EastGroup Properties, Inc. (NYSE:EGP) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC raised its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 90.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 536 shares of the real estate investment trust’s stock after buying an additional 255 shares during the quarter. GAMMA Investing LLC’s holdings in EastGroup Properties were worth $100,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Handelsbanken Fonder AB grew its holdings in shares of EastGroup Properties by 9.2% during the third quarter. Handelsbanken Fonder AB now owns 173,958 shares of the real estate investment trust’s stock valued at $32,499,000 after purchasing an additional 14,600 shares during the last quarter. Duncan Williams Asset Management LLC bought a new position in EastGroup Properties during the 3rd quarter valued at $1,551,000. Sanctuary Advisors LLC bought a new position in EastGroup Properties during the 2nd quarter valued at $783,000. Aurora Investment Counsel bought a new position in EastGroup Properties during the 2nd quarter valued at $1,627,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in EastGroup Properties by 49.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 954 shares of the real estate investment trust’s stock valued at $162,000 after purchasing an additional 316 shares in the last quarter. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Price Performance

EGP opened at $177.75 on Tuesday. The stock has a fifty day moving average of $184.26 and a 200-day moving average of $175.10. The firm has a market capitalization of $8.56 billion, a P/E ratio of 38.56, a PEG ratio of 2.65 and a beta of 0.99. EastGroup Properties, Inc. has a 12-month low of $154.75 and a 12-month high of $192.61. 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 (NYSE:EGP) last posted its quarterly earnings results 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 return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. During the same period last year, the company posted $1.89 earnings per share. The company’s revenue was up 13.7% compared to the same quarter last year. Equities analysts forecast that EastGroup Properties, Inc. will post 8.32 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently declared 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 is Monday, September 30th. This is an increase 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 3.15%. EastGroup Properties’s dividend payout ratio is 121.48%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on EGP. Wells Fargo & Company raised EastGroup Properties from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $179.00 to $214.00 in a research note on Wednesday, August 28th. Barclays decreased their price target on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research note on Thursday, October 10th. Truist Financial increased their price objective on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. Finally, Evercore ISI increased their price objective on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $191.73.

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.