1,365 Shares in EastGroup Properties, Inc. (NYSE:EGP) Purchased by Mechanics Bank Trust Department

Mechanics Bank Trust Department purchased a new stake in EastGroup Properties, Inc. (NYSE:EGP) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,365 shares of the real estate investment trust’s stock, valued at approximately $219,000.

Several other large investors have also recently added to or reduced their stakes in EGP. Dimensional Fund Advisors LP boosted its holdings in shares of EastGroup Properties by 7.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust’s stock worth $123,848,000 after acquiring an additional 53,083 shares in the last quarter. Hsbc Holdings PLC raised its position in EastGroup Properties by 20.7% in the 2nd quarter. Hsbc Holdings PLC now owns 40,465 shares of the real estate investment trust’s stock valued at $6,875,000 after purchasing an additional 6,926 shares during the last quarter. XTX Topco Ltd acquired a new position in EastGroup Properties in the second quarter worth $563,000. Intech Investment Management LLC bought a new stake in shares of EastGroup Properties during the second quarter worth $1,070,000. Finally, Pacer Advisors Inc. increased its stake in shares of EastGroup Properties by 3.0% in the second quarter. Pacer Advisors Inc. now owns 63,661 shares of the real estate investment trust’s stock valued at $10,829,000 after buying an additional 1,831 shares in the last quarter. 92.14% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on EGP. Wedbush reissued an “outperform” rating and set a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. Barclays decreased their price target on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 10th. Wells Fargo & Company dropped their price objective on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Truist Financial decreased their price objective on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Finally, StockNews.com downgraded EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $190.88.

EastGroup Properties Stock Down 1.8 %

EastGroup Properties stock opened at $161.35 on Tuesday. The company has a 50 day moving average of $166.18 and a 200-day moving average of $176.79. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties, Inc. has a twelve month low of $155.10 and a twelve month high of $192.61. The stock has a market capitalization of $7.99 billion, a PE ratio of 33.34, a price-to-earnings-growth ratio of 1.88 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last released its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to the consensus estimate of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. EastGroup Properties’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the company posted $1.95 EPS. On average, equities research analysts anticipate that EastGroup Properties, Inc. will post 8.34 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $1.40 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.47%. EastGroup Properties’s dividend payout ratio (DPR) is presently 115.70%.

About EastGroup Properties

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.