JPMorgan Chase & Co. Has $168.92 Million Stake in EastGroup Properties, Inc. (NYSE:EGP)

JPMorgan Chase & Co. decreased its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 1.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,052,511 shares of the real estate investment trust’s stock after selling 20,279 shares during the period. JPMorgan Chase & Co.’s holdings in EastGroup Properties were worth $168,918,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Crowley Wealth Management Inc. acquired a new position in EastGroup Properties during the fourth quarter valued at approximately $29,000. Canton Hathaway LLC acquired a new position in EastGroup Properties in the 4th quarter valued at $30,000. Thurston Springer Miller Herd & Titak Inc. raised its holdings in EastGroup Properties by 503.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after acquiring an additional 302 shares during the period. Principal Securities Inc. lifted its position in EastGroup Properties by 18.5% during the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after acquiring an additional 84 shares during the last quarter. Finally, Versant Capital Management Inc lifted its position in EastGroup Properties by 18.7% during the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock worth $97,000 after acquiring an additional 95 shares during the last quarter. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Stock Performance

EastGroup Properties stock opened at $176.06 on Wednesday. The firm has a market capitalization of $9.16 billion, a P/E ratio of 37.86, a P/E/G ratio of 3.35 and a beta of 0.99. The stock has a fifty day moving average price of $177.34 and a two-hundred day moving average price of $174.31. EastGroup Properties, Inc. has a 52-week low of $155.10 and a 52-week high of $192.61. 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 (EPS) for the quarter, beating 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%. As a group, analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $1.40 dividend. The ex-dividend date is Monday, March 31st. This represents a $5.60 annualized dividend and a yield of 3.18%. EastGroup Properties’s payout ratio is 120.43%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on EGP shares. Truist Financial lifted their price objective on EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a research note on Friday, February 14th. Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $185.00 to $200.00 in a research report on Wednesday, December 11th. Evercore ISI reissued an “in-line” rating and issued a $185.00 price objective (up from $181.00) on shares of EastGroup Properties in a research report on Monday, March 17th. Robert W. Baird boosted their target price on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Finally, Jefferies Financial Group raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and increased their price target for the company from $174.00 to $194.00 in a report on Thursday, January 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.