Hudson Bay Capital Management LP Grows Holdings in EastGroup Properties, Inc. $EGP

Hudson Bay Capital Management LP raised its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 199.8% in the 3rd quarter, Holdings Channel reports. The firm owned 207,372 shares of the real estate investment trust’s stock after purchasing an additional 138,193 shares during the quarter. Hudson Bay Capital Management LP’s holdings in EastGroup Properties were worth $35,100,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in EGP. True Wealth Design LLC grew its holdings in shares of EastGroup Properties by 159.7% in the third 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 last quarter. State of Wyoming bought a new stake in EastGroup Properties during the 2nd quarter valued at about $27,000. MAI Capital Management boosted its position in EastGroup Properties by 83.7% in the 3rd quarter. MAI Capital Management now owns 180 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 82 shares during the period. Steigerwald Gordon & Koch Inc. purchased a new stake in EastGroup Properties in the 3rd quarter valued at about $34,000. Finally, Mather Group LLC. bought a new position in EastGroup Properties in the 3rd quarter worth about $35,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

EGP has been the topic of a number of research reports. Morgan Stanley set a $205.00 target price on shares of EastGroup Properties in a research report on Friday, January 16th. Deutsche Bank Aktiengesellschaft cut EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 price objective on the stock. in a research note on Monday, January 5th. Evercore set a $188.00 price objective on EastGroup Properties in a report on Friday, February 6th. Citigroup lifted 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, February 11th. Finally, UBS Group set a $200.00 target price on EastGroup Properties in a report on Thursday, December 4th. One investment 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.18.

EastGroup Properties Price Performance

Shares of EGP opened at $188.18 on Thursday. 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 company has a 50 day moving average price of $187.82 and a 200-day moving average price of $179.80. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $197.95. The stock has a market capitalization of $10.04 billion, a PE ratio of 38.64, a PEG ratio of 3.11 and a beta of 1.10.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, March 31st. EastGroup Properties’s dividend payout ratio (DPR) 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.