Bamco Inc. NY bought a new stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 67,985 shares of the real estate investment trust's stock, valued at approximately $13,769,000. Bamco Inc. NY owned approximately 0.13% of EastGroup Properties at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. State of Wyoming acquired a new position in EastGroup Properties in the second quarter worth approximately $27,000. Glen Eagle Advisors LLC lifted its stake in EastGroup Properties by 96.3% in the first quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 104 shares during the last quarter. Parallel Advisors LLC lifted its stake in EastGroup Properties by 53.5% in the third quarter. Parallel Advisors LLC now owns 244 shares of the real estate investment trust's stock valued at $41,000 after acquiring an additional 85 shares during the last quarter. Clearstead Advisors LLC grew its position in EastGroup Properties by 114.9% in the fourth quarter. Clearstead Advisors LLC now owns 260 shares of the real estate investment trust's stock worth $46,000 after acquiring an additional 139 shares in the last quarter. Finally, Avalon Trust Co bought a new stake in EastGroup Properties in the first quarter worth approximately $46,000. 92.14% of the stock is owned by institutional investors and hedge funds.
EastGroup Properties Price Performance
NYSE EGP opened at $200.03 on Friday. EastGroup Properties, Inc. has a twelve month low of $163.10 and a twelve month high of $226.71. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.16 and a current ratio of 0.16. The stock has a market capitalization of $10.76 billion, a PE ratio of 35.09, a P/E/G ratio of 2.92 and a beta of 1.02. The stock has a 50-day simple moving average of $207.62 and a 200 day simple moving average of $199.85.
EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.40 EPS for the quarter, topping the consensus estimate of $1.31 by $0.09. EastGroup Properties had a return on equity of 8.61% and a net margin of 40.47%.The company had revenue of $193.33 million for the quarter, compared to the consensus estimate of $193.61 million. During the same period in the previous year, the business posted $2.21 EPS. The company's revenue for the quarter was up 9.0% on a year-over-year basis. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. Research analysts anticipate that EastGroup Properties, Inc. will post 9.6 EPS for the current year.
EastGroup Properties Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a yield of 3.5%. This is an increase from EastGroup Properties's previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, September 30th. EastGroup Properties's payout ratio is presently 108.77%.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. Citigroup raised their target price on EastGroup Properties from $235.00 to $250.00 and gave the company a "buy" rating in a report on Friday, July 24th. Robert W. Baird set a $221.00 price target on EastGroup Properties in a research note on Friday, July 31st. JPMorgan Chase & Co. increased their price objective on EastGroup Properties from $210.00 to $231.00 and gave the company a "neutral" rating in a report on Friday, July 24th. KeyCorp raised their price objective on EastGroup Properties from $210.00 to $220.00 and gave the company an "overweight" rating in a research note on Monday, July 13th. Finally, BTIG Research boosted their target price on EastGroup Properties from $218.00 to $235.00 and gave the stock a "buy" rating in a report on Wednesday, July 1st. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $221.11.
Check Out Our Latest Analysis on EGP
Insider Transactions at EastGroup Properties
In related news, Director David Michael Fields sold 504 shares of the business's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $195.77, for a total transaction of $98,668.08. Following the transaction, the director owned 3,531 shares of the company's stock, valued at approximately $691,263.87. The trade was a 12.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.00% of the company's stock.
About EastGroup Properties
(
Free Report)
EastGroup Properties, Inc NYSE: EGP is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company's portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.
Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.
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