EastGroup Properties, Inc. $EGP Shares Bought by Westpac Banking Corp

Westpac Banking Corp increased its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 51.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,136 shares of the real estate investment trust’s stock after buying an additional 4,148 shares during the quarter. Westpac Banking Corp’s holdings in EastGroup Properties were worth $2,054,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of EGP. Canton Hathaway LLC lifted its holdings in shares of EastGroup Properties by 31.6% in the 3rd quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 60 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of EastGroup Properties by 1.9% in the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock valued at $613,000 after acquiring an additional 68 shares during the last quarter. Virtus Investment Advisers LLC raised its position in shares of EastGroup Properties by 7.5% during the 2nd quarter. Virtus Investment Advisers LLC now owns 999 shares of the real estate investment trust’s stock worth $167,000 after acquiring an additional 70 shares in the last quarter. Azzad Asset Management Inc. ADV lifted its stake in EastGroup Properties by 3.1% during the third quarter. Azzad Asset Management Inc. ADV now owns 2,361 shares of the real estate investment trust’s stock worth $400,000 after purchasing an additional 71 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in EastGroup Properties by 3.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,489 shares of the real estate investment trust’s stock valued at $421,000 after purchasing an additional 77 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Stock Performance

EastGroup Properties stock opened at $191.01 on Thursday. The stock has a market cap of $10.19 billion, a P/E ratio of 39.22, a price-to-earnings-growth ratio of 3.10 and a beta of 1.11. The stock has a 50 day moving average of $184.56 and a 200-day moving average of $177.02. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $193.96.

EastGroup Properties Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on EGP shares. UBS Group set a $200.00 price objective on shares of EastGroup Properties in a report on Thursday, December 4th. Weiss Ratings restated a “buy (b-)” rating on shares of EastGroup Properties in a research note on Monday, December 29th. Deutsche Bank Aktiengesellschaft cut EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 price target for the company. in a research note on Monday, January 5th. Piper Sandler lifted their price target on shares of EastGroup Properties from $220.00 to $230.00 and gave the company an “overweight” rating in a research report on Monday, February 9th. Finally, Royal Bank Of Canada increased their price target on EastGroup Properties from $183.00 to $195.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $200.18.

About EastGroup Properties

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.