KLP Kapitalforvaltning AS Purchases Shares of 10,100 EastGroup Properties, Inc. (NYSE:EGP)

KLP Kapitalforvaltning AS acquired a new position in shares of EastGroup Properties, Inc. (NYSE:EGP) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 10,100 shares of the real estate investment trust’s stock, valued at approximately $1,633,000.

Several other hedge funds have also modified their holdings of EGP. CIBC Asset Management Inc increased its holdings in EastGroup Properties by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust’s stock worth $234,000 after purchasing an additional 72 shares during the period. Principal Securities Inc. increased its stake in shares of EastGroup Properties by 18.5% during 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 period. Versant Capital Management Inc raised its holdings in EastGroup Properties by 18.7% in the fourth 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 in the last quarter. waypoint wealth counsel lifted its stake in EastGroup Properties by 1.9% in the fourth quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust’s stock worth $867,000 after acquiring an additional 100 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its holdings in EastGroup Properties by 1.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,042 shares of the real estate investment trust’s stock worth $1,612,000 after acquiring an additional 100 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Trading Down 0.3 %

NYSE EGP opened at $176.19 on Friday. The firm’s fifty day moving average is $176.92 and its two-hundred day moving average is $174.59. EastGroup Properties, Inc. has a one year low of $155.10 and a one year high of $192.61. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market cap of $9.17 billion, a PE ratio of 37.89, a P/E/G ratio of 3.35 and a beta of 0.99.

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

EastGroup Properties Dividend Announcement

The business also recently declared 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. This represents a $5.60 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Monday, March 31st. EastGroup Properties’s dividend payout ratio is presently 120.43%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on EGP. Evercore ISI restated an “in-line” rating and issued a $185.00 price objective (up from $181.00) on shares of EastGroup Properties in a report on Monday, March 17th. Robert W. Baird lifted their price target on EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Morgan Stanley lowered their price objective 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. Truist Financial raised their target price on EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a research report on Friday, February 14th. Finally, Deutsche Bank Aktiengesellschaft started coverage on EastGroup Properties in a report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price target for the company. Nine investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus 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.