EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by Amalgamated Bank

Amalgamated Bank cut its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 14.0% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 25,960 shares of the real estate investment trust’s stock after selling 4,218 shares during the period. Amalgamated Bank’s holdings in EastGroup Properties were worth $4,667,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in EastGroup Properties by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 6,652,922 shares of the real estate investment trust’s stock valued at $1,221,077,000 after purchasing an additional 120,746 shares in the last quarter. Deutsche Bank AG boosted its holdings in EastGroup Properties by 3.9% in the third quarter. Deutsche Bank AG now owns 1,042,443 shares of the real estate investment trust’s stock valued at $173,598,000 after purchasing an additional 38,766 shares in the last quarter. Boston Partners boosted its holdings in EastGroup Properties by 42.7% in the fourth quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock valued at $138,813,000 after purchasing an additional 226,169 shares in the last quarter. Invesco Ltd. boosted its holdings in EastGroup Properties by 12.7% in the third quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock valued at $120,975,000 after purchasing an additional 81,636 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in EastGroup Properties by 113.1% in the third quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock valued at $115,773,000 after purchasing an additional 368,954 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Evercore ISI lowered their target price on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a report on Thursday, April 25th. Robert W. Baird lowered their target price on EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Mizuho reissued a “neutral” rating and issued a $185.00 target price on shares of EastGroup Properties in a report on Tuesday, April 2nd. JPMorgan Chase & Co. decreased their price objective on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Finally, Royal Bank of Canada decreased their price objective on EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating on the stock in a research note on Monday, May 6th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $184.00.

EastGroup Properties Trading Down 2.7 %

NYSE EGP traded down $4.49 during trading hours on Thursday, hitting $160.87. 242,631 shares of the company’s stock were exchanged, compared to its average volume of 284,331. The business’s 50 day moving average is $168.46 and its 200-day moving average is $175.02. EastGroup Properties, Inc. has a 12-month low of $154.75 and a 12-month high of $188.85. The firm has a market capitalization of $7.74 billion, a P/E ratio of 35.20, a price-to-earnings-growth ratio of 2.58 and a beta of 0.96. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a $1.27 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.16%. EastGroup Properties’s dividend payout ratio (DPR) is 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.