Vestmark Advisory Solutions Inc. Cuts Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Vestmark Advisory Solutions Inc. reduced its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 1.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,484 shares of the real estate investment trust’s stock after selling 64 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in EastGroup Properties were worth $823,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in EGP. GAMMA Investing LLC acquired a new stake in EastGroup Properties during the 4th quarter worth about $31,000. Venturi Wealth Management LLC raised its stake in EastGroup Properties by 51.6% during the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 66 shares in the last quarter. ZRC Wealth Management LLC acquired a new position in EastGroup Properties during the fourth quarter worth $37,000. Tucker Asset Management LLC bought a new position in EastGroup Properties in the third quarter valued at about $44,000. Finally, Baker Avenue Asset Management LP boosted its holdings in EastGroup Properties by 18.2% during the third quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust’s stock worth $78,000 after buying an additional 72 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Barclays cut their target price on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating on the stock in a research note on Monday, April 29th. KeyCorp dropped their target price on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a research report on Tuesday, April 30th. Evercore ISI decreased their target price on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a research note on Thursday, April 25th. JPMorgan Chase & Co. reduced their price objective on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Piper Sandler decreased their price target on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $185.13.

EastGroup Properties Stock Down 0.0 %

EGP stock traded down $0.05 on Monday, hitting $159.81. 8,147 shares of the company’s stock were exchanged, compared to its average volume of 286,773. EastGroup Properties, Inc. has a 12-month low of $154.75 and a 12-month high of $188.85. The firm has a 50 day moving average price of $172.39 and a two-hundred day moving average price of $174.81. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10. The stock has a market cap of $7.69 billion, a P/E ratio of 34.68, a price-to-earnings-growth ratio of 2.78 and a beta of 0.96.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s payout ratio is currently 110.20%.

Insider Buying and Selling

In related news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the transaction, the chief financial officer now owns 102,617 shares in the company, valued at approximately $18,752,230.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.00% of the company’s stock.

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.