Raymond James Financial Inc. Has $124.96 Million Position in EastGroup Properties, Inc. $EGP

Key Points

• Raymond James Financial Inc. has decreased its stake in EastGroup Properties by 2.5%, now holding approximately 1.35% of the company with 709,382 shares valued at about $124.96 million.
• Recent earnings reports indicated EastGroup Properties exceeded analysts' expectations with an EPS of $2.21, along with a year-over-year revenue rise of 11.4%.
• The company announced a quarterly dividend of $1.40 per share, translating to an annualized dividend yield of 3.5%, although its payout ratio is relatively high at 120.95%.

Raymond James Financial Inc. trimmed its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 2.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 709,382 shares of the real estate investment trust's stock after selling 18,118 shares during the period. Raymond James Financial Inc. owned 1.35% of EastGroup Properties worth $124,958,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in EGP. Nuveen LLC acquired a new position in EastGroup Properties during the first quarter worth $190,456,000. Principal Financial Group Inc. increased its holdings in EastGroup Properties by 234.7% during the first quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust's stock worth $215,267,000 after buying an additional 856,971 shares during the last quarter. Northern Trust Corp increased its holdings in EastGroup Properties by 91.3% during the fourth quarter. Northern Trust Corp now owns 811,196 shares of the real estate investment trust's stock worth $130,189,000 after buying an additional 387,134 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in EastGroup Properties during the first quarter worth $52,065,000. Finally, T. Rowe Price Investment Management Inc. boosted its position in EastGroup Properties by 24.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust's stock worth $226,888,000 after purchasing an additional 273,217 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

NYSE EGP traded up $5.6730 during trading on Friday, hitting $169.4530. 255,177 shares of the company's stock were exchanged, compared to its average volume of 379,792. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.43. The company has a market cap of $9.04 billion, a PE ratio of 36.60, a P/E/G ratio of 3.45 and a beta of 0.98. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $192.21. The stock's 50 day moving average price is $166.27 and its two-hundred day moving average price is $169.20.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 EPS 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 the consensus estimate of $175.80 million. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%.The business's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $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. Research analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Increases Dividend

The firm also recently announced 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 is an increase from EastGroup Properties's previous quarterly dividend of $1.40. This represents a $6.20 annualized dividend and a yield of 3.7%. EastGroup Properties's payout ratio is presently 120.95%.

Analysts Set New Price Targets

A number of research firms have commented on EGP. Barclays reduced their price objective on shares of 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. Wall Street Zen raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Wells Fargo & Company set a $215.00 target price on shares of EastGroup Properties and gave the company an "overweight" rating in a research report on Sunday, July 13th. Truist Financial reduced their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Finally, Robert W. Baird reduced their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average 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.