ProShare Advisors LLC Has $386,000 Position in EastGroup Properties, Inc. (NYSE:EGP)

ProShare Advisors LLC lessened its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 2.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,267 shares of the real estate investment trust’s stock after selling 61 shares during the period. ProShare Advisors LLC’s holdings in EastGroup Properties were worth $386,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. SYSTM Wealth Solutions LLC lifted its stake in EastGroup Properties by 24.2% in the first quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after buying an additional 65 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of EastGroup Properties by 30.2% during the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after acquiring an additional 80 shares during the period. Nisa Investment Advisors LLC lifted its position in EastGroup Properties by 0.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock valued at $5,328,000 after acquiring an additional 103 shares in the last quarter. Azzad Asset Management Inc. ADV boosted its stake in 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 purchasing an additional 124 shares during the period. Finally, American Capital Advisory LLC increased its holdings in EastGroup Properties by 15.0% during the 2nd quarter. American Capital Advisory LLC now owns 1,035 shares of the real estate investment trust’s stock worth $190,000 after purchasing an additional 135 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on EGP. BNP Paribas initiated coverage on EastGroup Properties in a report on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 price target on the stock. Royal Bank of Canada upped their price target on EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 30th. Wells Fargo & Company upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $179.00 to $214.00 in a report on Wednesday, August 28th. Mizuho upgraded shares of 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. Finally, Barclays lifted their price target on shares of EastGroup Properties from $175.00 to $198.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties presently has an average rating of “Moderate Buy” and an average price target of $192.00.

EastGroup Properties Trading Down 2.0 %

EastGroup Properties stock opened at $183.08 on Wednesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21. The stock has a 50-day simple moving average of $185.55 and a 200 day simple moving average of $175.10. The stock has a market capitalization of $8.81 billion, a P/E ratio of 39.71, a PEG ratio of 2.83 and a beta of 0.99. EastGroup Properties, Inc. has a 52 week low of $154.75 and a 52 week high of $192.61.

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 the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The business had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. During the same quarter in the prior year, the firm posted $1.89 earnings per share. The business’s revenue was up 13.7% compared to the same quarter last year. Analysts expect that EastGroup Properties, Inc. will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date is Monday, September 30th. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is currently 121.48%.

EastGroup Properties Company 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.