Centersquare Investment Management LLC Has $9.82 Million Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Key Points

• Centersquare Investment Management LLC significantly reduced its stake in EastGroup Properties, selling 405,811 shares to own 55,722 shares, which reflects an 87.9% decrease in their investment during the first quarter.
• EastGroup Properties recently reported earnings per share of $2.21 for the last quarter, slightly surpassing analysts' expectations, with a revenue increase of 11.4% year-over-year.
• The real estate investment trust announced a quarterly dividend of $1.40 per share, resulting in a 3.4% yield and reflecting a dividend payout ratio of 120.95%.

Centersquare Investment Management LLC lowered its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 87.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,722 shares of the real estate investment trust's stock after selling 405,811 shares during the period. Centersquare Investment Management LLC owned 0.11% of EastGroup Properties worth $9,815,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bar Harbor Wealth Management increased its holdings in shares of EastGroup Properties by 0.3% in the first quarter. Bar Harbor Wealth Management now owns 23,344 shares of the real estate investment trust's stock valued at $4,112,000 after purchasing an additional 66 shares in the last quarter. Optas LLC grew its holdings in EastGroup Properties by 5.1% during the 1st quarter. Optas LLC now owns 1,397 shares of the real estate investment trust's stock worth $246,000 after acquiring an additional 68 shares during the period. KBC Group NV grew its holdings in EastGroup Properties by 3.5% during the 1st quarter. KBC Group NV now owns 2,058 shares of the real estate investment trust's stock worth $363,000 after acquiring an additional 69 shares during the period. Moran Wealth Management LLC grew its holdings in EastGroup Properties by 1.1% during the 1st quarter. Moran Wealth Management LLC now owns 6,521 shares of the real estate investment trust's stock worth $1,149,000 after acquiring an additional 73 shares during the period. Finally, Cyndeo Wealth Partners LLC grew its holdings in EastGroup Properties by 3.6% during the 1st quarter. Cyndeo Wealth Partners LLC now owns 2,264 shares of the real estate investment trust's stock worth $399,000 after acquiring an additional 78 shares during the period. Institutional investors and hedge funds own 92.14% of the company's stock.

Wall Street Analysts Forecast Growth

EGP has been the subject of a number of analyst reports. Barclays lowered their target price on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a report 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. Truist Financial lowered their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a report on Monday, May 5th. Wells Fargo & Company set a $215.00 target price on shares of 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 research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $189.31.

EastGroup Properties Stock Down 1.4%

Shares of NYSE:EGP traded down $2.31 during trading on Friday, hitting $161.01. 461,345 shares of the company's stock traded hands, compared to its average volume of 461,640. The company has a market cap of $8.59 billion, a price-to-earnings ratio of 34.78, a price-to-earnings-growth ratio of 3.32 and a beta of 0.98. The company has a current ratio of 0.16, a quick 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 company has a 50-day moving average price of $167.76 and a 200-day moving average price of $169.67.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share for the quarter, topping analysts' consensus estimates of $2.20 by $0.01. The firm had revenue of $177.29 million during the quarter, compared to analyst estimates of $175.80 million. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The company's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.05 EPS. As a group, research analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $1.40 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.5%. EastGroup Properties's dividend payout ratio is presently 120.95%.

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.