Norges Bank Makes New $100.58 Million Investment in EastGroup Properties, Inc. (NYSE:EGP)

Norges Bank purchased a new stake in EastGroup Properties, Inc. (NYSE:EGP) in the 4th quarter, Holdings Channel reports. The firm purchased 626,697 shares of the real estate investment trust’s stock, valued at approximately $100,579,000.

A number of other large investors have also made changes to their positions in the company. Bank of Montreal Can grew its stake in EastGroup Properties by 11.9% in the third quarter. Bank of Montreal Can now owns 13,061 shares of the real estate investment trust’s stock valued at $2,451,000 after acquiring an additional 1,392 shares during the period. D.A. Davidson & CO. grew its position in shares of EastGroup Properties by 36.8% in the 3rd quarter. D.A. Davidson & CO. now owns 1,674 shares of the real estate investment trust’s stock valued at $313,000 after purchasing an additional 450 shares during the period. BNP Paribas Financial Markets increased its stake in EastGroup Properties by 257.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 46,075 shares of the real estate investment trust’s stock worth $8,608,000 after purchasing an additional 33,182 shares in the last quarter. Glenmede Trust Co. NA raised its holdings in EastGroup Properties by 35.2% during the 3rd quarter. Glenmede Trust Co. NA now owns 1,916 shares of the real estate investment trust’s stock worth $358,000 after buying an additional 499 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in EastGroup Properties by 4.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,150 shares of the real estate investment trust’s stock valued at $3,764,000 after buying an additional 836 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on EGP shares. Robert W. Baird raised their price objective on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft assumed coverage on EastGroup Properties in a report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price target on the stock. KeyCorp reiterated a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Truist Financial boosted their target price on EastGroup Properties from $168.00 to $180.00 and gave the company a “hold” rating in a research note on Friday, February 14th. Finally, Morgan Stanley decreased their price target on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a research note on Monday, December 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, EastGroup Properties currently has an average rating of “Moderate Buy” and an average price target of $190.47.

EastGroup Properties Stock Down 0.1 %

EastGroup Properties stock opened at $176.06 on Wednesday. EastGroup Properties, Inc. has a fifty-two week low of $155.10 and a fifty-two week high of $192.61. The firm has a market capitalization of $9.16 billion, a PE ratio of 37.86, a P/E/G ratio of 3.35 and a beta of 0.99. The company’s 50-day moving average is $177.34 and its 200-day moving average is $174.31. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. Sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $5.60 annualized dividend and a yield of 3.18%. EastGroup Properties’s payout ratio is currently 120.43%.

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.