Enclave Advisors LLC Decreases Stake in EastGroup Properties, Inc. (NYSE:EGP)

Enclave Advisors LLC lowered its position in EastGroup Properties, Inc. (NYSE:EGP) by 10.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 10,213 shares of the real estate investment trust’s stock after selling 1,179 shares during the period. Enclave Advisors LLC’s holdings in EastGroup Properties were worth $1,799,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. lifted its holdings in EastGroup Properties by 38.9% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 2,362 shares of the real estate investment trust’s stock valued at $416,000 after purchasing an additional 662 shares in the last quarter. Rhumbline Advisers boosted its position in shares of EastGroup Properties by 3.9% during the 1st quarter. Rhumbline Advisers now owns 157,664 shares of the real estate investment trust’s stock valued at $27,772,000 after acquiring an additional 5,869 shares during the last quarter. Rothschild Investment LLC acquired a new position in shares of EastGroup Properties during the 1st quarter valued at about $434,000. Parallel Advisors LLC boosted its position in shares of EastGroup Properties by 387.4% during the 1st quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust’s stock valued at $75,000 after acquiring an additional 337 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in EastGroup Properties by 23,904.7% during the first quarter. GAMMA Investing LLC now owns 97,939 shares of the real estate investment trust’s stock worth $17,252,000 after purchasing an additional 97,531 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on EGP shares. Truist Financial dropped their price target on shares of EastGroup Properties from $180.00 to $177.00 and set a “buy” rating for the company in a research note on Monday, May 5th. Robert W. Baird dropped their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an “outperform” rating for the company in a research note on Wednesday, May 7th. Royal Bank of Canada dropped their price target on shares of EastGroup Properties from $189.00 to $183.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 29th. Raymond James reissued a “strong-buy” rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Finally, Wells Fargo & Company dropped their price target on shares of EastGroup Properties from $199.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, May 19th. Seven 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 stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $188.00.

EastGroup Properties Stock Up 0.2%

Shares of NYSE:EGP opened at $168.72 on Friday. The company has a market capitalization of $8.86 billion, a price-to-earnings ratio of 36.28, a PEG ratio of 3.35 and a beta of 1.02. 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 50-day moving average price of $164.04 and a 200 day moving average price of $169.01. EastGroup Properties, Inc. has a 12-month low of $137.67 and a 12-month high of $192.61.

EastGroup Properties (NYSE:EGP) last released its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.01. The company had revenue of $174.45 million during the quarter, compared to the consensus estimate of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. EastGroup Properties’s revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.98 EPS. Sell-side analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend is Monday, June 30th. 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.