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

GAMMA Investing LLC increased its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 23,904.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 97,939 shares of the real estate investment trust's stock after acquiring an additional 97,531 shares during the period. GAMMA Investing LLC owned approximately 0.19% of EastGroup Properties worth $17,252,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of EGP. Versant Capital Management Inc increased its stake in EastGroup Properties by 227.4% in the 1st quarter. Versant Capital Management Inc now owns 1,971 shares of the real estate investment trust's stock worth $347,000 after acquiring an additional 1,369 shares during the last quarter. Kera Capital Partners Inc. grew its holdings in shares of EastGroup Properties by 12.2% during the first 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 in the last quarter. Wellington Management Group LLP increased its position in shares of EastGroup Properties by 44.2% in the fourth quarter. Wellington Management Group LLP now owns 253,796 shares of the real estate investment trust's stock worth $40,732,000 after purchasing an additional 77,800 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in EastGroup Properties by 24.7% in 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 in the last quarter. Finally, Employees Retirement System of Texas lifted its position 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 last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on EGP shares. Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Evercore ISI upped their target price on EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research note on Thursday, April 24th. Truist Financial reduced their price target 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. Barclays lowered their price objective 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. Finally, Royal Bank of Canada reduced their target price on shares of EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 29th. Seven equities 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $188.00.

EastGroup Properties Trading Up 0.4%

Shares of EGP stock traded up $0.72 during mid-day trading on Monday, reaching $171.91. The stock had a trading volume of 276,505 shares, compared to its average volume of 373,748. The firm has a market capitalization of $9.03 billion, a PE ratio of 36.97, a price-to-earnings-growth ratio of 3.35 and a beta of 1.02. The stock's 50-day moving average price is $163.94 and its two-hundred day moving average price is $168.98. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted 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. The company had revenue of $174.45 million for the quarter, compared to analysts' expectations of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. EastGroup Properties's quarterly revenue was up 13.1% on a year-over-year basis. During the same period last year, the firm earned $1.98 earnings per share. Equities analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $1.40 per share. The ex-dividend date is Monday, June 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.26%. EastGroup Properties's dividend payout ratio (DPR) is presently 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.