Allianz Asset Management GmbH Invests $8.89 Million in EastGroup Properties, Inc. (NYSE:EGP)

Key Points

• Allianz Asset Management GmbH acquired 50,441 shares of EastGroup Properties, valued at about $8.9 million, increasing its ownership to 0.10% as disclosed in an SEC filing.
• EastGroup Properties reported a quarterly earnings of $2.21 EPS, slightly above the consensus estimate, with a net margin of 34.85% and an 11.4% revenue increase year-over-year.
• The company's recent quarterly dividend of $1.40 per share indicates a yield of 3.40%, despite a high payout ratio of 120.95%.

Allianz Asset Management GmbH acquired a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 50,441 shares of the real estate investment trust's stock, valued at approximately $8,885,000. Allianz Asset Management GmbH owned approximately 0.10% of EastGroup Properties as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. OneAscent Financial Services LLC boosted its stake in shares of EastGroup Properties by 76.8% during the first quarter. OneAscent Financial Services LLC now owns 4,298 shares of the real estate investment trust's stock valued at $760,000 after purchasing an additional 1,867 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of EastGroup Properties by 1.6% during the first quarter. Victory Capital Management Inc. now owns 9,421 shares of the real estate investment trust's stock valued at $1,660,000 after purchasing an additional 149 shares in the last quarter. Securian Asset Management Inc. boosted its stake in shares of EastGroup Properties by 5.7% during the first quarter. Securian Asset Management Inc. now owns 3,945 shares of the real estate investment trust's stock valued at $695,000 after purchasing an additional 212 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of EastGroup Properties by 6.6% during the first quarter. Louisiana State Employees Retirement System now owns 14,600 shares of the real estate investment trust's stock valued at $2,572,000 after purchasing an additional 900 shares in the last quarter. Finally, Mutual of America Capital Management LLC boosted its stake in shares of EastGroup Properties by 1.2% during the first quarter. Mutual of America Capital Management LLC now owns 38,073 shares of the real estate investment trust's stock valued at $6,707,000 after purchasing an additional 433 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

EGP has been the subject of several recent analyst reports. Piper Sandler lowered their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Wells Fargo & Company set a $215.00 target price on shares of EastGroup Properties and gave the company an "overweight" rating in a research note on Sunday, July 13th. Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Robert W. Baird decreased their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Finally, Royal Bank Of Canada decreased their price target on shares of EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating for the company in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, EastGroup Properties presently has a consensus rating of "Moderate Buy" and a consensus target price of $189.93.

EastGroup Properties Stock Down 0.4%

Shares of EGP stock traded down $0.70 during trading on Wednesday, reaching $164.80. The company's stock had a trading volume of 693,379 shares, compared to its average volume of 424,261. The stock's 50-day moving average price is $168.41 and its 200 day moving average price is $169.68. 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 capitalization of $8.79 billion, a price-to-earnings ratio of 35.59, a P/E/G ratio of 3.37 and a beta of 1.01. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.21.

EastGroup Properties (NYSE:EGP - Get Free Report) 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, beating the consensus estimate of $2.20 by $0.01. The business had revenue of $177.29 million during the quarter, compared to analysts' expectations of $175.80 million. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%. The business's quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.05 EPS. On average, research analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $1.40 per share. The ex-dividend date was Monday, June 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.40%. EastGroup Properties's dividend payout ratio is presently 120.95%.

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.