Bridges Investment Management Inc. Grows Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Bridges Investment Management Inc. boosted its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 93.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,331 shares of the real estate investment trust's stock after buying an additional 4,028 shares during the quarter. Bridges Investment Management Inc.'s holdings in EastGroup Properties were worth $1,468,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of EGP. Proficio Capital Partners LLC purchased a new position in shares of EastGroup Properties in the fourth quarter valued at approximately $3,967,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of EastGroup Properties by 49.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,177 shares of the real estate investment trust's stock valued at $4,843,000 after purchasing an additional 10,027 shares during the period. Wealthfront Advisers LLC purchased a new position in shares of EastGroup Properties in the fourth quarter valued at approximately $1,946,000. EverSource Wealth Advisors LLC boosted its stake in shares of EastGroup Properties by 48.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,125 shares of the real estate investment trust's stock valued at $181,000 after purchasing an additional 366 shares during the period. Finally, Swiss National Bank boosted its stake in shares of EastGroup Properties by 2.0% in the fourth quarter. Swiss National Bank now owns 95,887 shares of the real estate investment trust's stock valued at $15,389,000 after purchasing an additional 1,900 shares during the period. Hedge funds and other institutional investors own 92.14% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on EGP shares. Wall Street Zen raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Piper Sandler reduced their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Raymond James Financial reissued a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Barclays cut their price objective on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. Finally, Wells Fargo & Company cut their price objective on shares of EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating on the stock in a report on Monday, May 19th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $188.00.

EastGroup Properties Stock Performance

EGP traded down $0.34 during trading on Thursday, hitting $166.50. The stock had a trading volume of 920,341 shares, compared to its average volume of 382,601. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $8.74 billion, a P/E ratio of 36.43, a PEG ratio of 3.72 and a beta of 1.01. The company's 50-day moving average price is $169.28 and its 200 day moving average price is $169.09. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.61.

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

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 3.36%. 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.