Metis Global Partners LLC Buys 3,136 Shares of EastGroup Properties, Inc. $EGP

Metis Global Partners LLC grew its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 36.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,821 shares of the real estate investment trust’s stock after purchasing an additional 3,136 shares during the quarter. Metis Global Partners LLC’s holdings in EastGroup Properties were worth $2,001,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Assetmark Inc. raised its holdings in EastGroup Properties by 138.0% during the 3rd quarter. Assetmark Inc. now owns 376 shares of the real estate investment trust’s stock valued at $64,000 after buying an additional 218 shares during the last quarter. Caprock Group LLC purchased a new position in shares of EastGroup Properties in the third quarter valued at about $1,338,000. Advisors Asset Management Inc. raised its stake in shares of EastGroup Properties by 35.3% during the third quarter. Advisors Asset Management Inc. now owns 13,436 shares of the real estate investment trust’s stock valued at $2,274,000 after acquiring an additional 3,506 shares during the last quarter. MQS Management LLC purchased a new stake in shares of EastGroup Properties during the third quarter worth about $553,000. Finally, Profund Advisors LLC bought a new stake in shares of EastGroup Properties in the third quarter worth about $206,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Price Performance

Shares of EGP opened at $190.88 on Monday. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $193.14. The firm’s 50-day simple moving average is $183.01 and its two-hundred day simple moving average is $175.51. The stock has a market cap of $10.18 billion, a PE ratio of 39.19, a price-to-earnings-growth ratio of 2.79 and a beta of 1.11. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a dividend of $1.55 per share. The ex-dividend date was Wednesday, December 31st. This represents a $6.20 dividend on an annualized basis and a yield of 3.2%. EastGroup Properties’s payout ratio is presently 127.31%.

Wall Street Analysts Forecast Growth

EGP has been the subject of a number of recent analyst reports. Mizuho reaffirmed a “neutral” rating and set a $172.00 price target (down previously from $180.00) on shares of EastGroup Properties in a research report on Thursday, December 4th. KeyCorp raised their price target on EastGroup Properties from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 10th. Morgan Stanley set a $205.00 price objective on shares of EastGroup Properties in a research report on Friday, January 16th. Evercore set a $188.00 target price on EastGroup Properties in a report on Friday, February 6th. Finally, Piper Sandler raised their target price on EastGroup Properties from $220.00 to $230.00 and gave the company an “overweight” rating in a research note on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $197.89.

EastGroup Properties 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.