DigitalBridge Group Inc. Invests $1.57 Million in EastGroup Properties, Inc. $EGP

DigitalBridge Group Inc. bought a new stake in EastGroup Properties, Inc. (NYSE:EGP) during the third quarter, Holdings Channel.com reports. The fund bought 9,300 shares of the real estate investment trust’s stock, valued at approximately $1,574,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of EGP. Fulcrum Asset Management LLP acquired a new position in EastGroup Properties in the third quarter valued at $73,000. CANADA LIFE ASSURANCE Co increased its position in shares of EastGroup Properties by 6.2% during the third quarter. CANADA LIFE ASSURANCE Co now owns 124,115 shares of the real estate investment trust’s stock worth $21,004,000 after purchasing an additional 7,233 shares in the last quarter. Alyeska Investment Group L.P. lifted its holdings in shares of EastGroup Properties by 296.6% in the 3rd quarter. Alyeska Investment Group L.P. now owns 285,476 shares of the real estate investment trust’s stock valued at $48,320,000 after purchasing an additional 213,493 shares during the last quarter. United Capital Financial Advisors LLC lifted its holdings in shares of EastGroup Properties by 3.6% in the 3rd quarter. United Capital Financial Advisors LLC now owns 2,334 shares of the real estate investment trust’s stock valued at $395,000 after purchasing an additional 81 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its position in shares of EastGroup Properties by 48.2% in the 3rd quarter. Voloridge Investment Management LLC now owns 161,082 shares of the real estate investment trust’s stock valued at $27,265,000 after purchasing an additional 52,406 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on EGP. Piper Sandler raised their price target on EastGroup Properties from $220.00 to $230.00 and gave the stock an “overweight” rating in a research note on Monday, February 9th. Deutsche Bank Aktiengesellschaft downgraded EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 price objective for the company. in a report on Monday, January 5th. Royal Bank Of Canada lifted their target price on shares of EastGroup Properties from $183.00 to $195.00 and gave the company a “sector perform” rating in a report on Wednesday, February 18th. KeyCorp upped their price target on shares of EastGroup Properties from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Tuesday, February 10th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of EastGroup Properties in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $200.18.

EastGroup Properties Stock Up 0.5%

EastGroup Properties stock opened at $190.90 on Wednesday. The stock has a 50 day moving average of $187.72 and a two-hundred day moving average of $179.74. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $197.95. The stock has a market capitalization of $10.18 billion, a price-to-earnings ratio of 39.20, a PEG ratio of 3.09 and a beta of 1.10. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Tuesday, March 31st. EastGroup Properties’s dividend payout ratio (DPR) is 127.31%.

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.