EastGroup Properties, Inc. $EGP Shares Purchased by WCM Investment Management LLC

WCM Investment Management LLC grew its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 22.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 124,316 shares of the real estate investment trust’s stock after purchasing an additional 23,129 shares during the period. WCM Investment Management LLC’s holdings in EastGroup Properties were worth $21,054,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. True Wealth Design LLC lifted its holdings in shares of EastGroup Properties by 159.7% during the 3rd quarter. True Wealth Design LLC now owns 161 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 99 shares in the last quarter. State of Wyoming acquired a new stake in EastGroup Properties in the 2nd quarter valued at $27,000. Steigerwald Gordon & Koch Inc. purchased a new position in EastGroup Properties in the third quarter valued at about $34,000. Mather Group LLC. acquired a new position in shares of EastGroup Properties during the third quarter worth about $35,000. Finally, Canton Hathaway LLC boosted its position in shares of EastGroup Properties by 31.6% in the third quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 60 shares during the period. Institutional investors and hedge funds own 92.14% of the company’s stock.

Insider Buying and Selling

In related news, EVP Richard Reid Dunbar sold 2,000 shares of the business’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the sale, the executive vice president directly owned 20,630 shares of the company’s stock, valued at $3,610,250. The trade was a 8.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.00% of the company’s stock.

EastGroup Properties Trading Down 0.7%

EGP opened at $180.29 on Tuesday. EastGroup Properties, Inc. has a 12-month low of $137.67 and a 12-month high of $188.89. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.01 and a quick ratio of 0.01. The stock has a market capitalization of $9.62 billion, a PE ratio of 37.88, a P/E/G ratio of 2.66 and a beta of 1.11. The firm’s fifty day moving average price is $181.64 and its 200 day moving average price is $174.09.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $1.55 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $6.20 annualized dividend and a dividend yield of 3.4%. EastGroup Properties’s dividend payout ratio (DPR) is presently 130.25%.

Analyst Ratings Changes

Several brokerages recently commented on EGP. Mizuho reiterated a “neutral” rating and set a $172.00 target price (down from $180.00) on shares of EastGroup Properties in a report on Thursday, December 4th. Evercore ISI boosted their target price on shares of EastGroup Properties from $183.00 to $185.00 and gave the stock an “in-line” rating in a research report on Monday, December 22nd. Truist Financial upped their target price on shares of EastGroup Properties from $177.00 to $188.00 and gave the company a “buy” rating in a research note on Wednesday, November 12th. Royal Bank Of Canada set a $183.00 price target on shares of EastGroup Properties and gave the stock a “sector perform” rating in a research note on Tuesday, October 28th. Finally, Barclays upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating in a report on Thursday, December 4th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $195.19.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.