Hudson Bay Capital Management LP Boosts Stake in EastGroup Properties, Inc. $EGP

Hudson Bay Capital Management LP boosted its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 199.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 207,372 shares of the real estate investment trust’s stock after buying an additional 138,193 shares during the period. Hudson Bay Capital Management LP owned approximately 0.39% of EastGroup Properties worth $35,100,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of EastGroup Properties during the 2nd quarter worth approximately $252,405,000. Principal Financial Group Inc. grew its holdings in shares of EastGroup Properties by 43.5% in the third quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock valued at $336,076,000 after purchasing an additional 602,253 shares in the last quarter. Invesco Ltd. increased its position in EastGroup Properties by 89.5% in the second quarter. Invesco Ltd. now owns 927,566 shares of the real estate investment trust’s stock worth $155,015,000 after purchasing an additional 438,117 shares during the last quarter. Centersquare Investment Management LLC increased its position in EastGroup Properties by 619.9% in the third quarter. Centersquare Investment Management LLC now owns 297,319 shares of the real estate investment trust’s stock worth $50,324,000 after purchasing an additional 256,019 shares during the last quarter. Finally, Alyeska Investment Group L.P. raised its stake in EastGroup Properties by 296.6% during the third 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 in the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Trading Down 1.5%

Shares of EGP opened at $188.18 on Thursday. The company’s fifty day simple moving average is $187.82 and its 200-day simple moving average is $179.80. The company has a market cap of $10.04 billion, a P/E ratio of 38.64, a P/E/G ratio of 3.11 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, Inc. has a twelve month low of $137.67 and a twelve month high of $197.95.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Tuesday, March 31st. EastGroup Properties’s payout ratio is 127.31%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Wall Street Zen upgraded shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Barclays upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating in a report on Thursday, December 4th. UBS Group set a $200.00 price target on shares of EastGroup Properties in a report on Thursday, December 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of EastGroup Properties in a research report on Monday, December 29th. Finally, Morgan Stanley set a $205.00 price objective on EastGroup Properties in a research note on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $200.18.

EastGroup Properties Company 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.