CANADA LIFE ASSURANCE Co Boosts Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

CANADA LIFE ASSURANCE Co lifted its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 5.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 95,952 shares of the real estate investment trust’s stock after acquiring an additional 5,342 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.20% of EastGroup Properties worth $17,242,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of EGP. SYSTM Wealth Solutions LLC lifted its position in shares of EastGroup Properties by 24.2% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after acquiring an additional 65 shares during the last quarter. Venturi Wealth Management LLC grew its holdings in shares of EastGroup Properties by 51.6% during the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 66 shares in the last quarter. Securian Asset Management Inc. increased its stake in shares of EastGroup Properties by 2.6% in the fourth quarter. Securian Asset Management Inc. now owns 3,945 shares of the real estate investment trust’s stock worth $724,000 after acquiring an additional 100 shares during the last quarter. Azzad Asset Management Inc. ADV raised its holdings in shares of EastGroup Properties by 4.8% during the first quarter. Azzad Asset Management Inc. ADV now owns 2,730 shares of the real estate investment trust’s stock worth $491,000 after acquiring an additional 124 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in EastGroup Properties by 5.5% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 2,748 shares of the real estate investment trust’s stock valued at $504,000 after purchasing an additional 144 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Mizuho cut their price objective on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating on the stock in a research report on Friday, May 31st. JPMorgan Chase & Co. decreased their price objective on shares of EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Evercore ISI reduced their price target on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a research report on Thursday, April 25th. KeyCorp lowered their price objective on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. Finally, Royal Bank of Canada reduced their target price on EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating for the company in a report on Monday, May 6th. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $182.75.

EastGroup Properties Stock Down 0.5 %

Shares of EGP stock traded down $0.91 during trading hours on Thursday, hitting $184.49. 180,353 shares of the company were exchanged, compared to its average volume of 285,000. EastGroup Properties, Inc. has a 52 week low of $154.75 and a 52 week high of $192.61. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. The business has a 50 day moving average of $170.68 and a two-hundred day moving average of $173.46. The company has a market capitalization of $8.88 billion, a PE ratio of 40.18, a PEG ratio of 2.96 and a beta of 0.98.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The firm had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.88%. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.89 EPS. Analysts anticipate that EastGroup Properties, Inc. will post 8.3 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.75%. The ex-dividend date was Friday, June 28th. EastGroup Properties’s dividend payout ratio (DPR) is 110.20%.

EastGroup Properties Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.