Ausbil Investment Management Ltd Has $1.54 Million Stake in EastGroup Properties, Inc. (NYSE:EGP)

Ausbil Investment Management Ltd lowered its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 17.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,737 shares of the real estate investment trust’s stock after selling 1,865 shares during the quarter. Ausbil Investment Management Ltd’s holdings in EastGroup Properties were worth $1,541,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC bought a new stake in EastGroup Properties during the fourth quarter worth $31,000. Venturi Wealth Management LLC grew its holdings 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 buying an additional 66 shares in the last quarter. ZRC Wealth Management LLC bought a new stake in EastGroup Properties during the fourth quarter worth $37,000. Mather Group LLC. bought a new stake in EastGroup Properties during the first quarter worth $42,000. Finally, Tucker Asset Management LLC bought a new stake in EastGroup Properties during the third quarter worth $44,000. Institutional investors own 92.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Barclays decreased their price target on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating for the company in a report on Monday, April 29th. Piper Sandler reduced their price objective on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. 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, May 2nd. BMO Capital Markets initiated coverage on EastGroup Properties in a research note on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price objective for the company. Finally, KeyCorp reduced their price objective on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a research note on Tuesday, April 30th. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties presently has a consensus rating of “Hold” and a consensus price target of $182.41.

EastGroup Properties Price Performance

EGP traded down $1.59 during trading on Friday, reaching $167.59. 8,691 shares of the company were exchanged, compared to its average volume of 281,280. The company’s 50-day moving average is $163.43 and its two-hundred day moving average is $173.87. The company has a market cap of $8.07 billion, a price-to-earnings ratio of 36.68, a P/E/G ratio of 2.63 and a beta of 0.98. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. EastGroup Properties, Inc. has a 12-month low of $154.75 and a 12-month high of $188.85.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $1.27 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.08 annualized dividend and a dividend yield of 3.03%. EastGroup Properties’s payout ratio is currently 110.20%.

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.