Amalgamated Bank Has $4.13 Million Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Amalgamated Bank cut its position in EastGroup Properties, Inc. (NYSE:EGP) by 6.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,250 shares of the real estate investment trust’s stock after selling 1,710 shares during the period. Amalgamated Bank’s holdings in EastGroup Properties were worth $4,125,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of EGP. Gradient Investments LLC acquired a new stake in EastGroup Properties in the second quarter worth $32,000. Quest Partners LLC raised its holdings in EastGroup Properties by 10,400.0% in the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 208 shares during the period. Mather Group LLC. acquired a new stake in shares of EastGroup Properties during the first quarter worth $42,000. EverSource Wealth Advisors LLC raised its holdings in shares of 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 worth $49,000 after acquiring an additional 252 shares during the period. Finally, Brown Brothers Harriman & Co. acquired a new stake in shares of EastGroup Properties during the fourth quarter worth $55,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Stock Performance

Shares of EGP opened at $186.83 on Friday. The firm has a 50-day moving average of $185.48 and a 200-day moving average of $174.76. EastGroup Properties, Inc. has a one year low of $154.75 and a one year high of $192.61. The company has a market cap of $8.99 billion, a PE ratio of 40.53, a price-to-earnings-growth ratio of 2.74 and a beta of 0.99. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The firm had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. During the same period last year, the business earned $1.89 EPS. The business’s revenue was up 13.7% on a year-over-year basis. As a group, equities analysts forecast that EastGroup Properties, Inc. will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is 121.48%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on EGP shares. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. KeyCorp raised their price objective on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Wedbush raised their price objective on shares of EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. BNP Paribas began coverage on shares of EastGroup Properties in a report on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price objective on the stock. Finally, Royal Bank of Canada raised their target price on shares of EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, EastGroup Properties presently has an average rating of “Moderate Buy” and an average price target of $192.00.

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.