Rhumbline Advisers Lowers Holdings in EastGroup Properties, Inc. $EGP

Rhumbline Advisers reduced its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 5.3% in the 3rd quarter, Holdings Channel reports. The fund owned 157,035 shares of the real estate investment trust’s stock after selling 8,875 shares during the period. Rhumbline Advisers’ holdings in EastGroup Properties were worth $26,580,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. True Wealth Design LLC grew its stake 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 worth $27,000 after purchasing an additional 99 shares during the period. State of Wyoming purchased a new stake in EastGroup Properties during the second quarter worth $27,000. Steigerwald Gordon & Koch Inc. acquired a new stake in EastGroup Properties during the third quarter valued at $34,000. Mather Group LLC. purchased a new position in EastGroup Properties in the third quarter valued at $35,000. Finally, Canton Hathaway LLC raised its position in shares of EastGroup Properties by 31.6% in the third quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 60 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

EGP has been the topic of a number of analyst reports. Citigroup raised their target price on EastGroup Properties from $210.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday. Robert W. Baird set a $203.00 price objective on EastGroup Properties in a report on Wednesday. Deutsche Bank Aktiengesellschaft downgraded EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 target price for the company. in a research note on Monday, January 5th. UBS Group set a $200.00 price target on shares of EastGroup Properties in a research note on Thursday, December 4th. Finally, Royal Bank Of Canada set a $183.00 price objective on EastGroup Properties and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $197.89.

EastGroup Properties Stock Performance

NYSE:EGP opened at $190.88 on Monday. The company has a market cap of $10.18 billion, a P/E ratio of 39.19, a P/E/G ratio of 2.79 and a beta of 1.11. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $193.14. The company’s 50-day moving average price is $183.01 and its 200-day moving average price is $175.51. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Wednesday, December 31st. EastGroup Properties’s payout ratio is currently 127.31%.

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.