Concurrent Investment Advisors LLC Acquires New Position in EastGroup Properties, Inc. (NYSE:EGP)

Concurrent Investment Advisors LLC acquired a new stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,384 shares of the real estate investment trust's stock, valued at approximately $420,000.

A number of other institutional investors have also bought and sold shares of the business. Bar Harbor Wealth Management lifted its position in EastGroup Properties by 0.3% during the first quarter. Bar Harbor Wealth Management now owns 23,344 shares of the real estate investment trust's stock worth $4,112,000 after buying an additional 66 shares in the last quarter. Optas LLC raised its holdings in shares of EastGroup Properties by 5.1% during the 1st quarter. Optas LLC now owns 1,397 shares of the real estate investment trust's stock worth $246,000 after acquiring an additional 68 shares during the period. KBC Group NV raised its holdings in shares of EastGroup Properties by 3.5% during the 1st quarter. KBC Group NV now owns 2,058 shares of the real estate investment trust's stock worth $363,000 after acquiring an additional 69 shares during the period. Moran Wealth Management LLC raised its holdings in shares of EastGroup Properties by 1.1% during the 1st quarter. Moran Wealth Management LLC now owns 6,521 shares of the real estate investment trust's stock worth $1,149,000 after acquiring an additional 73 shares during the period. Finally, Cyndeo Wealth Partners LLC raised its holdings in shares of EastGroup Properties by 3.6% during the 1st quarter. Cyndeo Wealth Partners LLC now owns 2,264 shares of the real estate investment trust's stock worth $399,000 after acquiring an additional 78 shares during the period. 92.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on EGP shares. Raymond James Financial reiterated a "strong-buy" rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. Evercore ISI lifted their target price 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 cut their price target on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Robert W. Baird cut their price target on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Finally, Wall Street Zen upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $188.00.

EastGroup Properties Stock Performance

NYSE EGP opened at $166.50 on Friday. 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 52-week low of $137.67 and a 52-week high of $192.61. The business's 50-day moving average price is $169.33 and its 200 day moving average price is $169.13. The firm has a market cap of $8.74 billion, a P/E ratio of 36.43, a P/E/G ratio of 3.69 and a beta of 1.01.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $169.67 million. During the same quarter last year, the company posted $1.98 earnings per share. The business's revenue was up 13.1% on a year-over-year basis. On average, equities research analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend is Monday, June 30th. EastGroup Properties's dividend payout ratio is currently 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.

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