10,059 Shares in EastGroup Properties, Inc. $EGP Acquired by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board acquired a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP) during the third quarter, Holdings Channel.com reports. The fund acquired 10,059 shares of the real estate investment trust’s stock, valued at approximately $1,703,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new position in EastGroup Properties in the second quarter worth about $252,405,000. Principal Financial Group Inc. boosted its holdings in EastGroup Properties by 43.5% in the third quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock worth $336,076,000 after purchasing an additional 602,253 shares during the period. Invesco Ltd. increased its stake in EastGroup Properties by 89.5% during the second 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. Cbre Investment Management Listed Real Assets LLC raised its holdings in shares of EastGroup Properties by 31.0% during the second quarter. Cbre Investment Management Listed Real Assets LLC now owns 814,104 shares of the real estate investment trust’s stock worth $136,053,000 after purchasing an additional 192,801 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of EastGroup Properties by 13.0% during the third 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 currently owned by hedge funds and other institutional investors.

EastGroup Properties Trading Down 0.7%

Shares of NYSE:EGP opened at $191.52 on Thursday. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $193.68. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47. The firm has a market cap of $10.21 billion, a P/E ratio of 39.33, a P/E/G ratio of 2.81 and a beta of 1.11. The company has a 50 day moving average of $183.69 and a 200-day moving average of $176.03.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $1.55 per share. The ex-dividend date was Wednesday, December 31st. This represents a $6.20 annualized dividend and a dividend yield of 3.2%. EastGroup Properties’s dividend payout ratio (DPR) is 127.31%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on EGP shares. Robert W. Baird set a $203.00 price target on shares of EastGroup Properties in a report on Wednesday, February 11th. Cantor Fitzgerald increased their price target on EastGroup Properties from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Truist Financial boosted their price objective on EastGroup Properties from $203.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday. Barclays upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research note on Thursday, December 4th. Finally, Wall Street Zen downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, EastGroup Properties currently has an average rating of “Moderate Buy” and a consensus price target of $200.18.

EastGroup Properties Profile

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.