Mitsubishi UFJ Trust & Banking Corp Trims Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Mitsubishi UFJ Trust & Banking Corp lowered its stake in shares of EastGroup Properties, Inc. (NYSE:EGPGet Rating) by 68.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 275 shares of the real estate investment trust’s stock after selling 605 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in EastGroup Properties were worth $63,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of EGP. First Trust Advisors LP grew its position in shares of EastGroup Properties by 296.1% during the 1st quarter. First Trust Advisors LP now owns 27,179 shares of the real estate investment trust’s stock valued at $3,034,000 after acquiring an additional 20,317 shares during the period. Morgan Stanley raised its position in shares of EastGroup Properties by 30.5% during the 2nd quarter. Morgan Stanley now owns 120,223 shares of the real estate investment trust’s stock valued at $19,771,000 after buying an additional 28,093 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in shares of EastGroup Properties by 2.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 5,047 shares of the real estate investment trust’s stock valued at $841,000 after buying an additional 134 shares during the period. PNC Financial Services Group Inc. raised its position in shares of EastGroup Properties by 14.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,029 shares of the real estate investment trust’s stock valued at $837,000 after buying an additional 632 shares during the period. Finally, Advisor Group Holdings Inc. raised its position in EastGroup Properties by 82.4% in the third quarter. Advisor Group Holdings Inc. now owns 6,986 shares of the real estate investment trust’s stock valued at $1,164,000 after purchasing an additional 3,156 shares during the period. Hedge funds and other institutional investors own 91.02% of the company’s stock.

EGP opened at $167.83 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.05 and a current ratio of 0.05. EastGroup Properties, Inc. has a 1-year low of $150.91 and a 1-year high of $229.84. The company has a 50-day moving average of $194.19 and a 200-day moving average of $200.70. The company has a market capitalization of $7.00 billion, a P/E ratio of 35.41, a PEG ratio of 3.22 and a beta of 0.87.

EastGroup Properties (NYSE:EGPGet Rating) last posted its earnings results on Tuesday, April 26th. The real estate investment trust reported $0.81 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.81). EastGroup Properties had a return on equity of 12.84% and a net margin of 45.65%. During the same quarter in the prior year, the firm posted $1.45 earnings per share. As a group, sell-side analysts expect that EastGroup Properties, Inc. will post 6.79 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 14th. Investors of record on Thursday, March 31st were paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.62%. The ex-dividend date was Wednesday, March 30th. EastGroup Properties’s dividend payout ratio is presently 92.83%.

Several equities analysts have commented on the stock. Zacks Investment Research downgraded shares of EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Friday, April 15th. Truist Financial upped their price objective on shares of EastGroup Properties from $200.00 to $205.00 in a research note on Tuesday, January 18th. Wells Fargo & Company decreased their price objective on shares of EastGroup Properties from $220.00 to $184.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 15th. Piper Sandler reduced their target price on shares of EastGroup Properties from $245.00 to $230.00 in a report on Wednesday, May 4th. Finally, StockNews.com started coverage on shares of EastGroup Properties in a report on Thursday, March 31st. They set a “hold” rating for the company. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $212.40.

About EastGroup Properties (Get Rating)

EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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.

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Institutional Ownership by Quarter for EastGroup Properties (NYSE:EGP)

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