Heartland Advisors Inc. Invests $2.83 Million in EastGroup Properties, Inc. (NYSE:EGP)

Key Points

• Heartland Advisors Inc. acquired 16,055 shares of EastGroup Properties, valued at approximately $2.8 million, during the first quarter according to their 13F filing.
• Institutional ownership of EastGroup Properties is high, with 92.14% of the stock held by institutional investors and hedge funds.
• EastGroup Properties reported a quarterly earnings per share of $2.21, exceeding analysts' expectations, and announced a quarterly dividend of $1.40, yielding 3.40% annually.

Heartland Advisors Inc. bought a new stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 16,055 shares of the real estate investment trust's stock, valued at approximately $2,828,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cohen & Steers Inc. increased its stake in shares of EastGroup Properties by 141.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust's stock valued at $458,347,000 after acquiring an additional 1,673,663 shares during the last quarter. Principal Financial Group Inc. increased its position in EastGroup Properties by 234.7% during the first quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust's stock worth $215,267,000 after purchasing an additional 856,971 shares during the last quarter. Norges Bank acquired a new position in EastGroup Properties during the fourth quarter worth approximately $100,579,000. Northern Trust Corp increased its position in EastGroup Properties by 91.3% during the fourth quarter. Northern Trust Corp now owns 811,196 shares of the real estate investment trust's stock worth $130,189,000 after purchasing an additional 387,134 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in EastGroup Properties during the first quarter worth approximately $52,065,000. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock traded down $1.66 during midday trading on Friday, hitting $164.56. The company had a trading volume of 462,187 shares, compared to its average volume of 425,713. The business's 50 day simple moving average is $168.78 and its two-hundred day simple moving average is $169.70. The stock has a market cap of $8.78 billion, a PE ratio of 35.54, a P/E/G ratio of 3.62 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.16 and a quick ratio of 0.16. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.21.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly 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. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The firm had revenue of $177.29 million for the quarter, compared to the consensus estimate of $175.80 million. During the same quarter in the previous year, the company earned $2.05 earnings per share. The business's revenue was up 11.4% compared to the same quarter last year. As a group, equities analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently declared 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. 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 3.40%. EastGroup Properties's dividend payout ratio is currently 120.95%.

Analysts Set New Price Targets

Several equities analysts recently commented on EGP shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. Wells Fargo & Company set a $215.00 price target on shares of EastGroup Properties and gave the stock an "overweight" rating in a research report on Sunday, July 13th. Royal Bank Of Canada dropped their price target on shares of EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 29th. Piper Sandler dropped their price target on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Finally, Robert W. Baird dropped their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $190.00.

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.