EastGroup Properties, Inc. $EGP Shares Purchased by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. increased its stake in EastGroup Properties by 128.6% in Q1, acquiring an additional 2,960 shares, bringing their total holdings to 5,262 shares valued at approximately $927,000.
• EastGroup Properties declared a quarterly dividend of $1.55, up from $1.40, with an annualized dividend of $6.20 and a dividend yield of 3.8%.
• Analysts set a consensus price target of $188.25 for EastGroup Properties, with recommendations ranging from "Strong Buy" to "Hold."

Advisors Asset Management Inc. grew its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 128.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,262 shares of the real estate investment trust's stock after purchasing an additional 2,960 shares during the period. Advisors Asset Management Inc.'s holdings in EastGroup Properties were worth $927,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. New York State Teachers Retirement System raised its stake in shares of EastGroup Properties by 0.9% during the first quarter. New York State Teachers Retirement System now owns 53,630 shares of the real estate investment trust's stock valued at $9,447,000 after purchasing an additional 500 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of EastGroup Properties by 211.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,237 shares of the real estate investment trust's stock valued at $748,000 after purchasing an additional 2,877 shares during the period. Bessemer Group Inc. raised its stake in shares of EastGroup Properties by 31.9% during the first quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock valued at $79,000 after purchasing an additional 108 shares during the period. OneDigital Investment Advisors LLC purchased a new stake in shares of EastGroup Properties during the first quarter valued at approximately $216,000. Finally, Envestnet Asset Management Inc. raised its stake in shares of EastGroup Properties by 5.8% during the first quarter. Envestnet Asset Management Inc. now owns 159,641 shares of the real estate investment trust's stock valued at $28,121,000 after purchasing an additional 8,701 shares during the period. Hedge funds and other institutional investors own 92.14% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on EGP shares. Evercore ISI lifted their price objective on shares of EastGroup Properties from $176.00 to $180.00 and gave the company an "in-line" rating in a research note on Monday. Morgan Stanley raised their price target on shares of EastGroup Properties from $170.00 to $178.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 9th. 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 research report on Tuesday, July 29th. Finally, Wells Fargo & Company set a $215.00 price target on shares of EastGroup Properties and gave the stock an "overweight" rating in a research report on Sunday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $188.25.

EastGroup Properties Stock Performance

EastGroup Properties stock traded down $0.14 during mid-day trading on Monday, reaching $166.81. The company's stock had a trading volume of 387,676 shares, compared to its average volume of 358,425. The firm has a market cap of $8.90 billion, a price-to-earnings ratio of 36.03, a PEG ratio of 3.40 and a beta of 1.01. The business has a 50 day moving average price of $165.44 and a 200-day moving average price of $167.83. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.43. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.21.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $2.21 EPS for the quarter, topping analysts' consensus estimates of $2.20 by $0.01. The firm 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 revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.05 earnings per share. EastGroup Properties has set its Q3 2025 guidance at 2.220-2.300 EPS. FY 2025 guidance at 8.890-9.030 EPS. Sell-side analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $1.55 dividend. This is a boost from EastGroup Properties's previous quarterly dividend of $1.40. This represents a $6.20 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 30th. EastGroup Properties's dividend payout ratio is presently 120.95%.

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.