Asset Management One Co. Ltd. Reduces Stock Position in EastGroup Properties, Inc. $EGP

Key Points

• Asset Management One Co. Ltd. has reduced its stock position in EastGroup Properties by 2.1%, holding 101,363 shares worth approximately $16.94 million after selling 2,206 shares during the second quarter.
• The company announced a quarterly dividend of $1.55 per share, reflecting a positive increase from its previous quarterly dividend of $1.40 and a current dividend yield of 3.5%.
• Wall Street analysts have a consensus rating of "Moderate Buy" for EastGroup Properties, with an average target price of $186.58 and several analysts providing varying price objectives.

Asset Management One Co. Ltd. lessened its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 2.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 101,363 shares of the real estate investment trust's stock after selling 2,206 shares during the quarter. Asset Management One Co. Ltd. owned approximately 0.19% of EastGroup Properties worth $16,940,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of EGP. Citizens National Bank Trust Department purchased a new position in EastGroup Properties in the first quarter valued at $26,000. Assetmark Inc. increased its holdings in EastGroup Properties by 1,035.7% in the first quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust's stock valued at $28,000 after buying an additional 145 shares during the last quarter. Mather Group LLC. increased its holdings in EastGroup Properties by 74.2% in the first quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock valued at $64,000 after buying an additional 155 shares during the last quarter. Bessemer Group Inc. increased its holdings in EastGroup Properties by 31.9% in the first quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock valued at $79,000 after buying an additional 108 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in EastGroup Properties by 36.3% in the first quarter. GAMMA Investing LLC now owns 556 shares of the real estate investment trust's stock valued at $98,000 after buying an additional 148 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Weiss Ratings reissued a "hold (c)" rating on shares of EastGroup Properties in a report on Wednesday, October 8th. Wells Fargo & Company set a $215.00 price objective on EastGroup Properties and gave the stock an "overweight" rating in a report on Sunday, July 13th. Cantor Fitzgerald started coverage on EastGroup Properties in a report on Wednesday, October 1st. They set an "overweight" rating and a $190.00 price objective on the stock. Morgan Stanley raised their price objective on EastGroup Properties from $170.00 to $178.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 9th. Finally, Evercore ISI dropped their price objective on EastGroup Properties from $180.00 to $179.00 and set an "in-line" rating on the stock in a report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, EastGroup Properties presently has a consensus rating of "Moderate Buy" and an average target price of $186.58.

EastGroup Properties Price Performance

Shares of EGP opened at $177.48 on Friday. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $188.89. The company has a market capitalization of $9.46 billion, a price-to-earnings ratio of 37.29, a price-to-earnings-growth ratio of 3.61 and a beta of 1.02. The firm has a 50-day simple moving average of $169.62 and a 200-day simple moving average of $167.24. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.16 and a current ratio of 0.16.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its earnings results on Thursday, October 23rd. The real estate investment trust reported $2.27 earnings per share for the quarter, missing the consensus estimate of $2.28 by ($0.01). EastGroup Properties had a return on equity of 7.36% and a net margin of 35.58%.The business had revenue of $182.14 million for the quarter, compared to analyst estimates of $181.88 million. During the same quarter last year, the company posted $2.13 EPS. EastGroup Properties's quarterly revenue was up 11.8% on a year-over-year basis. EastGroup Properties has set its FY 2025 guidance at 8.940-8.980 EPS. Q4 2025 guidance at 2.300-2.340 EPS. On average, equities research analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.5%. This is a positive change from EastGroup Properties's previous quarterly dividend of $1.40. The ex-dividend date was Tuesday, September 30th. EastGroup Properties's payout ratio is currently 130.25%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.