EastGroup Properties, Inc. (NYSE:EGP) Shares Bought by GeoWealth Management LLC

GeoWealth Management LLC increased its stake in EastGroup Properties, Inc. (NYSE:EGP) by 67.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 867 shares of the real estate investment trust’s stock after purchasing an additional 348 shares during the quarter. GeoWealth Management LLC’s holdings in EastGroup Properties were worth $139,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Tidal Investments LLC lifted its stake in shares of EastGroup Properties by 23.2% in the 3rd quarter. Tidal Investments LLC now owns 30,905 shares of the real estate investment trust’s stock worth $5,774,000 after acquiring an additional 5,811 shares during the period. Franklin Resources Inc. lifted its position in EastGroup Properties by 337.0% in the third quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock worth $8,728,000 after purchasing an additional 37,863 shares during the period. Legacy Wealth Management LLC MS bought a new position in EastGroup Properties during the 3rd quarter valued at $296,000. Versant Capital Management Inc increased its position in shares of EastGroup Properties by 18.7% during the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock valued at $97,000 after purchasing an additional 95 shares during the period. Finally, Nordea Investment Management AB raised its stake in shares of EastGroup Properties by 6.1% in the 4th quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust’s stock worth $11,667,000 after buying an additional 4,176 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on EGP. Raymond James set a $190.00 target price on EastGroup Properties and gave the stock a “strong-buy” rating in a report on Monday, April 14th. Morgan Stanley dropped their target price on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a report on Monday, December 30th. Deutsche Bank Aktiengesellschaft started coverage on shares of EastGroup Properties in a report on Tuesday, January 14th. They set a “buy” rating and a $180.00 target price for the company. Robert W. Baird upped their price target on EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Finally, Truist Financial raised EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research note on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, EastGroup Properties has an average rating of “Hold” and a consensus price target of $187.81.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $162.75 on Friday. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of 35.00, a P/E/G ratio of 3.35 and a beta of 0.94. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $192.61. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $171.37 and a 200 day simple moving average of $170.78.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.11 by $0.01. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The business had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. As a group, sell-side analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.44%. EastGroup Properties’s dividend payout ratio is currently 122.54%.

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.