UMB Bank n.a. Acquires 114 Shares of EastGroup Properties, Inc. (NYSE:EGP)

UMB Bank n.a. boosted its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 7.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,598 shares of the real estate investment trust’s stock after purchasing an additional 114 shares during the period. UMB Bank n.a.’s holdings in EastGroup Properties were worth $299,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of EastGroup Properties by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock worth $1,233,785,000 after buying an additional 210,207 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of EastGroup Properties by 7.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock valued at $175,359,000 after acquiring an additional 71,614 shares during the period. Boston Partners boosted its stake in shares of EastGroup Properties by 26.1% in the 1st quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock valued at $171,399,000 after purchasing an additional 197,427 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of EastGroup Properties by 7.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust’s stock worth $123,848,000 after purchasing an additional 53,083 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in EastGroup Properties by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 479,323 shares of the real estate investment trust’s stock valued at $81,533,000 after purchasing an additional 2,418 shares during the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on EGP shares. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. 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 report on Monday, August 5th. Evercore ISI increased their target price on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Royal Bank of Canada lifted their price target on EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a report on Tuesday, July 30th. Finally, Wedbush increased 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. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average price target of $191.73.

EastGroup Properties Stock Up 1.4 %

NYSE:EGP opened at $178.36 on Friday. The stock’s fifty day simple moving average is $184.28 and its 200-day simple moving average is $175.14. The firm has a market capitalization of $8.69 billion, a P/E ratio of 37.31, a P/E/G ratio of 2.65 and a beta of 0.99. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. EastGroup Properties, Inc. has a 12-month low of $154.75 and a 12-month high of $192.61.

EastGroup Properties (NYSE:EGP) last posted 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 return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $159.09 million for the quarter, compared to analyst estimates of $156.70 million. During the same quarter in the previous year, the firm posted $1.89 earnings per share. EastGroup Properties’s quarterly revenue was up 13.7% compared to the same quarter last year. Equities research analysts expect that EastGroup Properties, Inc. will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $1.40 dividend. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Monday, September 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.14%. EastGroup Properties’s payout ratio is 117.15%.

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.