Farringdon Capital Ltd. Makes New $217,000 Investment in EastGroup Properties, Inc. (NYSE:EGP)

Farringdon Capital Ltd. bought a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 1,353 shares of the real estate investment trust’s stock, valued at approximately $217,000.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of EastGroup Properties by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust’s stock valued at $1,121,978,000 after purchasing an additional 72,199 shares during the period. Cohen & Steers Inc. raised its stake in EastGroup Properties by 141.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust’s stock worth $458,347,000 after buying an additional 1,673,663 shares during the period. FMR LLC boosted its holdings in EastGroup Properties by 1.4% in the fourth quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust’s stock worth $253,496,000 after acquiring an additional 21,432 shares in the last quarter. Boston Partners grew its stake in EastGroup Properties by 34.1% in the fourth quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust’s stock valued at $169,533,000 after acquiring an additional 268,359 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of EastGroup Properties by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 914,532 shares of the real estate investment trust’s stock worth $146,816,000 after purchasing an additional 15,313 shares during the period. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $159.69 on Friday. The company has a 50-day moving average price of $172.99 and a two-hundred day moving average price of $171.27. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.61. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $8.35 billion, a PE ratio of 34.34, a P/E/G ratio of 3.35 and a beta of 0.94.

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

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend was Monday, March 31st. EastGroup Properties’s dividend payout ratio (DPR) is currently 120.43%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on EGP shares. Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and upped their price objective for the stock from $174.00 to $194.00 in a report on Thursday, January 2nd. StockNews.com downgraded EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Saturday. Robert W. Baird raised their target price on EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Evercore ISI reiterated an “in-line” rating and set a $185.00 price target (up previously from $181.00) on shares of EastGroup Properties in a report on Monday, March 17th. Finally, Truist Financial raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $188.24.

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.