Teacher Retirement System of Texas Boosts Stake in EastGroup Properties, Inc. (NYSE:EGP)

Teacher Retirement System of Texas grew its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 6.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,065 shares of the real estate investment trust’s stock after acquiring an additional 1,115 shares during the period. Teacher Retirement System of Texas’ holdings in EastGroup Properties were worth $2,899,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Canton Hathaway LLC acquired a new stake in EastGroup Properties during the 4th quarter valued at approximately $30,000. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 302 shares in the last quarter. Principal Securities Inc. increased its stake in shares of EastGroup Properties by 18.5% in the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 84 shares during the last quarter. Quarry LP acquired a new stake in EastGroup Properties in the third quarter valued at $102,000. Finally, Versant Capital Management Inc boosted its stake in EastGroup Properties by 18.7% during the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock valued at $97,000 after acquiring an additional 95 shares during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Down 0.6 %

Shares of EastGroup Properties stock opened at $175.28 on Wednesday. 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 1-year low of $155.10 and a 1-year high of $192.61. The business’s fifty day moving average price is $176.05 and its two-hundred day moving average price is $174.62. The company has a market capitalization of $9.12 billion, a P/E ratio of 37.69, a PEG ratio of 3.35 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, topping the consensus estimate 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, research analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $1.40 per share. The ex-dividend date is Monday, March 31st. This represents a $5.60 annualized dividend and a yield of 3.19%. EastGroup Properties’s payout ratio is 120.43%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on EGP shares. Evercore ISI reissued an “in-line” rating and issued a $185.00 target price (up previously from $181.00) on shares of EastGroup Properties in a research report on Monday, March 17th. Jefferies Financial Group upgraded EastGroup Properties from a “hold” rating to a “buy” rating and upped their price objective for the company from $174.00 to $194.00 in a research note on Thursday, January 2nd. Morgan Stanley decreased their target price on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a research report on Monday, December 30th. 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 research report on Wednesday, February 19th. Finally, KeyCorp restated a “sector weight” rating on shares of EastGroup Properties in a research note on Tuesday, December 17th. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $190.47.

About EastGroup Properties

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.