Eaton Vance Management raised its stake in EastGroup Properties, Inc. (NYSE:EGP) by 41.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 969,746 shares of the real estate investment trust’s stock after acquiring an additional 285,700 shares during the quarter. Eaton Vance Management owned approximately 2.42% of EastGroup Properties worth $138,946,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in EGP. Schroder Investment Management Group acquired a new position in EastGroup Properties in the fourth quarter valued at $25,000. Better Money Decisions LLC acquired a new position in EastGroup Properties in the first quarter valued at $28,000. Lazard Asset Management LLC increased its stake in EastGroup Properties by 60.6% in the first quarter. Lazard Asset Management LLC now owns 379 shares of the real estate investment trust’s stock valued at $54,000 after purchasing an additional 143 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its stake in EastGroup Properties by 29.8% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 788 shares of the real estate investment trust’s stock valued at $109,000 after purchasing an additional 181 shares during the last quarter. Finally, Banco de Sabadell S.A purchased a new stake in EastGroup Properties during the first quarter valued at about $123,000. Hedge funds and other institutional investors own 91.12% of the company’s stock.
A number of equities research analysts have issued reports on EGP shares. Wells Fargo & Company boosted their price target on EastGroup Properties from $148.00 to $168.00 and gave the company an “equal weight” rating in a research report on Monday, June 7th. Zacks Investment Research downgraded EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday. Truist Securities boosted their price target on EastGroup Properties from $145.00 to $152.00 and gave the company a “hold” rating in a research report on Monday, May 17th. Truist boosted their price target on EastGroup Properties from $145.00 to $152.00 and gave the company a “hold” rating in a research report on Monday, May 17th. They noted that the move was a valuation call. Finally, Mizuho initiated coverage on EastGroup Properties in a research report on Wednesday, July 14th. They set a “neutral” rating and a $160.00 price target for the company. Nine equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. EastGroup Properties presently has an average rating of “Hold” and an average price target of $159.00.
Shares of NYSE EGP opened at $175.24 on Thursday. EastGroup Properties, Inc. has a 1-year low of $118.76 and a 1-year high of $177.26. The stock has a 50-day moving average of $164.98. The stock has a market capitalization of $7.01 billion, a P/E ratio of 31.77, a price-to-earnings-growth ratio of 4.57 and a beta of 0.72.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Tuesday, April 27th. The real estate investment trust reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.70). The business had revenue of $97.90 million during the quarter, compared to analysts’ expectations of $94.62 million. EastGroup Properties had a net margin of 30.19% and a return on equity of 8.89%. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.31 EPS. On average, equities research analysts anticipate that EastGroup Properties, Inc. will post 5.83 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, July 15th. Investors of record on Wednesday, June 30th were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend was Tuesday, June 29th. EastGroup Properties’s dividend payout ratio is currently 58.74%.
EastGroup Properties Company Profile
EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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.
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