Teacher Retirement System of Texas Sells 4,672 Shares of EastGroup Properties, Inc. $EGP

Teacher Retirement System of Texas decreased its position in EastGroup Properties, Inc. (NYSE:EGP) by 20.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,736 shares of the real estate investment trust’s stock after selling 4,672 shares during the period. Teacher Retirement System of Texas’ holdings in EastGroup Properties were worth $3,002,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Canton Hathaway LLC increased its position in shares of EastGroup Properties by 31.6% during the third quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 60 shares in the last quarter. Cetera Investment Advisers grew its position in EastGroup Properties by 1.9% during the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock worth $613,000 after purchasing an additional 68 shares during the period. Virtus Investment Advisers LLC raised its position in EastGroup Properties by 7.5% during the second quarter. Virtus Investment Advisers LLC now owns 999 shares of the real estate investment trust’s stock valued at $167,000 after acquiring an additional 70 shares in the last quarter. True Wealth Design LLC grew its stake in shares of EastGroup Properties by 159.7% during the 3rd quarter. True Wealth Design LLC now owns 161 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 99 shares during the period. Finally, Securian Asset Management Inc. increased its holdings in EastGroup Properties by 2.5% in the second quarter. Securian Asset Management Inc. now owns 4,045 shares of the real estate investment trust’s stock valued at $676,000 after buying an additional 100 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EGP has been the subject of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of EastGroup Properties in a report on Tuesday, January 20th. Morgan Stanley set a $205.00 target price on EastGroup Properties in a research note on Friday, January 16th. Wells Fargo & Company lifted their price target on shares of EastGroup Properties from $187.00 to $196.00 and gave the company an “overweight” rating in a research report on Monday, November 10th. Barclays upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating in a report on Thursday, December 4th. Finally, UBS Group set a $200.00 price target on EastGroup Properties in a research note on Thursday, December 4th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, EastGroup Properties currently has an average rating of “Moderate Buy” and an average price target of $195.19.

EastGroup Properties Stock Down 0.5%

EastGroup Properties stock opened at $177.61 on Thursday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.01 and a current ratio of 0.01. The company has a market capitalization of $9.48 billion, a P/E ratio of 37.31, a PEG ratio of 2.62 and a beta of 1.11. The stock has a 50-day simple moving average of $181.49 and a 200-day simple moving average of $173.69. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $188.89.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a dividend of $1.55 per share. The ex-dividend date was Wednesday, December 31st. This represents a $6.20 annualized dividend and a yield of 3.5%. EastGroup Properties’s payout ratio is presently 130.25%.

Insider Activity at EastGroup Properties

In other EastGroup Properties news, EVP Richard Reid Dunbar sold 2,000 shares of the stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the transaction, the executive vice president owned 20,630 shares in the company, valued at approximately $3,610,250. This represents a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by corporate insiders.

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.