EastGroup Properties, Inc. (NYSE:EGP) Stake Raised by Cibc World Markets Corp

Cibc World Markets Corp grew its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 11.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,365 shares of the real estate investment trust’s stock after buying an additional 1,508 shares during the period. Cibc World Markets Corp’s holdings in EastGroup Properties were worth $2,305,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in EGP. Corient Private Wealth LLC raised its holdings in EastGroup Properties by 2.6% during the fourth quarter. Corient Private Wealth LLC now owns 12,400 shares of the real estate investment trust’s stock worth $1,990,000 after purchasing an additional 314 shares in the last quarter. Natixis Advisors LLC raised its holdings in EastGroup Properties by 23.5% during the fourth quarter. Natixis Advisors LLC now owns 65,050 shares of the real estate investment trust’s stock worth $10,440,000 after purchasing an additional 12,371 shares in the last quarter. Vestcor Inc bought a new stake in EastGroup Properties during the fourth quarter worth approximately $2,051,000. Swiss National Bank raised its holdings in EastGroup Properties by 2.0% during the fourth quarter. Swiss National Bank now owns 95,887 shares of the real estate investment trust’s stock worth $15,389,000 after purchasing an additional 1,900 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in EastGroup Properties by 48.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,125 shares of the real estate investment trust’s stock worth $181,000 after purchasing an additional 366 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

Wall Street Analyst Weigh In

EGP has been the topic of several recent analyst reports. Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $185.00 to $200.00 in a report on Wednesday, December 11th. Jefferies Financial Group raised EastGroup Properties from a “hold” rating to a “buy” rating and boosted their target price for the stock from $174.00 to $194.00 in a report on Thursday, January 2nd. StockNews.com raised EastGroup Properties from a “sell” rating to a “hold” rating in a report on Monday, February 10th. Robert W. Baird upped their price target on EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on EastGroup Properties in a report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price target on the stock. Nine analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, EastGroup Properties presently has a consensus rating of “Moderate Buy” and a consensus target price of $190.47.

EastGroup Properties Stock Down 1.4 %

EastGroup Properties stock opened at $176.78 on Friday. The firm has a market cap of $9.20 billion, a price-to-earnings ratio of 38.02, a P/E/G ratio of 3.35 and a beta of 0.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. EastGroup Properties, Inc. has a fifty-two week low of $155.10 and a fifty-two week high of $192.61. The firm has a fifty day moving average price of $175.09 and a two-hundred day moving average price of $175.01.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. As a group, analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date is Monday, March 31st. EastGroup Properties’s dividend payout ratio is currently 120.43%.

EastGroup Properties Company 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.