Bridges Investment Management Inc. Acquires 4,028 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Bridges Investment Management Inc. increased its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 93.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. 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 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. New York State Teachers Retirement System raised its position in shares of EastGroup Properties by 0.9% during the first quarter. New York State Teachers Retirement System now owns 53,630 shares of the real estate investment trust's stock worth $9,447,000 after acquiring an additional 500 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in EastGroup Properties by 211.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,237 shares of the real estate investment trust's stock worth $748,000 after purchasing an additional 2,877 shares in the last quarter. Bessemer Group Inc. increased its holdings in 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 purchasing an additional 108 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in EastGroup Properties by 6.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,800 shares of the real estate investment trust's stock worth $317,000 after purchasing an additional 116 shares in the last quarter. Finally, Osterweis Capital Management Inc. increased its holdings in shares of EastGroup Properties by 2.2% during the fourth quarter. Osterweis Capital Management Inc. now owns 209,820 shares of the real estate investment trust's stock valued at $33,674,000 after acquiring an additional 4,484 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on EGP. Robert W. Baird cut their price objective on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Wall Street Zen upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Royal Bank Of Canada reduced their price objective on 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. Piper Sandler reduced 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 reduced their price objective on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 30th. Seven 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. Based on data from MarketBeat.com, EastGroup Properties has a consensus rating of "Moderate Buy" and an average target price of $188.00.

EastGroup Properties Trading Up 0.5%

EGP stock traded up $0.84 during mid-day trading on Friday, hitting $167.58. 202,956 shares of the company were exchanged, compared to its average volume of 381,912. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.43. EastGroup Properties, Inc. has a 12-month low of $137.67 and a 12-month high of $192.61. The business has a fifty day simple moving average of $169.33 and a 200-day simple moving average of $169.13. The firm has a market capitalization of $8.80 billion, a P/E ratio of 36.67, a PEG ratio of 3.69 and a beta of 1.01.

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

EastGroup Properties Announces Dividend

The business 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 dividend of $1.40 per share. The ex-dividend date is Monday, June 30th. This represents a $5.60 annualized dividend and a yield of 3.34%. EastGroup Properties's dividend payout ratio (DPR) is presently 122.54%.

About EastGroup Properties

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.