Eventide Asset Management LLC Increases Stock Position in EastGroup Properties, Inc. $EGP

Key Points

• Eventide Asset Management LLC increased its holdings in EastGroup Properties by 20.9% during the first quarter, now owning 234,700 shares valued at approximately $41.34 million.
• EastGroup Properties announced a quarterly dividend of $1.55 per share, raising the annualized dividend to $6.20 with a yield of 3.7%.
• Analysts have a consensus rating of "Moderate Buy" for EastGroup Properties, with an average price target of $189.31, reflecting mixed outlooks from several financial institutions.

Eventide Asset Management LLC lifted its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 20.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 234,700 shares of the real estate investment trust's stock after acquiring an additional 40,509 shares during the period. Eventide Asset Management LLC owned approximately 0.45% of EastGroup Properties worth $41,344,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in EGP. Ameriprise Financial Inc. grew its position in EastGroup Properties by 2.6% in the 4th quarter. Ameriprise Financial Inc. now owns 76,182 shares of the real estate investment trust's stock worth $12,232,000 after purchasing an additional 1,964 shares during the period. Bank of America Corp DE grew its position in EastGroup Properties by 8.6% in the 4th quarter. Bank of America Corp DE now owns 442,067 shares of the real estate investment trust's stock worth $70,947,000 after purchasing an additional 34,900 shares during the period. Captrust Financial Advisors grew its position in EastGroup Properties by 1.4% in the 4th quarter. Captrust Financial Advisors now owns 8,394 shares of the real estate investment trust's stock worth $1,347,000 after purchasing an additional 112 shares during the period. Cetera Investment Advisers grew its position in EastGroup Properties by 4.0% in the 4th quarter. Cetera Investment Advisers now owns 3,082 shares of the real estate investment trust's stock worth $495,000 after purchasing an additional 119 shares during the period. Finally, DigitalBridge Group Inc. grew its position in EastGroup Properties by 8.8% in the 4th quarter. DigitalBridge Group Inc. now owns 53,813 shares of the real estate investment trust's stock worth $8,636,000 after purchasing an additional 4,350 shares during the period. Institutional investors own 92.14% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on EGP. Wells Fargo & Company set a $215.00 target price on shares of EastGroup Properties and gave the stock an "overweight" rating in a research report on Sunday, July 13th. 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. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, EastGroup Properties has an average rating of "Moderate Buy" and a consensus price target of $188.42.

EastGroup Properties Price Performance

Shares of EGP traded down $1.43 during trading hours on Monday, reaching $166.74. 657,684 shares of the stock traded hands, compared to its average volume of 428,680. 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 52-week low of $137.67 and a 52-week high of $192.21. The company's 50-day moving average price is $165.75 and its two-hundred day moving average price is $168.44. The company has a market cap of $8.89 billion, a P/E ratio of 36.01, a price-to-earnings-growth ratio of 3.42 and a beta of 1.01.

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, 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 analysts' expectations of $175.80 million. During the same quarter in the previous year, the company earned $2.05 EPS. EastGroup Properties's revenue for the quarter was up 11.4% on a year-over-year basis. 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, analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently announced 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 is a positive change from EastGroup Properties's previous quarterly dividend of $1.40. The ex-dividend date is Tuesday, September 30th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.7%. EastGroup Properties's dividend payout ratio is presently 120.95%.

EastGroup Properties Company 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.