EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by Zimmer Partners LP

Zimmer Partners LP lowered its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 93.8% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 12,500 shares of the real estate investment trust’s stock after selling 187,500 shares during the quarter. Zimmer Partners LP’s holdings in EastGroup Properties were worth $2,335,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of EGP. Gradient Investments LLC purchased a new position in EastGroup Properties in the second quarter valued at about $32,000. V Square Quantitative Management LLC raised its holdings in shares of EastGroup Properties by 47.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 61 shares during the period. Quest Partners LLC raised its holdings in shares of EastGroup Properties by 10,400.0% during the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 208 shares during the period. Headlands Technologies LLC acquired a new position in EastGroup Properties during the 2nd quarter worth approximately $66,000. Finally, GAMMA Investing LLC boosted its holdings in EastGroup Properties by 90.7% in the 3rd quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust’s stock worth $100,000 after acquiring an additional 255 shares during the period. Institutional investors and hedge funds own 92.14% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on EGP shares. Evercore ISI boosted their target price on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $186.00 price objective on shares of EastGroup Properties in a report on Wednesday, October 30th. Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their target price for the company from $175.00 to $200.00 in a research note on Thursday, September 5th. Truist Financial dropped their target price on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Finally, Wedbush reissued an “outperform” rating and issued a $209.00 price target on shares of EastGroup Properties in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $191.21.

EastGroup Properties Price Performance

Shares of EGP opened at $168.00 on Friday. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 34.71, a PEG ratio of 2.21 and a beta of 0.99. EastGroup Properties, Inc. has a 52 week low of $155.23 and a 52 week high of $192.61. The stock has a 50 day moving average of $175.55 and a 200-day moving average of $177.41.

EastGroup Properties (NYSE:EGP) last released its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The business had revenue of $162.88 million for the quarter, compared to the consensus estimate of $161.52 million. During the same quarter in the previous year, the firm earned $1.95 EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, analysts forecast that EastGroup Properties, Inc. will post 8.36 EPS for the current year.

EastGroup Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date is Tuesday, December 31st. EastGroup Properties’s payout ratio is 115.70%.

EastGroup Properties 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.