EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by Makena Capital Management LLC

Makena Capital Management LLC lessened its stake in EastGroup Properties, Inc. (NYSE:EGP) by 2.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 49,200 shares of the real estate investment trust’s stock after selling 1,296 shares during the quarter. EastGroup Properties comprises 2.2% of Makena Capital Management LLC’s portfolio, making the stock its 25th largest holding. Makena Capital Management LLC’s holdings in EastGroup Properties were worth $9,192,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. American International Group Inc. grew its holdings in EastGroup Properties by 0.9% during the 1st quarter. American International Group Inc. now owns 63,125 shares of the real estate investment trust’s stock worth $11,348,000 after acquiring an additional 549 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of EastGroup Properties by 5.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 95,952 shares of the real estate investment trust’s stock worth $17,242,000 after purchasing an additional 5,342 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of EastGroup Properties by 7.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock worth $175,359,000 after purchasing an additional 71,614 shares in the last quarter. BROOKFIELD Corp ON increased its holdings in EastGroup Properties by 55.6% in the first quarter. BROOKFIELD Corp ON now owns 1,467 shares of the real estate investment trust’s stock valued at $264,000 after buying an additional 524 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its stake in EastGroup Properties by 8.1% in the first quarter. B. Riley Wealth Advisors Inc. now owns 2,361 shares of the real estate investment trust’s stock valued at $396,000 after buying an additional 177 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Trading Down 1.8 %

Shares of EGP stock opened at $171.01 on Thursday. The company has a market capitalization of $8.47 billion, a P/E ratio of 35.33, a price-to-earnings-growth ratio of 2.26 and a beta of 1.00. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average is $179.76 and its two-hundred day moving average is $176.83. EastGroup Properties, Inc. has a twelve month low of $155.23 and a twelve month high of $192.61.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the business earned $1.95 earnings per share. Equities analysts forecast that EastGroup Properties, Inc. will post 8.36 EPS for the current year.

EastGroup Properties Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on EGP shares. Truist Financial cut their target price on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. StockNews.com cut shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Morgan Stanley upped their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Finally, Evercore ISI upped their price objective on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, EastGroup Properties currently has an average rating of “Hold” and an average price target of $191.21.

EastGroup Properties 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.