Corebridge Financial Inc. Lowers Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Corebridge Financial Inc. decreased its position in EastGroup Properties, Inc. (NYSE:EGP) by 2.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,923 shares of the real estate investment trust’s stock after selling 1,605 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of EastGroup Properties worth $8,975,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of EGP. Crowley Wealth Management Inc. bought a new position in shares of EastGroup Properties in the fourth quarter worth approximately $29,000. Canton Hathaway LLC bought a new position in EastGroup Properties in the 4th quarter valued at approximately $30,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in 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 valued at $58,000 after acquiring an additional 302 shares in the last quarter. Principal Securities Inc. boosted its stake in EastGroup Properties by 18.5% during the 4th 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. Finally, Versant Capital Management Inc increased its holdings in shares of EastGroup Properties by 18.7% in the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock worth $97,000 after purchasing an additional 95 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Robert W. Baird upped their target price on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Morgan Stanley reduced their price target on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a research note on Monday, December 30th. Truist Financial boosted their price objective on shares of EastGroup Properties from $168.00 to $180.00 and gave the company a “hold” rating in a report on Friday, February 14th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of EastGroup Properties in a report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $190.47.

EastGroup Properties Price Performance

NYSE EGP opened at $176.63 on Friday. The business’s fifty day moving average is $176.62 and its 200 day moving average is $174.66. EastGroup Properties, Inc. has a fifty-two week low of $155.10 and a fifty-two week high of $192.61. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market capitalization of $9.19 billion, a PE ratio of 37.98, a price-to-earnings-growth ratio of 3.35 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. Sell-side analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $1.40 dividend. The ex-dividend date is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.17%. EastGroup Properties’s dividend payout ratio (DPR) is presently 120.43%.

EastGroup Properties Company 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.