EastGroup Properties, Inc. $EGP Stock Holdings Trimmed by Eventide Asset Management LLC

Key Points

• Eventide Asset Management cut its EastGroup Properties stake by 3.3% in the fourth quarter, but still held 236,158 shares valued at about $42.1 million. Institutional investors remain heavily involved, with roughly 92.14% of the stock owned by hedge funds and other institutions.
• Several analysts raised price targets on EGP, and the stock currently carries a consensus rating of Moderate Buy with an average target price of $208.07. Recent upgrades came from KeyCorp, Morgan Stanley, Truist Financial, Wells Fargo, and RBC.
• EastGroup Properties reported better-than-expected quarterly earnings of $1.77 per share, while revenue rose 9.1% year over year. The company also announced a quarterly dividend of $1.55 per share, payable July 15, implying a 3.0% yield.

Eventide Asset Management LLC lessened its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 3.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 236,158 shares of the real estate investment trust's stock after selling 8,162 shares during the period. Eventide Asset Management LLC owned approximately 0.44% of EastGroup Properties worth $42,139,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Renaissance Group LLC grew its holdings in shares of EastGroup Properties by 3.9% in the 4th quarter. Renaissance Group LLC now owns 1,437 shares of the real estate investment trust's stock worth $256,000 after acquiring an additional 54 shares during the last quarter. Azzad Asset Management Inc. ADV grew its holdings in shares of EastGroup Properties by 2.6% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 2,423 shares of the real estate investment trust's stock worth $432,000 after acquiring an additional 62 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of EastGroup Properties by 1.9% in the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust's stock worth $613,000 after acquiring an additional 68 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of EastGroup Properties by 35.6% in the 4th quarter. Larson Financial Group LLC now owns 263 shares of the real estate investment trust's stock worth $47,000 after acquiring an additional 69 shares during the last quarter. Finally, Swiss Life Asset Management Ltd grew its holdings in shares of EastGroup Properties by 3.0% in the 4th quarter. Swiss Life Asset Management Ltd now owns 2,482 shares of the real estate investment trust's stock worth $442,000 after acquiring an additional 73 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at EastGroup Properties

In other EastGroup Properties news, Director David Michael Fields sold 504 shares of the business's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $195.77, for a total value of $98,668.08. Following the completion of the sale, the director owned 3,531 shares of the company's stock, valued at $691,263.87. The trade was a 12.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on EGP. KeyCorp lifted their target price on EastGroup Properties from $205.00 to $210.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. Morgan Stanley lifted their price target on EastGroup Properties from $215.00 to $231.00 and gave the company an "equal weight" rating in a report on Wednesday, May 27th. Truist Financial lifted their price target on EastGroup Properties from $205.00 to $215.00 and gave the company a "buy" rating in a report on Tuesday, May 5th. Wells Fargo & Company lifted their price target on EastGroup Properties from $213.00 to $221.00 and gave the company an "overweight" rating in a report on Monday, June 1st. Finally, Royal Bank Of Canada lifted their price target on EastGroup Properties from $195.00 to $208.00 and gave the company a "sector perform" rating in a report on Tuesday, April 28th. Ten equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $208.07.

EastGroup Properties Price Performance

EGP opened at $205.27 on Friday. The stock has a market cap of $11.04 billion, a price-to-earnings ratio of 37.32, a PEG ratio of 3.09 and a beta of 1.04. EastGroup Properties, Inc. has a 1 year low of $159.37 and a 1 year high of $207.72. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.45. The stock has a fifty day moving average price of $199.79 and a 200 day moving average price of $190.17.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share for the quarter, topping analysts' consensus estimates of $1.27 by $0.50. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.The company had revenue of $190.26 million during the quarter, compared to analysts' expectations of $193.84 million. During the same quarter in the previous year, the firm earned $2.15 earnings per share. The business's quarterly revenue was up 9.1% compared to the same quarter last year. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. Analysts forecast that EastGroup Properties, Inc. will post 9.57 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.0%. EastGroup Properties's payout ratio is currently 112.73%.

About EastGroup Properties

EastGroup Properties, Inc NYSE: EGP is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company's portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.

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