Handelsbanken Fonder AB Acquires 80,000 Shares of EastGroup Properties, Inc. $EGP

Handelsbanken Fonder AB increased its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 45.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 254,158 shares of the real estate investment trust’s stock after acquiring an additional 80,000 shares during the period. Handelsbanken Fonder AB’s holdings in EastGroup Properties were worth $43,019,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in EGP. Nordea Investment Management AB increased its holdings in shares of EastGroup Properties by 13.4% during the third quarter. Nordea Investment Management AB now owns 82,533 shares of the real estate investment trust’s stock worth $13,912,000 after buying an additional 9,776 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of EastGroup Properties by 43.5% in the 3rd quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock worth $336,076,000 after acquiring an additional 602,253 shares in the last quarter. Ameritas Investment Partners Inc. grew its position in EastGroup Properties by 34.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 13,699 shares of the real estate investment trust’s stock worth $2,289,000 after acquiring an additional 3,480 shares during the last quarter. Tributary Capital Management LLC acquired a new stake in EastGroup Properties during the 3rd quarter valued at $1,294,000. Finally, Channing Capital Management LLC increased its holdings in EastGroup Properties by 14.5% during the 3rd quarter. Channing Capital Management LLC now owns 55,184 shares of the real estate investment trust’s stock valued at $9,340,000 after purchasing an additional 7,004 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Mizuho restated a “neutral” rating and set a $172.00 target price (down from $180.00) on shares of EastGroup Properties in a report on Thursday, December 4th. Morgan Stanley set a $205.00 price target on shares of EastGroup Properties in a research report on Friday, January 16th. Barclays raised shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating in a report on Thursday, December 4th. Wells Fargo & Company boosted their target price on shares of EastGroup Properties from $187.00 to $196.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. Finally, Robert W. Baird set a $203.00 price target on shares of EastGroup Properties in a research note on Wednesday, February 11th. One research 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $200.18.

EastGroup Properties Stock Performance

EastGroup Properties stock opened at $196.32 on Friday. The company has a market cap of $10.47 billion, a PE ratio of 40.31, a PEG ratio of 3.17 and a beta of 1.11. 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, Inc. has a 1 year low of $137.67 and a 1 year high of $197.95. The company’s 50-day moving average is $185.12 and its two-hundred day moving average is $177.40.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a $1.55 dividend. 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 is currently 127.31%.

EastGroup Properties Company 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.