T. Rowe Price Investment Management Inc. Sells 126,173 Shares of EastGroup Properties, Inc. $EGP

Key Points

• T. Rowe Price Investment Management Inc. reduced its stake in EastGroup Properties by 8.9%, selling 126,173 shares during the first quarter, leaving them with 1,287,543 shares valued at approximately $226.8 million.
• Several institutional investors have increased their positions in EastGroup Properties, with one firm, Assetmark Inc., boosting its stake by 1,035.7%.
• Wall Street analysts have mixed opinions on EastGroup Properties, with price targets ranging from $177.00 to $190.00, and an average rating of "Moderate Buy".

T. Rowe Price Investment Management Inc. lowered its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 8.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,287,543 shares of the real estate investment trust's stock after selling 126,173 shares during the period. T. Rowe Price Investment Management Inc. owned about 2.45% of EastGroup Properties worth $226,801,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. New York State Teachers Retirement System increased its holdings in EastGroup Properties by 0.9% in the first quarter. New York State Teachers Retirement System now owns 53,630 shares of the real estate investment trust's stock valued at $9,447,000 after purchasing an additional 500 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of EastGroup Properties by 211.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,237 shares of the real estate investment trust's stock valued at $748,000 after buying an additional 2,877 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of EastGroup Properties by 31.9% in the first quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock valued at $79,000 after buying an additional 108 shares during the period. OneDigital Investment Advisors LLC acquired a new stake in shares of EastGroup Properties in the first quarter valued at about $216,000. Finally, Envestnet Asset Management Inc. raised its position in shares of EastGroup Properties by 5.8% during the first quarter. Envestnet Asset Management Inc. now owns 159,641 shares of the real estate investment trust's stock worth $28,121,000 after acquiring an additional 8,701 shares during the last quarter. Institutional investors own 92.14% of the company's stock.

EastGroup Properties Stock Up 0.3%

Shares of NYSE EGP traded up $0.46 during trading on Tuesday, hitting $168.82. 82,966 shares of the company traded hands, compared to its average volume of 426,355. The firm has a market capitalization of $9.00 billion, a price-to-earnings ratio of 36.45, a P/E/G ratio of 3.45 and a beta of 0.98. The business's fifty day moving average is $166.23 and its 200 day moving average is $169.16. 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 fifty-two week low of $137.67 and a fifty-two week high of $192.21.

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, beating analysts' consensus estimates of $2.20 by $0.01. The business had revenue of $177.29 million during 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 was up 11.4% compared to the same quarter last year. During the same period in the previous year, the company posted $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. Equities research analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued 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 is presently 120.95%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Wells Fargo & Company set a $215.00 target price on EastGroup Properties and gave the company an "overweight" rating in a 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 report on Tuesday, July 29th. Truist Financial decreased their price objective 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. Robert W. Baird dropped their target price on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Finally, Barclays cut their price target on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 30th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, EastGroup Properties currently has a consensus rating of "Moderate Buy" and a consensus 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.