Raymond James Financial Inc. Sells 18,118 Shares of 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 stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 2.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 709,382 shares of the real estate investment trust's stock after selling 18,118 shares during the quarter. Raymond James Financial Inc. owned 1.35% of EastGroup Properties worth $124,958,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of EastGroup Properties by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 7,198,279 shares of the real estate investment trust's stock valued at $1,267,977,000 after purchasing an additional 207,329 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in EastGroup Properties by 24.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust's stock valued at $226,888,000 after buying an additional 273,217 shares during the period. Principal Financial Group Inc. boosted its position in EastGroup Properties by 234.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust's stock valued at $215,267,000 after buying an additional 856,971 shares during the period. Boston Partners lifted its position in shares of EastGroup Properties by 13.8% in the 1st quarter. Boston Partners now owns 1,202,462 shares of the real estate investment trust's stock worth $211,761,000 after purchasing an additional 146,230 shares during the period. Finally, Nuveen LLC bought a new position in shares of EastGroup Properties during the 1st quarter worth approximately $190,456,000. Institutional investors own 92.14% of the company's stock.

EastGroup Properties Price Performance

EastGroup Properties stock traded up $5.6730 during midday trading on Friday, hitting $169.4530. The company's stock had a trading volume of 255,177 shares, compared to its average volume of 390,143. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.43. The stock's 50-day moving average price is $166.27 and its 200-day moving average price is $169.25. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $192.21. The company has a market capitalization of $9.04 billion, a PE ratio of 36.60, a price-to-earnings-growth ratio of 3.33 and a beta of 0.98.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.01. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%.The firm had revenue of $177.29 million for the quarter, compared to the consensus estimate of $175.80 million. During the same quarter in the previous year, the company earned $2.05 EPS. The business's revenue for the quarter was up 11.4% compared to the same quarter last year. EastGroup Properties has set its Q3 2025 guidance at 2.220-2.300 EPS. FY 2025 guidance at 8.890-9.030 EPS. Analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal 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 $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.7%. This is a positive change from EastGroup Properties's previous quarterly dividend of $1.40. EastGroup Properties's dividend payout ratio is presently 120.95%.

Wall Street Analyst Weigh In

EGP has been the topic of a number of research reports. Wells Fargo & Company set a $215.00 price objective on shares of EastGroup Properties and gave the stock an "overweight" rating in a research note on Sunday, July 13th. Barclays lowered 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 note on Wednesday, April 30th. Wall Street Zen raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Raymond James Financial reissued a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Finally, Robert W. Baird lowered their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. One 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 stock. According to MarketBeat.com, EastGroup Properties has a consensus rating of "Moderate Buy" and an average price target of $189.31.

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.