Mesirow Institutional Investment Management Inc. Acquires 3,585 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Mesirow Institutional Investment Management Inc. raised its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 25.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,930 shares of the real estate investment trust’s stock after purchasing an additional 3,585 shares during the quarter. Mesirow Institutional Investment Management Inc.’s holdings in EastGroup Properties were worth $3,050,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Gradient Investments LLC purchased a new position in shares of EastGroup Properties in the 2nd quarter valued at approximately $32,000. Mather Group LLC. purchased a new position in EastGroup Properties in the first quarter worth about $42,000. EverSource Wealth Advisors LLC increased its holdings in EastGroup Properties by 1,938.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 252 shares during the last quarter. Brown Brothers Harriman & Co. bought a new position in shares of EastGroup Properties during the 4th quarter valued at approximately $55,000. Finally, SYSTM Wealth Solutions LLC increased its stake in shares of EastGroup Properties by 24.2% in 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. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

EGP opened at $186.03 on Wednesday. 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 stock has a fifty day moving average of $181.97 and a 200-day moving average of $174.05. The firm has a market capitalization of $9.07 billion, a P/E ratio of 40.35, a PEG ratio of 2.96 and a beta of 0.98.

EastGroup Properties (NYSE:EGP) last released its 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 analyst estimates of $156.70 million. During the same quarter in the previous year, the company earned $1.89 earnings per share. EastGroup Properties’s revenue for the quarter was up 13.7% compared to the same quarter last year. Equities analysts forecast that EastGroup Properties, Inc. will post 8.32 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.01%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Monday, September 30th. EastGroup Properties’s payout ratio is presently 110.20%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Royal Bank of Canada boosted their price target on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 30th. Wells Fargo & Company upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $179.00 to $214.00 in a report on Wednesday, August 28th. Barclays increased their price objective on shares of EastGroup Properties from $175.00 to $198.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Evercore ISI boosted their price objective on shares of EastGroup Properties from $188.00 to $192.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Finally, BNP Paribas initiated coverage on EastGroup Properties in a report on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 price target for the company. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $189.53.

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.