EastGroup Properties, Inc. (NYSE:EGP) Position Reduced by Earnest Partners LLC

Earnest Partners LLC decreased its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 0.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 306,178 shares of the real estate investment trust’s stock after selling 2,493 shares during the period. Earnest Partners LLC owned 0.64% of EastGroup Properties worth $55,042,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SYSTM Wealth Solutions LLC raised its holdings in EastGroup Properties by 24.2% during the first quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock worth $60,000 after purchasing an additional 65 shares in the last quarter. Venturi Wealth Management LLC increased 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 valued at $36,000 after buying an additional 66 shares in the last quarter. Securian Asset Management Inc. increased its holdings in shares of EastGroup Properties by 2.6% in the fourth quarter. Securian Asset Management Inc. now owns 3,945 shares of the real estate investment trust’s stock valued at $724,000 after buying an additional 100 shares in the last quarter. Azzad Asset Management Inc. ADV increased its holdings in shares of EastGroup Properties by 4.8% in the first quarter. Azzad Asset Management Inc. ADV now owns 2,730 shares of the real estate investment trust’s stock valued at $491,000 after buying an additional 124 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of EastGroup Properties by 5.5% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 2,748 shares of the real estate investment trust’s stock valued at $504,000 after buying an additional 144 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on EGP shares. Piper Sandler dropped their price target on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Evercore ISI dropped their price target 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. JPMorgan Chase & Co. dropped their price target on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. KeyCorp dropped their price target on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. Finally, Barclays cut their target price on shares of EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating on the stock in a research note on Monday, April 29th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $180.40.

EastGroup Properties Stock Down 0.1 %

Shares of EastGroup Properties stock traded down $0.10 on Monday, hitting $187.00. 298,901 shares of the company traded hands, compared to its average volume of 285,851. The company has a 50-day moving average price of $171.87 and a 200 day moving average price of $173.49. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. EastGroup Properties, Inc. has a 12-month low of $154.75 and a 12-month high of $192.61. The company has a market cap of $9.11 billion, a PE ratio of 40.56, a PEG ratio of 2.91 and a beta of 0.98.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The company had revenue of $159.09 million for the quarter, compared to analysts’ expectations of $156.70 million. During the same quarter in the prior year, the firm earned $1.89 earnings per share. The company’s revenue was up 13.7% on a year-over-year basis. Sell-side analysts predict that EastGroup Properties, Inc. will post 8.31 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Friday, June 28th. EastGroup Properties’s dividend payout ratio is 110.20%.

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.