Azzad Asset Management Inc. ADV Takes Position in EastGroup Properties, Inc. (NYSE:EGP)

Azzad Asset Management Inc. ADV bought a new stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,187 shares of the real estate investment trust's stock, valued at approximately $385,000.

Several other institutional investors also recently made changes to their positions in EGP. Bar Harbor Wealth Management increased its holdings in shares of EastGroup Properties by 0.3% in the 1st quarter. Bar Harbor Wealth Management now owns 23,344 shares of the real estate investment trust's stock valued at $4,112,000 after purchasing an additional 66 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in EastGroup Properties by 9.3% in the first quarter. Handelsbanken Fonder AB now owns 190,158 shares of the real estate investment trust's stock valued at $33,496,000 after buying an additional 16,200 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of EastGroup Properties by 36.3% during the 1st quarter. GAMMA Investing LLC now owns 556 shares of the real estate investment trust's stock valued at $98,000 after acquiring an additional 148 shares during the period. Yousif Capital Management LLC lifted its position in shares of EastGroup Properties by 2.6% during the 1st quarter. Yousif Capital Management LLC now owns 19,440 shares of the real estate investment trust's stock valued at $3,424,000 after acquiring an additional 489 shares during the period. Finally, Tounjian Advisory Partners LLC purchased a new stake in shares of EastGroup Properties during the 1st quarter worth approximately $319,000. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on EGP shares. Barclays lowered their price target on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. Robert W. Baird cut their price target on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Royal Bank Of Canada decreased their price objective on shares of EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating on the stock in a research report on Tuesday, April 29th. Truist Financial dropped 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. Finally, Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $188.00.

EastGroup Properties Trading Up 0.2%

NYSE EGP traded up $0.35 during mid-day trading on Wednesday, reaching $170.91. 237,839 shares of the stock were exchanged, compared to its average volume of 375,836. The stock has a market capitalization of $8.98 billion, a PE ratio of 37.40, a PEG ratio of 3.76 and a beta of 1.02. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.12 and a current ratio of 0.12. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.61. The business's fifty day simple moving average is $166.24 and its 200 day simple moving average is $168.96.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, topping analysts' consensus estimates of $2.11 by $0.01. The company had revenue of $174.45 million for the quarter, compared to analyst estimates of $169.67 million. EastGroup Properties had a return on equity of 7.41% and a net margin of 34.60%. The business's revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.98 EPS. On average, research analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Monday, June 30th. EastGroup Properties's dividend payout ratio (DPR) is 122.54%.

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.