50,441 Shares in EastGroup Properties, Inc. (NYSE:EGP) Acquired by Allianz Asset Management GmbH

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 bought a new position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 50,441 shares of the real estate investment trust's stock, valued at approximately $8,885,000. Allianz Asset Management GmbH owned 0.10% of EastGroup Properties as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in EGP. Vanguard Group Inc. grew its holdings in EastGroup Properties by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust's stock worth $1,121,978,000 after acquiring an additional 72,199 shares in the last quarter. Cohen & Steers Inc. grew its holdings in EastGroup Properties by 141.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust's stock worth $458,347,000 after acquiring an additional 1,673,663 shares in the last quarter. FMR LLC boosted its holdings in shares of EastGroup Properties by 1.4% in the 4th quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust's stock valued at $253,496,000 after buying an additional 21,432 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of EastGroup Properties by 24.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust's stock valued at $226,888,000 after buying an additional 273,217 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of 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 valued at $215,267,000 after buying an additional 856,971 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Down 1.0%

Shares of NYSE EGP opened at $164.56 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.16 and a debt-to-equity ratio of 0.43. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.21. The firm has a 50-day moving average price of $168.78 and a 200 day moving average price of $169.62. The stock has a market capitalization of $8.78 billion, a price-to-earnings ratio of 35.54, a price-to-earnings-growth ratio of 3.62 and a beta of 1.01.

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 EPS for the quarter, beating the consensus estimate of $2.20 by $0.01. The firm had revenue of $177.29 million during the quarter, compared to analysts' expectations of $175.80 million. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The business's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.05 earnings per share. Equities research analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders 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 dividend on an annualized basis and a yield of 3.40%. EastGroup Properties's dividend payout ratio (DPR) is 120.95%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Evercore ISI upped their target price on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a report on Thursday, April 24th. Royal Bank Of Canada lowered their target price on shares of EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a report on Tuesday, April 29th. 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 report 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 report on Sunday, July 13th. Finally, Truist Financial lowered their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a report on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties presently has an average rating of "Moderate Buy" and an average price target of $190.00.

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.

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