Rhumbline Advisers Sells 8,875 Shares of EastGroup Properties, Inc. $EGP

Rhumbline Advisers decreased its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 5.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 157,035 shares of the real estate investment trust’s stock after selling 8,875 shares during the period. Rhumbline Advisers owned about 0.29% of EastGroup Properties worth $26,580,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Canton Hathaway LLC increased its stake in EastGroup Properties by 31.6% in the 3rd quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 60 shares during the period. Cetera Investment Advisers increased its position in shares of EastGroup Properties by 1.9% during the second quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock worth $613,000 after acquiring an additional 68 shares during the period. Virtus Investment Advisers LLC raised its stake in shares of EastGroup Properties by 7.5% during the second quarter. Virtus Investment Advisers LLC now owns 999 shares of the real estate investment trust’s stock valued at $167,000 after acquiring an additional 70 shares in the last quarter. Azzad Asset Management Inc. ADV boosted its holdings in shares of EastGroup Properties by 3.1% in the third quarter. Azzad Asset Management Inc. ADV now owns 2,361 shares of the real estate investment trust’s stock valued at $400,000 after purchasing an additional 71 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in EastGroup Properties by 3.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,489 shares of the real estate investment trust’s stock worth $421,000 after purchasing an additional 77 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Barclays raised EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research report on Thursday, December 4th. Wells Fargo & Company upped their price objective on shares of EastGroup Properties from $187.00 to $196.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. Evercore ISI set a $188.00 target price on shares of EastGroup Properties in a report on Friday, February 6th. KeyCorp boosted their price objective on shares of EastGroup Properties from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 10th. Finally, Deutsche Bank Aktiengesellschaft cut EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 target price on the stock. in a research report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $197.89.

EastGroup Properties Stock Up 1.9%

Shares of EGP stock opened at $190.88 on Monday. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $193.14. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01. The firm has a market capitalization of $10.18 billion, a PE ratio of 39.19, a P/E/G ratio of 2.79 and a beta of 1.11. The stock’s 50-day simple moving average is $183.01 and its 200-day simple moving average is $175.51.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 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.