Wells Fargo & Company MN Sells 1,865 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Wells Fargo & Company MN lessened its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 1.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 142,983 shares of the real estate investment trust’s stock after selling 1,865 shares during the period. Wells Fargo & Company MN owned 0.29% of EastGroup Properties worth $22,948,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of EGP. Franklin Resources Inc. grew its holdings in EastGroup Properties by 337.0% during the third quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock valued at $8,728,000 after purchasing an additional 37,863 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of EastGroup Properties by 20.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust’s stock worth $261,000 after buying an additional 275 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of EastGroup Properties by 5.5% during the 4th quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust’s stock worth $72,610,000 after buying an additional 23,626 shares during the period. BankPlus Trust Department acquired a new position in EastGroup Properties in the 4th quarter valued at $1,871,000. Finally, Nordea Investment Management AB raised its holdings in EastGroup Properties by 6.1% in the 4th quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust’s stock worth $11,667,000 after acquiring an additional 4,176 shares during the period. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Stock Up 1.8 %

NYSE EGP opened at $154.91 on Friday. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.61. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. The stock’s 50 day moving average is $174.69 and its two-hundred day moving average is $172.22. The company has a market capitalization of $8.06 billion, a price-to-earnings ratio of 33.31, a PEG ratio of 3.35 and a beta of 0.94.

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, beating 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%. Equities analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid 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 3.61%. EastGroup Properties’s dividend payout ratio is 120.43%.

Analyst Ratings Changes

EGP has been the topic of several research analyst reports. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Jefferies Financial Group raised EastGroup Properties from a “hold” rating to a “buy” rating and raised their target price for the company from $174.00 to $194.00 in a report on Thursday, January 2nd. Evercore ISI reiterated an “in-line” rating and set a $185.00 price target (up from $181.00) on shares of EastGroup Properties in a report on Monday, March 17th. Piper Sandler set a $175.00 price objective on EastGroup Properties and gave the company a “neutral” rating in a research report on Sunday, April 6th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of EastGroup Properties in a research report on Tuesday, January 14th. They set a “buy” rating and a $180.00 target price on the stock. Nine analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, EastGroup Properties has an average rating of “Moderate Buy” and an average price target of $189.00.

EastGroup Properties 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.