Russell Investments Group Ltd. Grows Position in EastGroup Properties, Inc. $EGP

Russell Investments Group Ltd. raised its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 7.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 339,141 shares of the real estate investment trust’s stock after acquiring an additional 23,956 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.64% of EastGroup Properties worth $57,403,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in EastGroup Properties by 0.6% during the third quarter. Vanguard Group Inc. now owns 7,350,473 shares of the real estate investment trust’s stock valued at $1,244,141,000 after acquiring an additional 43,633 shares during the last quarter. State Street Corp increased its position in EastGroup Properties by 2.5% during the 2nd quarter. State Street Corp now owns 2,667,793 shares of the real estate investment trust’s stock valued at $449,491,000 after buying an additional 65,060 shares in the last quarter. Principal Financial Group Inc. raised its stake in EastGroup Properties by 43.5% in the third quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock valued at $336,076,000 after buying an additional 602,253 shares during the last quarter. Norges Bank purchased a new stake in EastGroup Properties in the second quarter valued at about $252,405,000. Finally, Geode Capital Management LLC boosted its holdings in EastGroup Properties by 1.7% in the second quarter. Geode Capital Management LLC now owns 1,062,770 shares of the real estate investment trust’s stock worth $177,636,000 after acquiring an additional 18,116 shares in the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft downgraded EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 target price on the stock. in a research report on Monday, January 5th. Evercore set a $188.00 target price on EastGroup Properties in a report on Friday, February 6th. Barclays upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research report on Thursday, December 4th. Royal Bank Of Canada upped their price target on EastGroup Properties from $183.00 to $195.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 18th. Finally, Truist Financial raised their target price on EastGroup Properties from $203.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, EastGroup Properties has a consensus rating of “Moderate Buy” and an average target price of $200.18.

EastGroup Properties Trading Up 0.5%

Shares of EGP stock opened at $191.17 on Wednesday. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $197.95. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47. The business’s 50 day moving average is $186.74 and its two-hundred day moving average is $179.00. The company has a market capitalization of $10.20 billion, a P/E ratio of 39.26, a price-to-earnings-growth ratio of 3.10 and a beta of 1.10.

EastGroup Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.2%. EastGroup Properties’s dividend payout ratio is 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.