EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 8.6% during the third quarter, Holdings Channel reports. The firm owned 1,072,790 shares of the real estate investment trust’s stock after selling 101,477 shares during the quarter. JPMorgan Chase & Co.’s holdings in EastGroup Properties were worth $200,419,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Legacy Wealth Management LLC MS acquired a new position in EastGroup Properties during the 3rd quarter worth about $296,000. Franklin Resources Inc. lifted its position in shares of EastGroup Properties by 337.0% during the third quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock worth $8,728,000 after purchasing an additional 37,863 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of EastGroup Properties by 23.2% in the third quarter. Tidal Investments LLC now owns 30,905 shares of the real estate investment trust’s stock valued at $5,774,000 after purchasing an additional 5,811 shares during the period. Sanctuary Advisors LLC grew its holdings in shares of EastGroup Properties by 46.7% in the third quarter. Sanctuary Advisors LLC now owns 7,370 shares of the real estate investment trust’s stock valued at $1,267,000 after purchasing an additional 2,347 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in EastGroup Properties by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 899,219 shares of the real estate investment trust’s stock worth $168,032,000 after buying an additional 10,435 shares during the period. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $186.00 price target on shares of EastGroup Properties in a research report on Wednesday, October 30th. Truist Financial lowered their target price on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research note on Wednesday, November 13th. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. StockNews.com downgraded EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. Finally, Evercore ISI raised their target price on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $191.40.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $161.13 on Tuesday. EastGroup Properties, Inc. has a 12 month low of $155.23 and a 12 month high of $192.61. The firm has a market capitalization of $7.98 billion, a P/E ratio of 33.29, a P/E/G ratio of 2.23 and a beta of 0.99. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. The company’s fifty day moving average price is $171.09 and its 200 day moving average price is $177.72.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.95 EPS. As a group, sell-side analysts predict that EastGroup Properties, Inc. will post 8.35 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend is Tuesday, December 31st. EastGroup Properties’s payout ratio is currently 115.70%.

EastGroup Properties Company 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.