EastGroup Properties, Inc. (NYSE:EGP) Shares Bought by Davis Selected Advisers

Davis Selected Advisers lifted its position in EastGroup Properties, Inc. (NYSE:EGP) by 12.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 44,440 shares of the real estate investment trust’s stock after buying an additional 4,780 shares during the period. Davis Selected Advisers owned approximately 0.09% of EastGroup Properties worth $7,132,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Canton Hathaway LLC bought a new stake in EastGroup Properties in the fourth quarter worth about $30,000. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of EastGroup Properties by 503.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after purchasing an additional 302 shares in the last quarter. Principal Securities Inc. lifted its stake in EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock valued at $86,000 after purchasing an additional 84 shares during the last quarter. Quarry LP bought a new stake in EastGroup Properties during the third quarter worth approximately $102,000. Finally, Versant Capital Management Inc boosted its holdings in EastGroup Properties by 18.7% during the fourth quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock worth $97,000 after buying an additional 95 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on EGP. StockNews.com upgraded EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Monday, February 10th. Robert W. Baird upped their target price on EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Raymond James upgraded EastGroup Properties from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $185.00 to $200.00 in a research report on Wednesday, December 11th. Truist Financial boosted their price objective on EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a report on Friday, February 14th. Finally, Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and raised their target price for the stock from $174.00 to $194.00 in a report on Thursday, January 2nd. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $191.65.

EastGroup Properties Price Performance

EGP opened at $184.51 on Friday. The stock has a fifty day moving average price of $171.00 and a 200 day moving average price of $175.36. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties, Inc. has a 1 year low of $155.10 and a 1 year high of $192.61. The stock has a market cap of $9.60 billion, a price-to-earnings ratio of 39.68, a PEG ratio of 3.35 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. Analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.04%. EastGroup Properties’s dividend payout ratio is currently 120.43%.

EastGroup Properties Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.