Wealth Enhancement Advisory Services LLC Acquires 90 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Wealth Enhancement Advisory Services LLC lifted its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 7.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,350 shares of the real estate investment trust’s stock after buying an additional 90 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in EastGroup Properties were worth $252,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in EGP. Gradient Investments LLC purchased a new position in EastGroup Properties in the second quarter worth about $32,000. V Square Quantitative Management LLC increased its position in shares of EastGroup Properties by 47.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 61 shares during the last quarter. Quest Partners LLC raised its holdings in EastGroup Properties by 10,400.0% during the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 208 shares during the period. EverSource Wealth Advisors LLC lifted its position in EastGroup Properties by 30.2% in the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after buying an additional 80 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in EastGroup Properties during the second quarter worth $66,000. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on EGP. Barclays reduced their target price on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 10th. Morgan Stanley raised their price objective on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. Truist Financial upped their target price on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Evercore ISI raised their price target 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, Royal Bank of Canada restated a “sector perform” rating and set a $186.00 price objective on shares of EastGroup Properties in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $191.50.

EastGroup Properties Trading Down 0.5 %

NYSE:EGP opened at $175.20 on Tuesday. The firm has a 50-day simple moving average of $181.52 and a 200-day simple moving average of $176.20. EastGroup Properties, Inc. has a one year low of $155.23 and a one year high of $192.61. The firm has a market cap of $8.67 billion, a P/E ratio of 36.20, a P/E/G ratio of 2.62 and a beta of 1.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The company had revenue of $162.88 million during the quarter, compared to the consensus estimate of $161.52 million. During the same period in the previous year, the firm posted $1.95 earnings per share. The company’s revenue was up 11.2% on a year-over-year basis. Equities analysts anticipate that EastGroup Properties, Inc. will post 8.35 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $1.40 dividend. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend was Monday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is currently 115.70%.

About EastGroup Properties

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.