payout ratio (DPR) is presently 127.31%.

Analysts Set New Price Targets

EGP has been the topic of a number of research analyst reports. Royal Bank Of Canada lifted their price target on shares of EastGroup Properties from $183.00 to $195.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 18th. KeyCorp increased their price objective on shares of EastGroup Properties from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Tuesday, February 10th. Weiss Ratings reissued a “buy (b-)” rating on shares of EastGroup Properties in a research note on Monday, December 29th. Cantor Fitzgerald upped their price target on shares of EastGroup Properties from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Finally, Robert W. Baird set a $203.00 price objective on EastGroup Properties in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average price target of $200.18.

EastGroup Properties Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.