HighPoint Advisor Group LLC Makes New $243,000 Investment in EastGroup Properties, Inc. (NYSE:EGP)

HighPoint Advisor Group LLC acquired a new stake in EastGroup Properties, Inc. (NYSE:EGP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,354 shares of the real estate investment trust’s stock, valued at approximately $243,000.

Other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC purchased a new position in shares of EastGroup Properties in the fourth quarter valued at about $31,000. Venturi Wealth Management LLC increased its position in shares of EastGroup Properties by 51.6% in the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 66 shares during the period. ZRC Wealth Management LLC purchased a new position in shares of EastGroup Properties in the fourth quarter valued at about $37,000. Tucker Asset Management LLC purchased a new position in shares of EastGroup Properties in the third quarter valued at about $44,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of EastGroup Properties by 1,938.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 252 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on EGP shares. Robert W. Baird decreased their price objective on shares of EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. BNP Paribas initiated coverage on shares of EastGroup Properties in a research report on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price target on the stock. Royal Bank of Canada reduced their price target on shares of EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating on the stock in a research report on Monday, May 6th. Barclays reduced their price target on shares of EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating on the stock in a research report on Monday, April 29th. Finally, Mizuho reduced their price target on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating on the stock in a research report on Friday, May 31st. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $182.41.

EastGroup Properties Trading Up 0.7 %

Shares of NYSE EGP opened at $167.12 on Friday. The firm’s 50 day moving average price is $163.10 and its 200-day moving average price is $174.01. The company has a market cap of $8.05 billion, a PE ratio of 36.25, a P/E/G ratio of 2.60 and a beta of 0.98. EastGroup Properties, Inc. has a 52-week low of $154.75 and a 52-week high of $188.85. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $1.27 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.08 annualized dividend and a dividend yield of 3.04%. EastGroup Properties’s dividend payout ratio is presently 110.20%.

EastGroup Properties 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.