Oppenheimer Asset Management Inc. Raises Stake in EastGroup Properties, Inc. (NYSE:EGP)

Oppenheimer Asset Management Inc. grew its position in EastGroup Properties, Inc. (NYSE:EGP) by 32.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 14,746 shares of the real estate investment trust’s stock after buying an additional 3,573 shares during the period. Oppenheimer Asset Management Inc.’s holdings in EastGroup Properties were worth $2,508,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Gradient Investments LLC bought a new stake in shares of EastGroup Properties in the second quarter worth approximately $32,000. Quest Partners LLC grew its position in EastGroup Properties by 10,400.0% during the second 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. Mather Group LLC. purchased a new position in EastGroup Properties during the first quarter valued at approximately $42,000. EverSource Wealth Advisors LLC lifted its holdings in EastGroup Properties by 1,938.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 252 shares in the last quarter. Finally, Brown Brothers Harriman & Co. purchased a new position in EastGroup Properties during the fourth quarter valued at approximately $55,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Down 0.1 %

Shares of NYSE:EGP opened at $190.16 on Wednesday. The firm’s 50-day moving average is $184.64 and its two-hundred day moving average is $174.45. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21. EastGroup Properties, Inc. has a 1 year low of $154.75 and a 1 year high of $192.61. The firm has a market capitalization of $9.16 billion, a PE ratio of 41.25, a price-to-earnings-growth ratio of 2.74 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last announced its quarterly 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). The company had revenue of $159.09 million during the quarter, compared to analysts’ expectations of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The business’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.89 earnings per share. Analysts predict that EastGroup Properties, Inc. will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a dividend yield of 2.94%. EastGroup Properties’s dividend payout ratio (DPR) is currently 121.48%.

Analyst Ratings Changes

EGP has been the topic of several research analyst reports. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Wedbush raised their target price 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. Wells Fargo & Company raised shares of 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 note on Wednesday, August 28th. KeyCorp raised their price target on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Evercore ISI upgraded shares of EastGroup Properties from an “in-line” rating to an “outperform” rating and raised their price target for the company from $192.00 to $204.00 in a report on Monday. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $192.00.

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.