EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. trimmed its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 85.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,771 shares of the real estate investment trust’s stock after selling 110,000 shares during the quarter. Adage Capital Partners GP L.L.C.’s holdings in EastGroup Properties were worth $3,013,000 at the end of the most recent quarter.

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

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $163.17 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The business’s fifty day moving average price is $170.39 and its two-hundred day moving average price is $170.44. The stock has a market cap of $8.57 billion, a PE ratio of 35.09, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.61.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $169.67 million. During the same quarter last year, the company earned $1.98 earnings per share. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $1.40 per share. The ex-dividend date was Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.43%. EastGroup Properties’s dividend payout ratio (DPR) is currently 122.54%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Piper Sandler decreased their price target on EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Truist Financial raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Thursday, April 10th. Robert W. Baird raised their price objective on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Raymond James set a $190.00 target price on EastGroup Properties and gave the stock a “strong-buy” rating in a research report on Monday, April 14th. Finally, StockNews.com raised EastGroup Properties from a “sell” rating to a “hold” rating in a report on Sunday. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $187.63.

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.