EastGroup Properties, Inc. $EGP Shares Acquired by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC increased its holdings in EastGroup Properties by 68.3%, owning approximately 49,327 shares worth $8.69 million as of the latest SEC filing.
• EastGroup Properties has announced a quarterly dividend of $1.55 per share, marking an increase from the previous dividend of $1.40, and a yield of 3.7%.
• Analysts have varying opinions on EastGroup Properties, with target price adjustments leading to an average target price of $189.31 and a consensus rating of "Moderate Buy."

MetLife Investment Management LLC lifted its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 68.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,327 shares of the real estate investment trust's stock after buying an additional 20,020 shares during the quarter. MetLife Investment Management LLC owned approximately 0.09% of EastGroup Properties worth $8,689,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in EGP. Citizens National Bank Trust Department acquired a new position in shares of EastGroup Properties during the 1st quarter worth approximately $26,000. Assetmark Inc. raised its stake 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 buying an additional 145 shares during the period. Mather Group LLC. raised its stake 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 buying an additional 155 shares during the period. Parallel Advisors LLC raised its stake 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 buying an additional 337 shares during the period. Finally, Bessemer Group Inc. raised its stake 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 buying an additional 108 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Royal Bank Of Canada reduced their target price on EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating for the company in a research note on Tuesday, July 29th. Wells Fargo & Company set a $215.00 price target on EastGroup Properties and gave the stock an "overweight" rating in a research report on Sunday, July 13th. Truist Financial dropped their price target on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Barclays dropped their price target on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th. Finally, Robert W. Baird dropped their price target on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $189.31.

EastGroup Properties Stock Down 0.6%

Shares of EGP opened at $167.34 on Wednesday. The stock has a 50 day moving average price of $166.17 and a 200 day moving average price of $169.14. The stock has a market capitalization of $8.92 billion, a price-to-earnings ratio of 36.14, a PEG ratio of 3.43 and a beta of 0.98. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.16 and a current ratio of 0.16. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.21.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings data 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 company had revenue of $177.29 million for the quarter, compared to analyst estimates of $175.80 million. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%.The firm's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.05 earnings per share. EastGroup Properties has set its Q3 2025 guidance at 2.220-2.300 EPS. FY 2025 guidance at 8.890-9.030 EPS. Equities research analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.7%. This is an increase from EastGroup Properties's previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Tuesday, September 30th. EastGroup Properties's dividend payout ratio is presently 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.

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