EastGroup Properties, Inc. (NYSE:EGP) Shares Acquired by American International Group Inc.

American International Group Inc. increased its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 0.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 63,125 shares of the real estate investment trust’s stock after purchasing an additional 549 shares during the period. American International Group Inc.’s holdings in EastGroup Properties were worth $11,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in EGP. Raymond James Trust N.A. grew its holdings in shares of EastGroup Properties by 12.7% during the fourth quarter. Raymond James Trust N.A. now owns 2,062 shares of the real estate investment trust’s stock valued at $378,000 after purchasing an additional 232 shares during the last quarter. Raymond James & Associates grew its stake in EastGroup Properties by 3.8% during the 4th quarter. Raymond James & Associates now owns 120,580 shares of the real estate investment trust’s stock worth $22,131,000 after buying an additional 4,431 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in EastGroup Properties by 11.2% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 5,658 shares of the real estate investment trust’s stock worth $1,038,000 after buying an additional 572 shares during the period. Pacer Advisors Inc. lifted its stake in EastGroup Properties by 15.0% in the fourth quarter. Pacer Advisors Inc. now owns 61,527 shares of the real estate investment trust’s stock valued at $11,293,000 after buying an additional 8,002 shares during the last quarter. Finally, ZRC Wealth Management LLC acquired a new position in shares of EastGroup Properties during the fourth quarter valued at $37,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Price Performance

NYSE EGP traded down $4.71 on Wednesday, reaching $185.24. The company’s stock had a trading volume of 585,161 shares, compared to its average volume of 285,552. EastGroup Properties, Inc. has a twelve month low of $154.75 and a twelve month high of $192.61. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10. The firm’s 50 day moving average is $170.68 and its two-hundred day moving average is $173.46. The stock has a market cap of $8.92 billion, a PE ratio of 40.18, a PEG ratio of 2.98 and a beta of 0.98.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The business had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. EastGroup Properties had a return on equity of 8.70% and a net margin of 36.36%. The company’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.89 earnings per share. As a group, sell-side analysts predict that EastGroup Properties, Inc. will post 8.3 EPS for the current year.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $1.27 dividend. The ex-dividend date was Friday, June 28th. This represents a $5.08 annualized dividend and a dividend yield of 2.74%. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on EGP. KeyCorp dropped their price objective on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. BNP Paribas started coverage on shares of EastGroup Properties in a research note on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 price target on the stock. Mizuho cut their price target on EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. Royal Bank of Canada decreased their price objective on EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating for the company in a report on Monday, May 6th. Finally, Piper Sandler lowered their target price on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, EastGroup Properties presently has an average rating of “Hold” and a consensus price target of $182.75.

About EastGroup Properties

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.