Allianz Asset Management GmbH Buys 195 Shares of EastGroup Properties, Inc. $EGP

Allianz Asset Management GmbH increased its position in EastGroup Properties, Inc. (NYSE:EGP) by 0.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,636 shares of the real estate investment trust’s stock after acquiring an additional 195 shares during the quarter. Allianz Asset Management GmbH owned about 0.09% of EastGroup Properties worth $8,462,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in EastGroup Properties by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 7,198,279 shares of the real estate investment trust’s stock worth $1,267,977,000 after buying an additional 207,329 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in EastGroup Properties by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,318,090 shares of the real estate investment trust’s stock worth $232,184,000 after buying an additional 342,620 shares in the last quarter. Principal Financial Group Inc. increased its stake in EastGroup Properties by 234.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust’s stock worth $215,267,000 after buying an additional 856,971 shares in the last quarter. Boston Partners increased its stake in EastGroup Properties by 13.8% in the 1st quarter. Boston Partners now owns 1,202,462 shares of the real estate investment trust’s stock worth $211,761,000 after buying an additional 146,230 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in EastGroup Properties in the 1st quarter worth $190,456,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Down 1.3%

Shares of NYSE EGP opened at $180.29 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.16 and a quick ratio of 0.16. The company has a market cap of $9.61 billion, a P/E ratio of 38.94, a PEG ratio of 3.72 and a beta of 1.02. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $188.89. The firm has a 50-day simple moving average of $168.65 and a two-hundred day simple moving average of $166.58.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.01. The business had revenue of $177.29 million during the quarter, compared to the consensus estimate of $175.80 million. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The firm’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.05 earnings per share. Research analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $1.55 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.40. This represents a $6.20 annualized dividend and a yield of 3.4%. EastGroup Properties’s payout ratio is 133.91%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on EGP. Cantor Fitzgerald began coverage on EastGroup Properties in a research report on Wednesday, October 1st. They set an “overweight” rating and a $190.00 price objective for the company. Evercore ISI cut their price objective on EastGroup Properties from $180.00 to $179.00 and set an “in-line” rating for the company in a research report on Monday, October 6th. Morgan Stanley raised their price objective on EastGroup Properties from $170.00 to $178.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 9th. Wells Fargo & Company set a $215.00 price objective on EastGroup Properties and gave the company an “overweight” rating in a research report on Sunday, July 13th. Finally, Royal Bank Of Canada cut their price objective on EastGroup Properties from $183.00 to $182.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties has a consensus rating of “Moderate Buy” and a consensus target price of $188.31.

EastGroup Properties Company 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.