DekaBank Deutsche Girozentrale Lowers Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

DekaBank Deutsche Girozentrale trimmed its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 6.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,886 shares of the real estate investment trust’s stock after selling 1,982 shares during the quarter. DekaBank Deutsche Girozentrale owned approximately 0.06% of EastGroup Properties worth $5,165,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in EGP. V Square Quantitative Management LLC raised its position in EastGroup Properties by 47.7% during the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 61 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of EastGroup Properties by 30.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in EastGroup Properties by 7.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock worth $252,000 after buying an additional 90 shares in the last quarter. Azzad Asset Management Inc. ADV raised its holdings in shares of EastGroup Properties by 4.9% during the third quarter. Azzad Asset Management Inc. ADV now owns 2,085 shares of the real estate investment trust’s stock valued at $389,000 after acquiring an additional 98 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of EastGroup Properties by 0.3% in the second quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock valued at $5,328,000 after acquiring an additional 103 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

Shares of EGP opened at $171.16 on Friday. The firm has a 50-day simple moving average of $183.56 and a two-hundred day simple moving average of $175.47. The stock has a market cap of $8.47 billion, a PE ratio of 35.36, a P/E/G ratio of 2.70 and a beta of 0.99. EastGroup Properties, Inc. has a 1-year low of $155.23 and a 1-year high of $192.61. 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 announced its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (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 firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. During the same period in the previous year, the firm earned $1.95 EPS. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. As a group, analysts forecast that EastGroup Properties, Inc. will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $1.40 per share. The ex-dividend date was Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 dividend on an annualized basis and a yield of 3.27%. EastGroup Properties’s dividend payout ratio is 115.70%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. StockNews.com lowered EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday. Wells Fargo & Company upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $179.00 to $214.00 in a research report on Wednesday, August 28th. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $175.00 to $200.00 in a research note on Thursday, September 5th. Truist Financial upped their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Finally, Barclays dropped their price target on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $192.57.

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.