ExodusPoint Capital Management LP Buys 22,869 Shares of EastGroup Properties, Inc. (NYSE:EGP)

ExodusPoint Capital Management LP grew its stake in EastGroup Properties, Inc. (NYSE:EGP) by 15.9% in the 4th quarter, Holdings Channel reports. The firm owned 166,969 shares of the real estate investment trust’s stock after purchasing an additional 22,869 shares during the period. ExodusPoint Capital Management LP’s holdings in EastGroup Properties were worth $26,797,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. CIBC Asset Management Inc raised its stake in EastGroup Properties by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust’s stock valued at $234,000 after buying an additional 72 shares during the last quarter. Principal Securities Inc. increased its holdings in shares of EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock valued at $86,000 after acquiring an additional 84 shares in the last quarter. Versant Capital Management Inc raised its position in shares of EastGroup Properties by 18.7% in the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock worth $97,000 after purchasing an additional 95 shares during the last quarter. waypoint wealth counsel boosted its stake in EastGroup Properties by 1.9% in the 4th quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust’s stock worth $867,000 after purchasing an additional 100 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in EastGroup Properties by 1.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,042 shares of the real estate investment trust’s stock worth $1,612,000 after purchasing an additional 100 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Performance

EGP opened at $175.77 on Thursday. The company has a 50 day simple moving average of $177.49 and a two-hundred day simple moving average of $174.32. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market cap of $9.14 billion, a P/E ratio of 37.80, a PEG ratio of 3.35 and a beta of 0.99. EastGroup Properties, Inc. has a 1-year low of $155.10 and a 1-year high of $192.61.

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

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Monday, March 31st. EastGroup Properties’s dividend payout ratio (DPR) is presently 120.43%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Truist Financial boosted their price objective on shares of EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a report on Friday, February 14th. Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $185.00 to $200.00 in a report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft started coverage on EastGroup Properties in a research note on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price target for the company. Finally, Robert W. Baird upped their price target on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties has an average rating of “Moderate Buy” and an average price target of $190.47.

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.