Tritonpoint Wealth LLC Takes Position in EastGroup Properties, Inc. (NYSE:EGP)

Tritonpoint Wealth LLC acquired a new position in EastGroup Properties, Inc. (NYSE:EGP) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 3,275 shares of the real estate investment trust’s stock, valued at approximately $605,000.

Other institutional investors also recently bought and sold shares of the company. Quarry LP bought a new position in shares of EastGroup Properties during the 2nd quarter worth $27,000. Dark Forest Capital Management LP grew its holdings in EastGroup Properties by 3,380.0% during the 1st quarter. Dark Forest Capital Management LP now owns 174 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 169 shares in the last quarter. Venturi Wealth Management LLC increased its position in EastGroup Properties by 51.6% during the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 66 shares during the period. ZRC Wealth Management LLC bought a new stake in shares of EastGroup Properties in the 4th quarter valued at about $37,000. Finally, Group One Trading L.P. purchased a new stake in shares of EastGroup Properties in the 1st quarter worth approximately $41,000. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Stock Performance

EGP stock traded up $0.64 during trading on Friday, reaching $174.23. The company had a trading volume of 199,557 shares, compared to its average volume of 269,549. The firm has a 50-day simple moving average of $179.74 and a 200-day simple moving average of $175.22. The company has a market cap of $8.36 billion, a price-to-earnings ratio of 39.51, a price-to-earnings-growth ratio of 2.76 and a beta of 0.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28. EastGroup Properties, Inc. has a twelve month low of $154.75 and a twelve month high of $188.85.

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date is Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is presently 115.19%.

Insider Buying and Selling

In related news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the sale, the chief financial officer now directly owns 102,617 shares in the company, valued at approximately $18,752,230.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on EGP. Barclays began coverage on shares of EastGroup Properties in a report on Wednesday, March 27th. They set an “equal weight” rating and a $181.00 price objective on the stock. Royal Bank of Canada lifted their price target on EastGroup Properties from $180.00 to $190.00 and gave the company a “sector perform” rating in a report on Friday, February 16th. Truist Financial upped their price objective on EastGroup Properties from $186.00 to $188.00 and gave the stock a “hold” rating in a research note on Tuesday, February 20th. Mizuho reiterated a “neutral” rating and issued a $185.00 target price on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Finally, KeyCorp increased their price target on shares of EastGroup Properties from $188.00 to $198.00 and gave the company an “overweight” rating in a research report on Monday, February 12th. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $188.23.

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.