6,547 Shares in EastGroup Properties, Inc. (NYSE:EGP) Bought by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC acquired a new position in shares of EastGroup Properties, Inc. (NYSE:EGP) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 6,547 shares of the real estate investment trust’s stock, valued at approximately $1,223,000.

Several other hedge funds also recently bought and sold shares of EGP. Vanguard Group Inc. increased its position 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 worth $1,233,785,000 after buying an additional 210,207 shares in the last quarter. Ceredex Value Advisors LLC purchased a new position in EastGroup Properties during the second quarter worth $35,131,000. Boston Partners increased its position 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 worth $171,399,000 after buying an additional 197,427 shares in the last quarter. Zimmer Partners LP increased its position 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 worth $36,054,000 after buying an additional 165,100 shares in the last quarter. Finally, Millennium Management LLC increased its position 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 worth $32,036,000 after buying an additional 125,991 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

EGP stock opened at $176.53 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 $155.23 and a 1 year high of $192.61. The firm has a market cap of $8.60 billion, a P/E ratio of 36.93, a price-to-earnings-growth ratio of 2.70 and a beta of 0.99. The stock has a 50-day simple moving average of $184.09 and a 200-day simple moving average of $175.43.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The company had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. During the same quarter last year, the business posted $1.95 EPS. EastGroup Properties’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, equities analysts predict that EastGroup Properties, Inc. will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is 117.15%.

Analysts Set New Price Targets

EGP has been the subject of several recent research reports. Wells Fargo & Company raised EastGroup Properties from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $179.00 to $214.00 in a research report on Wednesday, August 28th. Royal Bank of Canada lifted their price objective on EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 30th. Morgan Stanley lifted their price objective on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. Finally, KeyCorp lifted their price objective on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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.