Envestnet Asset Management Inc. Sells 8,988 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Envestnet Asset Management Inc. reduced its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 5.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 145,296 shares of the real estate investment trust’s stock after selling 8,988 shares during the quarter. Envestnet Asset Management Inc. owned about 0.30% of EastGroup Properties worth $24,715,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Norges Bank bought a new stake in shares of EastGroup Properties during the fourth quarter valued at approximately $103,931,000. Paralel Advisors LLC purchased a new stake in EastGroup Properties during the fourth quarter valued at $1,357,000. CANADA LIFE ASSURANCE Co increased its position in EastGroup Properties by 5.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 95,952 shares of the real estate investment trust’s stock valued at $17,242,000 after acquiring an additional 5,342 shares during the last quarter. Pinebridge Investments L.P. purchased a new stake in EastGroup Properties during the fourth quarter valued at $2,289,000. Finally, Tidal Investments LLC increased its position in EastGroup Properties by 30.4% during the first quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust’s stock valued at $3,293,000 after acquiring an additional 4,271 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

EGP has been the subject of several research analyst reports. Evercore ISI upgraded EastGroup Properties from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $192.00 to $204.00 in a research report on Monday, September 16th. BNP Paribas initiated coverage on shares of EastGroup Properties in a research note on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price target for the company. Morgan Stanley upped their target price on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Truist Financial lifted their price target on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Finally, Wells Fargo & Company raised shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $179.00 to $214.00 in a report on Wednesday, August 28th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties presently has an average rating of “Moderate Buy” and a consensus target price of $192.00.

EastGroup Properties Stock Down 2.6 %

Shares of NYSE EGP opened at $186.83 on Friday. 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 52 week low of $154.75 and a 52 week high of $192.61. The firm has a 50-day moving average price of $185.48 and a 200 day moving average price of $174.76. The stock has a market capitalization of $8.99 billion, a price-to-earnings ratio of 40.53, a price-to-earnings-growth ratio of 2.74 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data 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 net margin of 37.16% and a return on equity of 8.69%. The firm had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. During the same period in the prior year, the firm earned $1.89 EPS. The business’s quarterly revenue was up 13.7% on a year-over-year basis. Equities research analysts anticipate that EastGroup Properties, Inc. will post 8.32 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $1.40 dividend. 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 3.00%. EastGroup Properties’s dividend payout ratio is 121.48%.

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.