Deerfield Management Company L.P. Series C Makes New $444,000 Investment in EastGroup Properties, Inc. (NYSE:EGP)

Deerfield Management Company L.P. Series C acquired a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,610 shares of the real estate investment trust’s stock, valued at approximately $444,000.

Several other large investors have also modified their holdings of the stock. SYSTM Wealth Solutions LLC increased its position 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 during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of EastGroup Properties by 30.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 80 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of EastGroup Properties by 0.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock worth $5,328,000 after buying an additional 103 shares during the last quarter. Azzad Asset Management Inc. ADV raised its position in shares of EastGroup Properties by 4.8% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 2,730 shares of the real estate investment trust’s stock worth $491,000 after buying an additional 124 shares during the period. Finally, American Capital Advisory LLC raised its position in shares of EastGroup Properties by 15.0% in the 2nd quarter. American Capital Advisory LLC now owns 1,035 shares of the real estate investment trust’s stock worth $190,000 after buying an additional 135 shares during the period. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on EGP shares. Wedbush upped their price target on EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Royal Bank of Canada increased their target price on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 30th. BNP Paribas assumed coverage on shares of EastGroup Properties in a research report on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price target on the stock. Truist Financial increased their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Finally, Barclays lifted their target price on shares of EastGroup Properties from $175.00 to $198.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $192.00.

EastGroup Properties Stock Up 0.0 %

Shares of NYSE EGP opened at $187.70 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21. EastGroup Properties, Inc. has a 1 year low of $154.75 and a 1 year high of $192.61. The stock’s 50-day simple moving average is $185.78 and its 200-day simple moving average is $175.08. The firm has a market cap of $9.04 billion, a price-to-earnings ratio of 40.72, a PEG ratio of 2.83 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (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 business had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. During the same period in the previous year, the company earned $1.89 earnings per share. The business’s revenue for the quarter was up 13.7% on a year-over-year basis. As a group, equities analysts anticipate that EastGroup Properties, Inc. will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $1.40 per share. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a yield of 2.98%. The ex-dividend date is Monday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is currently 121.48%.

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.