Vision Capital Corp Increases Position in EastGroup Properties, Inc. $EGP

Vision Capital Corp raised its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 37.0% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 111,000 shares of the real estate investment trust’s stock after purchasing an additional 30,000 shares during the period. EastGroup Properties makes up approximately 5.5% of Vision Capital Corp’s portfolio, making the stock its 7th biggest holding. Vision Capital Corp owned about 0.21% of EastGroup Properties worth $18,788,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of EastGroup Properties in the second quarter valued at approximately $252,405,000. Principal Financial Group Inc. grew its holdings in 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. Invesco Ltd. grew its holdings in EastGroup Properties by 89.5% during the second quarter. Invesco Ltd. now owns 927,566 shares of the real estate investment trust’s stock worth $155,015,000 after buying an additional 438,117 shares in the last quarter. Centersquare Investment Management LLC raised its position in EastGroup Properties by 619.9% in the 3rd quarter. Centersquare Investment Management LLC now owns 297,319 shares of the real estate investment trust’s stock valued at $50,324,000 after buying an additional 256,019 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in EastGroup Properties by 13.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,025,235 shares of the real estate investment trust’s stock valued at $173,533,000 after buying an additional 117,597 shares during the last quarter. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Stock Performance

NYSE:EGP traded down $0.11 during trading on Friday, reaching $188.33. The company’s stock had a trading volume of 52,395 shares, compared to its average volume of 376,018. The firm has a market cap of $10.04 billion, a price-to-earnings ratio of 38.67, a price-to-earnings-growth ratio of 3.09 and a beta of 1.10. 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 50 day moving average of $187.17 and a 200-day moving average of $179.14. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $197.95.

EastGroup Properties Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Mizuho reaffirmed a “neutral” rating and set a $172.00 price objective (down from $180.00) 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 report on Monday, December 29th. Cantor Fitzgerald raised their price target on shares of EastGroup Properties from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Truist Financial boosted their price target on shares of EastGroup Properties from $203.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. Finally, Evercore set a $188.00 price objective on shares of EastGroup Properties in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus 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.