Vestcor Inc Makes New $2.01 Million Investment in EastGroup Properties, Inc. $EGP

Vestcor Inc bought a new position in EastGroup Properties, Inc. (NYSE:EGP) during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 11,901 shares of the real estate investment trust’s stock, valued at approximately $2,014,000.

Several other institutional investors also recently modified their holdings of EGP. Norges Bank purchased a new position in EastGroup Properties in the second quarter worth $252,405,000. Principal Financial Group Inc. grew its stake in 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 valued at $336,076,000 after purchasing an additional 602,253 shares during the period. Invesco Ltd. increased its position in shares of EastGroup Properties by 89.5% during the 2nd quarter. Invesco Ltd. now owns 927,566 shares of the real estate investment trust’s stock valued at $155,015,000 after purchasing an additional 438,117 shares during the last quarter. Centersquare Investment Management LLC raised its stake in shares of EastGroup Properties by 619.9% during the 3rd quarter. Centersquare Investment Management LLC now owns 297,319 shares of the real estate investment trust’s stock worth $50,324,000 after purchasing an additional 256,019 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of EastGroup Properties by 13.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,025,235 shares of the real estate investment trust’s stock worth $173,533,000 after purchasing an additional 117,597 shares during the period. 92.14% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on EGP shares. Citigroup boosted their price target on shares of EastGroup Properties from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Barclays upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research note on Thursday, December 4th. Deutsche Bank Aktiengesellschaft downgraded shares of EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 target price for the company. in a research report on Monday, January 5th. Morgan Stanley set a $205.00 price target on shares of EastGroup Properties in a research note on Friday, January 16th. Finally, UBS Group set a $200.00 price target on shares of 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $200.18.

EastGroup Properties Trading Down 0.7%

Shares of EGP opened at $189.76 on Thursday. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $197.95. The business has a 50-day moving average of $186.97 and a 200 day moving average of $179.08. The firm has a market cap of $10.12 billion, a P/E ratio of 38.97, a price-to-earnings-growth ratio of 3.11 and a beta of 1.10. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a $1.55 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $6.20 annualized dividend and a dividend yield of 3.3%. EastGroup Properties’s dividend payout ratio (DPR) is presently 127.31%.

About EastGroup Properties

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.