Focus Partners Wealth Buys 1,580 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Focus Partners Wealth lifted its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 36.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,973 shares of the real estate investment trust's stock after buying an additional 1,580 shares during the quarter. Focus Partners Wealth's holdings in EastGroup Properties were worth $959,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Crowley Wealth Management Inc. bought a new position in EastGroup Properties in the 4th quarter worth $29,000. Canton Hathaway LLC acquired a new stake in shares of EastGroup Properties in the fourth quarter valued at about $30,000. Principal Securities Inc. increased its stake in shares of EastGroup Properties by 18.5% in the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock worth $86,000 after purchasing an additional 84 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of EastGroup Properties during the 4th quarter worth about $100,000. Finally, Venturi Wealth Management LLC boosted its stake in EastGroup Properties by 69.9% during the 4th quarter. Venturi Wealth Management LLC now owns 700 shares of the real estate investment trust's stock valued at $112,000 after purchasing an additional 288 shares during the period. 92.14% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on EGP. Barclays dropped their price target on 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. Truist Financial dropped their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Wells Fargo & Company reduced their price target on shares of EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating for the company in a report on Monday. Evercore ISI raised their price target on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research report on Thursday, April 24th. Finally, Wall Street Zen raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Eight 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. Based on data from MarketBeat, EastGroup Properties has an average rating of "Moderate Buy" and a consensus price target of $186.60.

EastGroup Properties Price Performance

NYSE EGP traded down $0.51 during trading on Thursday, reaching $165.93. 243,627 shares of the company traded hands, compared to its average volume of 371,797. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.61. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The stock's 50 day moving average price is $166.00 and its two-hundred day moving average price is $169.42. The company has a market cap of $8.71 billion, a price-to-earnings ratio of 35.68, a P/E/G ratio of 3.35 and a beta of 1.05.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, beating analysts' consensus estimates of $2.11 by $0.01. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The firm had revenue of $174.45 million for the quarter, compared to analysts' expectations of $169.67 million. During the same period in the prior year, the business posted $1.98 earnings per share. The business's revenue was up 13.1% compared to the same quarter last year. As a group, analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date was Monday, March 31st. EastGroup Properties's dividend payout ratio (DPR) is currently 122.54%.

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.