Virtu Financial LLC Increases Position in EastGroup Properties, Inc. (NYSE:EGP)

Key Points

• Virtu Financial LLC has significantly increased its position in EastGroup Properties, acquiring shares worth approximately $1.1 million, reflecting a rise of 268.7% in the first quarter.
• Several institutional investors also increased their holdings in EastGroup Properties, with 92.14% of the company's stock now owned by institutional investors and hedge funds.
• Research firms have issued mixed ratings on EastGroup Properties, with an average target price of $189.31 and seven analysts providing a "hold" rating, while others have given "buy" and "strong buy" ratings.

Virtu Financial LLC raised its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 268.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,271 shares of the real estate investment trust's stock after acquiring an additional 4,570 shares during the quarter. Virtu Financial LLC's holdings in EastGroup Properties were worth $1,105,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of EGP. LPL Financial LLC raised its holdings in EastGroup Properties by 15.8% during the fourth quarter. LPL Financial LLC now owns 13,294 shares of the real estate investment trust's stock valued at $2,134,000 after acquiring an additional 1,810 shares during the period. Envestnet Asset Management Inc. raised its holdings in EastGroup Properties by 0.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 150,940 shares of the real estate investment trust's stock valued at $24,224,000 after acquiring an additional 536 shares during the period. Invesco Ltd. raised its holdings in EastGroup Properties by 0.8% during the fourth quarter. Invesco Ltd. now owns 521,377 shares of the real estate investment trust's stock valued at $83,676,000 after acquiring an additional 3,981 shares during the period. Treasurer of the State of North Carolina raised its holdings in EastGroup Properties by 2.2% during the fourth quarter. Treasurer of the State of North Carolina now owns 21,594 shares of the real estate investment trust's stock valued at $3,466,000 after acquiring an additional 470 shares during the period. Finally, Barclays PLC raised its holdings in EastGroup Properties by 92.1% during the fourth quarter. Barclays PLC now owns 61,581 shares of the real estate investment trust's stock valued at $9,883,000 after acquiring an additional 29,521 shares during the period. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Trading Up 0.4%

NYSE EGP traded up $0.66 during trading hours on Friday, hitting $162.56. 467,063 shares of the company were exchanged, compared to its average volume of 412,550. The stock has a 50-day moving average price of $166.98 and a 200 day moving average price of $169.41. The company has a quick ratio of 0.16, a current 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 stock has a market cap of $8.67 billion, a PE ratio of 35.11, a price-to-earnings-growth ratio of 3.30 and a beta of 0.98.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share 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 company had revenue of $177.29 million for the quarter, compared to analysts' expectations of $175.80 million. During the same period in the previous year, the firm posted $2.05 earnings per share. The firm's revenue for the quarter was up 11.4% on a year-over-year basis. Analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Monday, June 30th. EastGroup Properties's payout ratio is presently 120.95%.

Wall Street Analysts Forecast Growth

EGP has been the topic of a number of recent analyst reports. Royal Bank Of Canada decreased their price target on EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating on the stock in a report on Tuesday, July 29th. Evercore ISI lifted their target price on EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a report on Thursday, April 24th. Truist Financial reduced their target price on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Wells Fargo & Company set a $215.00 target price on EastGroup Properties and gave the stock an "overweight" rating in a report on Sunday, July 13th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.