Castellan Group Has $3.12 Million Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Key Points

• Castellan Group reduced its holdings in EastGroup Properties, Inc. by 21.4% in Q1, selling 4,839 shares, while still owning 17,730 shares valued at approximately $3.12 million.
• EastGroup Properties recently reported a $2.21 EPS for the quarter, slightly exceeding analysts' expectations, with revenue of $177.29 million reflecting an 11.4% year-over-year increase.
• The company announced a quarterly dividend of $1.40, translating to an annualized yield of 3.5%, although it has a relatively high payout ratio of 120.95%.

Castellan Group cut its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 21.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,730 shares of the real estate investment trust's stock after selling 4,839 shares during the period. Castellan Group's holdings in EastGroup Properties were worth $3,123,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. LPL Financial LLC lifted its position in shares of EastGroup Properties by 15.8% during the fourth quarter. LPL Financial LLC now owns 13,294 shares of the real estate investment trust's stock worth $2,134,000 after purchasing an additional 1,810 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in EastGroup Properties by 1.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 15,551 shares of the real estate investment trust's stock valued at $2,496,000 after purchasing an additional 155 shares in the last quarter. California Public Employees Retirement System increased its position in shares of EastGroup Properties by 0.9% during the fourth quarter. California Public Employees Retirement System now owns 81,270 shares of the real estate investment trust's stock worth $13,043,000 after acquiring an additional 690 shares in the last quarter. Wellington Management Group LLP increased its position in shares of EastGroup Properties by 44.2% during the fourth quarter. Wellington Management Group LLP now owns 253,796 shares of the real estate investment trust's stock worth $40,732,000 after acquiring an additional 77,800 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of EastGroup Properties by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 914,532 shares of the real estate investment trust's stock worth $146,816,000 after acquiring an additional 15,313 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on EGP. Raymond James Financial reaffirmed a "strong-buy" rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. 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 research note on Wednesday, April 30th. Evercore ISI raised their target price on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research note on Thursday, April 24th. Robert W. Baird dropped their price objective on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Finally, Truist Financial decreased their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Seven investment 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 company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $189.31.

EastGroup Properties Trading Up 1.1%

NYSE:EGP traded up $1.78 during mid-day trading on Monday, hitting $163.75. 35,303 shares of the company's stock were exchanged, compared to its average volume of 438,320. The company has a 50 day simple moving average of $168.31 and a 200-day simple moving average of $169.80. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.43. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $192.21. The firm has a market capitalization of $8.73 billion, a P/E ratio of 35.36, a PEG ratio of 3.30 and a beta of 0.98.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.20 by $0.01. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The company had revenue of $177.29 million for the quarter, compared to analyst estimates of $175.80 million. During the same period in the prior year, the firm posted $2.05 EPS. The company's quarterly revenue was up 11.4% on a year-over-year basis. As a group, research analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

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

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.