Boston Partners Has $211.76 Million Position in EastGroup Properties, Inc. (NYSE:EGP)

Key Points

• Boston Partners increased its stake in EastGroup Properties by 13.8%, purchasing an additional 146,230 shares, bringing its total holdings to approximately 1.2 million shares valued at $211.76 million.
• Institutional investors own 92.14% of EastGroup Properties, indicating strong confidence and support from major financial players.
• Shares of EastGroup Properties are currently trading at $164.31, with a recent quarterly earnings report showing an EPS of $2.21, slightly above analysts' expectations.

Boston Partners grew its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 13.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,202,462 shares of the real estate investment trust's stock after purchasing an additional 146,230 shares during the period. Boston Partners owned approximately 2.29% of EastGroup Properties worth $211,761,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of EGP. New York State Teachers Retirement System increased its stake in shares of EastGroup Properties by 0.9% in 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 buying an additional 500 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in EastGroup Properties by 211.5% in the 1st 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 acquiring an additional 2,877 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of EastGroup Properties by 31.9% in the first quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock worth $79,000 after acquiring an additional 108 shares during the last quarter. OneDigital Investment Advisors LLC bought a new position in shares of EastGroup Properties in the first quarter worth about $216,000. Finally, Envestnet Asset Management Inc. grew 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 last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company set a $215.00 price target on EastGroup Properties and gave the company an "overweight" rating in a research note on Sunday, July 13th. Robert W. Baird dropped their price objective on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Barclays reduced their target price on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 30th. Truist Financial dropped their price target on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Finally, Royal Bank Of Canada cut their price objective on shares of EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating on the stock in a report on Tuesday, July 29th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, EastGroup Properties has a consensus rating of "Moderate Buy" and a consensus target price of $189.31.

EastGroup Properties Trading Up 0.4%

Shares of EGP traded up $0.66 during trading hours on Friday, reaching $162.56. The stock had a trading volume of 467,063 shares, compared to its average volume of 412,550. The firm has a 50-day moving average of $166.98 and a 200 day moving average of $169.41. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.43. The company has a market cap of $8.67 billion, a P/E ratio of 35.11, a P/E/G ratio of 3.32 and a beta of 0.98. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.21.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.01. The company had revenue of $177.29 million during the quarter, compared to the consensus estimate of $175.80 million. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%. The company's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.05 earnings per share. On average, sell-side analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a $1.40 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.4%. EastGroup Properties's payout ratio is presently 120.95%.

EastGroup Properties Company 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.