Mitsubishi UFJ Asset Management Co. Ltd. Acquires 1,360 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 4.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,651 shares of the real estate investment trust’s stock after acquiring an additional 1,360 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in EastGroup Properties were worth $5,255,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Crowley Wealth Management Inc. bought a new position in EastGroup Properties in the fourth quarter valued at approximately $29,000. Canton Hathaway LLC bought a new position in shares of EastGroup Properties in the fourth quarter valued at $30,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 302 shares during the last quarter. Principal Securities Inc. raised its position 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 worth $86,000 after acquiring an additional 84 shares in the last quarter. Finally, Quarry LP acquired a new stake in EastGroup Properties in the third quarter valued at $102,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

Analyst Upgrades and Downgrades

EGP has been the topic of a number of research analyst reports. Truist Financial upped their target price 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. Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $185.00 to $200.00 in a research report on Wednesday, December 11th. KeyCorp reissued a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft initiated coverage on EastGroup Properties in a report on Tuesday, January 14th. They set a “buy” rating and a $180.00 price target for the company. Finally, Robert W. Baird upped their price objective on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $190.47.

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $176.06 on Wednesday. The business has a fifty day moving average price of $177.34 and a two-hundred day moving average price of $174.31. The stock has a market capitalization of $9.16 billion, a PE ratio of 37.86, a P/E/G ratio of 3.35 and a beta of 0.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. EastGroup Properties, Inc. has a fifty-two week low of $155.10 and a fifty-two week high of $192.61.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 EPS 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%. As a group, equities analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Monday, March 31st. EastGroup Properties’s dividend payout ratio 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.