Greenland Capital Management LP Has $1.27 Million Position in EastGroup Properties, Inc. $EGP

Greenland Capital Management LP cut its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 88.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,500 shares of the real estate investment trust’s stock after selling 56,231 shares during the quarter. Greenland Capital Management LP’s holdings in EastGroup Properties were worth $1,269,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Nordea Investment Management AB grew its stake in EastGroup Properties by 13.4% in the third quarter. Nordea Investment Management AB now owns 82,533 shares of the real estate investment trust’s stock valued at $13,912,000 after purchasing an additional 9,776 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of EastGroup Properties by 43.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock worth $336,076,000 after purchasing an additional 602,253 shares in the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of EastGroup Properties by 34.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 13,699 shares of the real estate investment trust’s stock valued at $2,289,000 after buying an additional 3,480 shares during the last quarter. Tributary Capital Management LLC bought a new position in shares of EastGroup Properties in the third quarter valued at $1,294,000. Finally, Amalgamated Bank grew its stake in shares of EastGroup Properties by 1.3% in the second quarter. Amalgamated Bank now owns 23,972 shares of the real estate investment trust’s stock valued at $4,006,000 after buying an additional 299 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

NYSE:EGP opened at $191.55 on Tuesday. The stock has a 50 day simple moving average of $184.20 and a 200 day simple moving average of $176.72. The stock has a market cap of $10.22 billion, a P/E ratio of 39.33, a PEG ratio of 2.82 and a beta of 1.11. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $193.96. 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 firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a $1.55 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $6.20 annualized dividend and a dividend yield of 3.2%. EastGroup Properties’s dividend payout ratio is 127.31%.

Wall Street Analyst Weigh In

Several research firms have issued reports on EGP. Wall Street Zen lowered shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. Royal Bank Of Canada boosted their price objective on shares of EastGroup Properties from $183.00 to $195.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 18th. Citigroup raised their target price on shares of EastGroup Properties from $210.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. BNP Paribas Exane upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $207.00 price target for the company in a report on Monday, October 27th. Finally, Cantor Fitzgerald upped their price objective on EastGroup Properties from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. One 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 company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.18.

About EastGroup Properties

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.