SG Americas Securities LLC Sells 21,428 Shares of EastGroup Properties, Inc. (NYSE:EGP)

SG Americas Securities LLC reduced its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 90.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,361 shares of the real estate investment trust’s stock after selling 21,428 shares during the period. SG Americas Securities LLC’s holdings in EastGroup Properties were worth $441,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of EGP. Vanguard Group Inc. raised its holdings in EastGroup Properties by 3.2% during the first quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock valued at $1,233,785,000 after buying an additional 210,207 shares in the last quarter. Ceredex Value Advisors LLC bought a new position in EastGroup Properties during the second quarter valued at about $35,131,000. Boston Partners raised its holdings in EastGroup Properties by 26.1% during the first quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock valued at $171,399,000 after buying an additional 197,427 shares in the last quarter. Zimmer Partners LP raised its holdings in EastGroup Properties by 465.6% during the first quarter. Zimmer Partners LP now owns 200,558 shares of the real estate investment trust’s stock valued at $36,054,000 after buying an additional 165,100 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in EastGroup Properties by 202.1% during the second quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock valued at $32,036,000 after buying an additional 125,991 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Stock Up 3.2 %

EGP stock opened at $185.27 on Thursday. EastGroup Properties, Inc. has a twelve month low of $154.75 and a twelve month high of $192.61. The company has a market cap of $8.92 billion, a PE ratio of 40.19, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. The business’s 50-day simple moving average is $184.29 and its 200 day simple moving average is $175.17. 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 (NYSE:EGP) last released its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The firm had revenue of $159.09 million for the quarter, compared to analyst estimates of $156.70 million. During the same period last year, the business earned $1.89 earnings per share. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year. On average, research analysts anticipate that EastGroup Properties, Inc. will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.02%. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Monday, September 30th. EastGroup Properties’s payout ratio is presently 121.48%.

Analysts Set New Price Targets

Several research firms have weighed in on EGP. KeyCorp raised their target price on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Royal Bank of Canada lifted their price objective on EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 30th. Truist Financial lifted their price objective on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Evercore ISI lifted their price objective on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Finally, Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, EastGroup Properties presently has an average rating of “Moderate Buy” and a consensus target price of $191.73.

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.