Jain Global LLC Buys 20,812 Shares of EastGroup Properties, Inc. $EGP

Jain Global LLC increased its stake in EastGroup Properties, Inc. (NYSE:EGP) by 38.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 74,819 shares of the real estate investment trust’s stock after purchasing an additional 20,812 shares during the period. Jain Global LLC’s holdings in EastGroup Properties were worth $12,664,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of EastGroup Properties by 0.6% in the third quarter. Vanguard Group Inc. now owns 7,350,473 shares of the real estate investment trust’s stock valued at $1,244,141,000 after purchasing an additional 43,633 shares in the last quarter. State Street Corp boosted its position in shares of EastGroup Properties by 2.5% during the second quarter. State Street Corp now owns 2,667,793 shares of the real estate investment trust’s stock worth $449,491,000 after buying an additional 65,060 shares during the period. Principal Financial Group Inc. grew its holdings in shares of EastGroup Properties by 43.5% during the third quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock worth $336,076,000 after buying an additional 602,253 shares in the last quarter. Norges Bank bought a new position in shares of EastGroup Properties during the second quarter worth about $252,405,000. Finally, Boston Partners raised its position in EastGroup Properties by 2.1% in the 3rd quarter. Boston Partners now owns 1,204,211 shares of the real estate investment trust’s stock valued at $203,834,000 after buying an additional 25,055 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

Analysts Set New Price Targets

EGP has been the topic of several research reports. Evercore set a $188.00 target price on EastGroup Properties in a research note on Friday, February 6th. Robert W. Baird set a $203.00 price target on shares of EastGroup Properties in a research note on Wednesday, February 11th. Piper Sandler lifted their price objective on shares of EastGroup Properties from $220.00 to $230.00 and gave the company an “overweight” rating in a report on Monday, February 9th. Barclays raised shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research report on Thursday, December 4th. Finally, Wall Street Zen raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. One research 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 stock. Based on data from MarketBeat, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average target price of $200.18.

EastGroup Properties Stock Performance

Shares of NYSE EGP opened at $187.66 on Monday. 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 stock has a 50 day moving average price of $187.33 and a 200 day moving average price of $179.44. The stock has a market capitalization of $10.01 billion, a PE ratio of 38.53, a price-to-earnings-growth ratio of 3.05 and a beta of 1.10. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $197.95.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, March 31st. EastGroup Properties’s dividend payout ratio is presently 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.