CIBC Asset Management Inc Grows Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

CIBC Asset Management Inc raised its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 5.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 1,458 shares of the real estate investment trust’s stock after buying an additional 72 shares during the period. CIBC Asset Management Inc’s holdings in EastGroup Properties were worth $234,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Principal Securities Inc. raised its stake in shares of EastGroup Properties by 18.5% during the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock valued at $86,000 after buying an additional 84 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in EastGroup Properties by 7.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock valued at $252,000 after buying an additional 90 shares during the period. Versant Capital Management Inc grew its position in EastGroup Properties by 18.7% during the fourth quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock valued at $97,000 after buying an additional 95 shares during the period. waypoint wealth counsel grew its position in EastGroup Properties by 1.9% during the fourth quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust’s stock valued at $867,000 after buying an additional 100 shares during the period. Finally, Creative Planning grew its position in EastGroup Properties by 4.8% during the third quarter. Creative Planning now owns 2,555 shares of the real estate investment trust’s stock valued at $477,000 after buying an additional 117 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Up 0.7 %

Shares of NYSE EGP opened at $181.95 on Wednesday. EastGroup Properties, Inc. has a 12-month low of $155.10 and a 12-month high of $192.61. The stock has a market cap of $9.47 billion, a PE ratio of 39.13, a P/E/G ratio of 3.35 and a beta of 1.00. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. The company has a 50-day moving average of $167.89 and a 200 day moving average of $175.18.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, beating 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, sell-side analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $1.40 per share. The ex-dividend date was Tuesday, December 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.08%. EastGroup Properties’s payout ratio is 120.43%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Robert W. Baird raised their price target on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Royal Bank of Canada reiterated a “sector perform” rating and set a $186.00 target price on shares of EastGroup Properties in a research report on Wednesday, October 30th. Truist Financial increased their target price on EastGroup Properties from $168.00 to $180.00 and gave the company a “hold” rating in a research report on Friday, February 14th. KeyCorp reiterated a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Finally, Wells Fargo & Company decreased their target price on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average price target of $191.65.

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.