Edgestream Partners L.P. Reduces Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Edgestream Partners L.P. lessened its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 90.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,431 shares of the real estate investment trust’s stock after selling 40,649 shares during the quarter. Edgestream Partners L.P.’s holdings in EastGroup Properties were worth $754,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Gradient Investments LLC acquired a new stake in EastGroup Properties during the second quarter worth $32,000. Quest Partners LLC increased its position 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 worth $36,000 after purchasing an additional 208 shares during the last quarter. Mather Group LLC. purchased a new stake in EastGroup Properties in the 1st quarter valued at about $42,000. EverSource Wealth Advisors LLC raised its holdings in EastGroup Properties by 1,938.5% in the 4th 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 period. Finally, Brown Brothers Harriman & Co. acquired a new position in EastGroup Properties in the fourth quarter valued at about $55,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Stock Down 2.6 %

Shares of EastGroup Properties stock opened at $186.83 on Friday. EastGroup Properties, Inc. has a 52-week low of $154.75 and a 52-week high of $192.61. The company has a 50 day moving average of $185.48 and a 200 day moving average of $174.76. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $8.99 billion, a P/E ratio of 40.53, a P/E/G ratio of 2.74 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last issued its earnings results 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). The firm had revenue of $159.09 million for the quarter, compared to analyst estimates of $156.70 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The business’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.89 EPS. As a group, research 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. Stockholders of record on Monday, September 30th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is 121.48%.

Wall Street Analysts Forecast Growth

EGP has been the topic of a number of research analyst reports. Wedbush boosted their price target on shares of EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Morgan Stanley boosted their target price on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. BNP Paribas initiated coverage on EastGroup Properties in a research report on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price target for the company. Truist Financial lifted their price objective on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Finally, KeyCorp increased their target price on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, EastGroup Properties currently has a consensus rating of “Moderate Buy” and a consensus 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.