Bridges Investment Management Inc. increased its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 93.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,331 shares of the real estate investment trust's stock after acquiring an additional 4,028 shares during the period. Bridges Investment Management Inc.'s holdings in EastGroup Properties were worth $1,468,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Citizens National Bank Trust Department purchased a new position in shares of EastGroup Properties in the first quarter worth about $26,000. Crowley Wealth Management Inc. acquired a new position in EastGroup Properties in the 4th quarter worth approximately $29,000. Mather Group LLC. raised its position in EastGroup Properties by 74.2% during the 1st quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock worth $64,000 after buying an additional 155 shares during the last quarter. Parallel Advisors LLC lifted its stake in EastGroup Properties by 387.4% during the 1st quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust's stock valued at $75,000 after acquiring an additional 337 shares during the period. Finally, Bessemer Group Inc. lifted its stake in EastGroup Properties by 31.9% during the 1st quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock valued at $79,000 after acquiring an additional 108 shares during the period. Institutional investors and hedge funds own 92.14% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on EGP. Wells Fargo & Company reduced their target price on shares of EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating for the company in a report on Monday, May 19th. Royal Bank Of Canada reduced their price objective on EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 29th. Evercore ISI boosted their price target on EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a report on Thursday, April 24th. Piper Sandler lowered their price objective on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Finally, Barclays cut their target price on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, EastGroup Properties currently has a consensus rating of "Moderate Buy" and an average price target of $188.00.
Check Out Our Latest Research Report on EGP
EastGroup Properties Price Performance
Shares of NYSE EGP traded up $1.13 during midday trading on Friday, hitting $167.87. The stock had a trading volume of 440,637 shares, compared to its average volume of 383,395. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.43. The stock has a 50 day simple moving average of $169.35 and a 200-day simple moving average of $169.27. The company has a market capitalization of $8.82 billion, a PE ratio of 36.73, a P/E/G ratio of 3.72 and a beta of 1.01. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $192.61.
EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $174.45 million during the quarter, compared to the consensus estimate of $169.67 million. During the same period in the prior year, the company earned $1.98 EPS. The firm's revenue was up 13.1% compared to the same quarter last year. On average, sell-side analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.
EastGroup Properties Dividend Announcement
The firm also recently disclosed 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. The ex-dividend date is Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.34%. EastGroup Properties's payout ratio is 122.54%.
EastGroup Properties Company Profile
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Free Report)
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.
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