EastGroup Properties, Inc. $EGP Shares Bought by Earnest Partners LLC

Key Points

• Earnest Partners LLC increased its stake in EastGroup Properties, acquiring an additional 9,487 shares, bringing its total to 357,625 shares valued at approximately $62.99 million.
• Analysts have issued mixed reports on EastGroup Properties, with Barclays lowering its price target to $182, while Wells Fargo set a target at $215, reflecting varied perceptions of the company's performance in the market.
• EastGroup Properties announced a dividend increase to $1.55 per share, marking an annualized dividend of $6.20 and a yield of 3.7%, with the next payment scheduled for October 15th.

Earnest Partners LLC raised its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 2.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 357,625 shares of the real estate investment trust's stock after buying an additional 9,487 shares during the quarter. Earnest Partners LLC owned about 0.68% of EastGroup Properties worth $62,996,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Citizens National Bank Trust Department purchased a new stake in shares of EastGroup Properties during the 1st quarter worth $26,000. Assetmark Inc. boosted its position in shares of EastGroup Properties by 1,035.7% during the 1st quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust's stock worth $28,000 after purchasing an additional 145 shares in the last quarter. Mather Group LLC. boosted its position in shares of 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 purchasing an additional 155 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of EastGroup Properties by 387.4% during the 1st quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust's stock worth $75,000 after purchasing an additional 337 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of EastGroup Properties by 31.9% during the 1st 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. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Stock Up 0.9%

NYSE EGP traded up $1.48 on Monday, reaching $169.82. The company had a trading volume of 347,683 shares, compared to its average volume of 325,197. The firm has a market capitalization of $9.06 billion, a PE ratio of 36.68, a P/E/G ratio of 3.45 and a beta of 1.01. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $192.21. The firm has a 50-day moving average of $166.03 and a 200-day moving average of $168.87. 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 (NYSE:EGP - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share for the quarter, topping analysts' consensus estimates 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%.EastGroup Properties's quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.05 EPS. EastGroup Properties has set its Q3 2025 guidance at 2.220-2.300 EPS. FY 2025 guidance at 8.890-9.030 EPS. On average, equities research analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.7%. This is a boost from EastGroup Properties's previous quarterly dividend of $1.40. The ex-dividend date is Tuesday, September 30th. EastGroup Properties's dividend payout ratio (DPR) is 133.91%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. 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 research report on Monday, May 5th. Raymond James Financial reiterated a "strong-buy" rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. Royal Bank Of Canada decreased their price objective on shares of EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating on the stock in a research report on Tuesday, July 29th. Wells Fargo & Company set a $215.00 price objective on shares of EastGroup Properties and gave the stock an "overweight" rating in a research report on Sunday, July 13th. Finally, Robert W. Baird decreased their price objective on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.