GAMMA Investing LLC Increases Holdings in EastGroup Properties, Inc. (NYSE:EGP)

GAMMA Investing LLC boosted its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 23,904.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 97,939 shares of the real estate investment trust's stock after purchasing an additional 97,531 shares during the period. GAMMA Investing LLC owned about 0.19% of EastGroup Properties worth $17,252,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EGP. Versant Capital Management Inc boosted its position in EastGroup Properties by 227.4% in the first quarter. Versant Capital Management Inc now owns 1,971 shares of the real estate investment trust's stock worth $347,000 after purchasing an additional 1,369 shares during the last quarter. Kera Capital Partners Inc. raised its holdings in EastGroup Properties by 12.2% in the 1st quarter. Kera Capital Partners Inc. now owns 1,665 shares of the real estate investment trust's stock worth $293,000 after purchasing an additional 181 shares during the period. Wellington Management Group LLP lifted its position in EastGroup Properties by 44.2% during the fourth quarter. Wellington Management Group LLP now owns 253,796 shares of the real estate investment trust's stock valued at $40,732,000 after purchasing an additional 77,800 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in EastGroup Properties by 24.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,684 shares of the real estate investment trust's stock valued at $270,000 after purchasing an additional 334 shares during the period. Finally, Employees Retirement System of Texas grew its holdings in EastGroup Properties by 44.6% during the fourth quarter. Employees Retirement System of Texas now owns 51,900 shares of the real estate investment trust's stock valued at $8,329,000 after purchasing an additional 16,000 shares during the period. Institutional investors own 92.14% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on EGP. Robert W. Baird decreased their price objective on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Raymond James restated a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Piper Sandler lowered their price target on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Truist Financial dropped their price target 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. Finally, Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $188.00.

EastGroup Properties Price Performance

NYSE EGP traded up $2.49 on Friday, reaching $171.40. The company had a trading volume of 283,612 shares, compared to its average volume of 374,212. The stock has a market capitalization of $9.00 billion, a PE ratio of 36.86, a price-to-earnings-growth ratio of 3.35 and a beta of 1.02. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $192.61. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The firm's 50 day moving average price is $163.94 and its 200 day moving average price is $168.99.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate 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 previous year, the firm posted $1.98 earnings per share. The business's revenue was up 13.1% compared to the same quarter last year. As a group, equities analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Monday, June 30th. EastGroup Properties's dividend payout ratio (DPR) is presently 122.54%.

EastGroup Properties Company 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.