Vanguard Personalized Indexing Management LLC Sells 467 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Vanguard Personalized Indexing Management LLC cut its position in EastGroup Properties, Inc. (NYSE:EGP) by 17.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,217 shares of the real estate investment trust’s stock after selling 467 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in EastGroup Properties were worth $377,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Gradient Investments LLC bought a new stake in shares of EastGroup Properties during the 2nd quarter valued at $32,000. Quest Partners LLC raised its stake in shares of 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 purchasing an additional 208 shares during the period. Mather Group LLC. bought a new stake in shares of EastGroup Properties during the 1st quarter valued at $42,000. Brown Brothers Harriman & Co. bought a new stake in shares of EastGroup Properties during the 4th quarter valued at $55,000. Finally, SYSTM Wealth Solutions LLC raised its stake in shares of EastGroup Properties by 24.2% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after purchasing an additional 65 shares during the period. 92.14% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

EGP has been the topic of a number of analyst reports. Royal Bank of Canada boosted their price objective on EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 30th. BNP Paribas initiated coverage on EastGroup Properties in a research note on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price objective on the stock. Evercore ISI upgraded EastGroup Properties from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $192.00 to $204.00 in a research note on Monday, September 16th. KeyCorp boosted their target price on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Mizuho upgraded 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 research report on Thursday, September 5th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, EastGroup Properties currently has an average rating of “Moderate Buy” and a consensus target price of $192.00.

EastGroup Properties Price Performance

EGP opened at $187.70 on Friday. The stock has a 50-day moving average price of $185.78 and a 200-day moving average price of $175.08. EastGroup Properties, Inc. has a 12-month low of $154.75 and a 12-month high of $192.61. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $9.04 billion, a P/E ratio of 40.72, a PEG ratio of 2.83 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 (EPS) 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 during the quarter, compared to analysts’ expectations of $156.70 million. During the same quarter in the previous year, the company posted $1.89 earnings per share. EastGroup Properties’s revenue for the quarter was up 13.7% compared to the same quarter last year. Equities analysts predict that EastGroup Properties, Inc. will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently announced 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 a boost from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a yield of 2.98%. EastGroup Properties’s dividend payout ratio is currently 121.48%.

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.