Deutsche Bank AG Boosts Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Key Points

• Deutsche Bank AG increased its holdings in EastGroup Properties by 46.1% during Q1, owning approximately 1.34% of the company valued at $124.33 million after purchasing an additional 222,675 shares.
• EastGroup Properties reported $2.21 earnings per share, exceeding expectations, with a year-over-year revenue increase of 11.4% to $177.29 million for the quarter.
• The company's quarterly dividend was declared at $1.40 per share, giving an annual yield of 3.5%, despite a dividend payout ratio of 120.95%.

Deutsche Bank AG grew its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 46.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 705,834 shares of the real estate investment trust's stock after purchasing an additional 222,675 shares during the period. Deutsche Bank AG owned approximately 1.34% of EastGroup Properties worth $124,333,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. LPL Financial LLC raised its holdings in EastGroup Properties by 15.8% in the fourth quarter. LPL Financial LLC now owns 13,294 shares of the real estate investment trust's stock worth $2,134,000 after buying an additional 1,810 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in EastGroup Properties by 0.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 150,940 shares of the real estate investment trust's stock worth $24,224,000 after buying an additional 536 shares during the last quarter. FMR LLC raised its holdings in EastGroup Properties by 1.4% in the fourth quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust's stock worth $253,496,000 after buying an additional 21,432 shares during the last quarter. Bank of Montreal Can raised its holdings in EastGroup Properties by 676.0% in the fourth quarter. Bank of Montreal Can now owns 101,349 shares of the real estate investment trust's stock worth $16,266,000 after buying an additional 88,288 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in EastGroup Properties by 0.8% in the fourth quarter. Invesco Ltd. now owns 521,377 shares of the real estate investment trust's stock worth $83,676,000 after buying an additional 3,981 shares during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Performance

NYSE EGP traded up $2.29 during trading on Tuesday, reaching $161.75. 214,845 shares of the company's stock were exchanged, compared to its average volume of 456,108. The business has a 50 day moving average price of $167.38 and a 200-day moving average price of $169.56. The stock has a market capitalization of $8.63 billion, a P/E ratio of 34.93, a PEG ratio of 3.25 and a beta of 0.98. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.16 and a quick ratio of 0.16. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $192.21.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.01. The firm had revenue of $177.29 million during the quarter, compared to analysts' expectations of $175.80 million. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%. The company's quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.05 earnings per share. Sell-side analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, June 30th. EastGroup Properties's payout ratio is currently 120.95%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on EGP shares. Robert W. Baird dropped their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Raymond James Financial reissued a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Piper Sandler cut their price target on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Finally, Royal Bank Of Canada dropped their price target on shares of EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating on the stock in a research note on Tuesday, July 29th. Seven investment 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 MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $189.31.

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.