J.W. Cole Advisors Inc. Invests $754,000 in EastGroup Properties, Inc. (NYSE:EGP)

J.W. Cole Advisors Inc. purchased a new stake in EastGroup Properties, Inc. (NYSE:EGP) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 4,036 shares of the real estate investment trust’s stock, valued at approximately $754,000.

Other institutional investors have also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. increased its position in shares of EastGroup Properties by 10.1% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 3,289 shares of the real estate investment trust’s stock worth $591,000 after acquiring an additional 303 shares in the last quarter. State of Michigan Retirement System grew its position in EastGroup Properties by 5.4% during the 1st quarter. State of Michigan Retirement System now owns 11,727 shares of the real estate investment trust’s stock worth $2,108,000 after purchasing an additional 600 shares in the last quarter. Azzad Asset Management Inc. ADV grew its position in EastGroup Properties by 4.8% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 2,730 shares of the real estate investment trust’s stock worth $491,000 after purchasing an additional 124 shares in the last quarter. State of Alaska Department of Revenue raised its stake in EastGroup Properties by 1.2% during the 1st quarter. State of Alaska Department of Revenue now owns 26,998 shares of the real estate investment trust’s stock valued at $4,852,000 after purchasing an additional 312 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of EastGroup Properties by 14.9% in the first quarter. Van ECK Associates Corp now owns 18,210 shares of the real estate investment trust’s stock valued at $3,274,000 after purchasing an additional 2,356 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EGP. Evercore ISI lifted their price target on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, October 7th. Truist Financial upped their target price on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a report on Monday, August 5th. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. StockNews.com lowered shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday. Finally, Royal Bank of Canada lifted their target price on shares of EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, EastGroup Properties currently has an average rating of “Hold” and a consensus price target of $192.57.

EastGroup Properties Trading Down 1.4 %

EastGroup Properties stock opened at $174.02 on Wednesday. EastGroup Properties, Inc. has a one year low of $155.23 and a one year high of $192.61. The company’s fifty day moving average price is $183.77 and its two-hundred day moving average price is $175.48. The company has a market capitalization of $8.62 billion, a price-to-earnings ratio of 35.95, a PEG ratio of 2.70 and a beta of 0.99. 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 (NYSE:EGP) last issued its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The company had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. During the same period in the prior year, the company posted $1.95 EPS. The business’s revenue was up 11.2% on a year-over-year basis. On average, analysts forecast that EastGroup Properties, Inc. will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $1.40 per share. 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 3.22%. The ex-dividend date of this dividend was Monday, September 30th. EastGroup Properties’s dividend payout ratio is currently 115.70%.

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.