Ausbil Investment Management Ltd Sells 1,865 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Ausbil Investment Management Ltd lowered its position in EastGroup Properties, Inc. (NYSE:EGP) by 17.6% in the 1st quarter, HoldingsChannel.com reports. The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of EGP. GAMMA Investing LLC bought a new stake in shares of EastGroup Properties in the fourth quarter worth $31,000. Venturi Wealth Management LLC grew its holdings in shares of EastGroup Properties by 51.6% in the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 66 shares during the period. ZRC Wealth Management LLC bought a new stake in shares of EastGroup Properties in the fourth quarter worth $37,000. Mather Group LLC. bought a new stake in shares of EastGroup Properties in the first quarter worth $42,000. Finally, Tucker Asset Management LLC bought a new stake in shares of EastGroup Properties in the third quarter worth $44,000. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Trading Down 0.9 %

Shares of EGP traded down $1.59 during mid-day trading on Friday, reaching $167.59. 8,691 shares of the company’s stock traded hands, compared to its average volume of 281,280. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10. The stock has a market cap of $8.07 billion, a P/E ratio of 36.68, a P/E/G ratio of 2.63 and a beta of 0.98. The stock’s 50-day moving average is $163.43 and its two-hundred day moving average is $173.87. 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 disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.27 per share. 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 dividend payout ratio is presently 110.20%.

Analysts Set New Price Targets

EGP has been the subject of several recent research reports. Robert W. Baird cut their price target on EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. BNP Paribas initiated coverage on EastGroup Properties in a report on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price target for the company. Barclays cut 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. BMO Capital Markets assumed coverage on EastGroup Properties in a report on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price target on the stock. Finally, KeyCorp cut their price objective on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a report on Tuesday, April 30th. Eleven research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $182.41.

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.