Algert Global LLC Acquires 4,831 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Algert Global LLC grew its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 27.7% during the second quarter, Holdings Channel.com reports. The institutional investor owned 22,265 shares of the real estate investment trust’s stock after purchasing an additional 4,831 shares during the quarter. Algert Global LLC’s holdings in EastGroup Properties were worth $3,787,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of EGP. Hsbc Holdings PLC boosted its holdings in shares of EastGroup Properties by 14.6% during the 4th quarter. Hsbc Holdings PLC now owns 36,957 shares of the real estate investment trust’s stock worth $6,799,000 after buying an additional 4,722 shares in the last quarter. Treasurer of the State of North Carolina lifted its holdings in shares of EastGroup Properties by 5.3% in the 4th quarter. Treasurer of the State of North Carolina now owns 20,294 shares of the real estate investment trust’s stock worth $3,725,000 after purchasing an additional 1,030 shares in the last quarter. Brown Brothers Harriman & Co. bought a new position in shares of EastGroup Properties in the 4th quarter worth $55,000. The Manufacturers Life Insurance Company lifted its holdings in shares of EastGroup Properties by 5.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 288,431 shares of the real estate investment trust’s stock worth $52,939,000 after purchasing an additional 15,984 shares in the last quarter. Finally, Centersquare Investment Management LLC lifted its holdings in shares of EastGroup Properties by 31.8% in the 4th quarter. Centersquare Investment Management LLC now owns 30,456 shares of the real estate investment trust’s stock worth $5,590,000 after purchasing an additional 7,345 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on EGP shares. Morgan Stanley increased their target price on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Evercore ISI upgraded EastGroup Properties from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $192.00 to $204.00 in a report on Monday, September 16th. Royal Bank of Canada increased their target price on EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 30th. Truist Financial increased their target price on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Finally, Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties has a consensus rating of “Moderate Buy” and a consensus target price of $192.00.

EastGroup Properties Trading Up 0.3 %

Shares of EastGroup Properties stock opened at $186.82 on Tuesday. EastGroup Properties, Inc. has a 1 year low of $154.75 and a 1 year high of $192.61. The firm has a market cap of $8.99 billion, a PE ratio of 40.52, a P/E/G ratio of 2.83 and a beta of 0.99. The stock has a fifty day moving average price of $185.69 and a 200-day moving average price of $175.05. 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 earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (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 business had revenue of $159.09 million for the quarter, compared to analysts’ expectations of $156.70 million. During the same period in the prior year, the business earned $1.89 earnings per share. The company’s revenue for the quarter was up 13.7% compared to the same quarter last year. Equities research analysts anticipate that EastGroup Properties, Inc. will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $5.60 annualized dividend and a yield of 3.00%. 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%.

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.