Kera Capital Partners Inc. purchased a new position in shares of EastGroup Properties, Inc. (NYSE:EGP – Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,484 shares of the real estate investment trust’s stock, valued at approximately $238,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Cerity Partners LLC grew its stake in EastGroup Properties by 35.6% in the third quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust’s stock valued at $2,545,000 after acquiring an additional 3,574 shares during the period. Ausbil Investment Management Ltd grew its position in shares of EastGroup Properties by 261.6% in the 3rd quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust’s stock valued at $1,259,000 after purchasing an additional 4,874 shares during the period. Franklin Resources Inc. increased 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 worth $8,728,000 after purchasing an additional 37,863 shares in the last quarter. Nordea Investment Management AB lifted its stake in EastGroup Properties by 6.1% in the fourth quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust’s stock valued at $11,667,000 after buying an additional 4,176 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of EastGroup Properties in the third quarter valued at approximately $1,223,000. Institutional investors and hedge funds own 92.14% of the company’s stock.
Analyst Ratings Changes
Several equities research analysts recently commented on the stock. Wells Fargo & Company cut their price objective on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Wedbush reiterated an “outperform” rating and set a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. StockNews.com cut EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Truist Financial decreased their price target on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and increased their target price for the stock from $174.00 to $194.00 in a report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, EastGroup Properties presently has a consensus rating of “Moderate Buy” and an average price target of $190.88.
EastGroup Properties Trading Down 1.8 %
Shares of EGP opened at $161.35 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08. EastGroup Properties, Inc. has a 52-week low of $155.10 and a 52-week high of $192.61. The firm has a market cap of $7.99 billion, a price-to-earnings ratio of 33.34, a PEG ratio of 1.88 and a beta of 1.00. The business’s fifty day moving average is $166.46 and its 200-day moving average is $176.83.
EastGroup Properties (NYSE:EGP – Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to the consensus estimate of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.95 earnings per share. Equities analysts anticipate that EastGroup Properties, Inc. will post 8.34 EPS for the current fiscal year.
EastGroup Properties Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $1.40 per share. The ex-dividend date was Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.47%. EastGroup Properties’s dividend payout ratio (DPR) is 115.70%.
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.
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