Invesco Ltd. Cuts Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Key Points

• Invesco Ltd. reduced its stake in EastGroup Properties by 6.1% in the first quarter, holding approximately 489,449 shares valued at $86.2 million.
• EastGroup Properties reported $2.21 earnings per share for its last quarter, slightly exceeding analysts' expectations, along with a revenue of $177.29 million.
• The company has a dividend yield of 3.4%, with a recent quarterly payment of $1.40 per share, representing a high payout ratio of 120.95%.

Invesco Ltd. trimmed its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 6.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 489,449 shares of the real estate investment trust's stock after selling 31,928 shares during the period. Invesco Ltd. owned about 0.93% of EastGroup Properties worth $86,216,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Citizens National Bank Trust Department bought a new position in EastGroup Properties in the first quarter worth about $26,000. Assetmark Inc. raised its stake in EastGroup Properties by 1,035.7% in the first quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust's stock worth $28,000 after buying an additional 145 shares in the last quarter. Mather Group LLC. raised its stake in EastGroup Properties by 74.2% in the first quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock worth $64,000 after buying an additional 155 shares in the last quarter. Parallel Advisors LLC raised its stake in EastGroup Properties by 387.4% in the first quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust's stock worth $75,000 after buying an additional 337 shares in the last quarter. Finally, Bessemer Group Inc. raised its stake in EastGroup Properties by 31.9% in the first quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock worth $79,000 after buying an additional 108 shares in the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Price Performance

Shares of EGP opened at $162.56 on Friday. The company has a market capitalization of $8.67 billion, a P/E ratio of 35.11, a price-to-earnings-growth ratio of 3.30 and a beta of 0.98. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.43. The firm has a 50 day moving average of $166.98 and a 200 day moving average of $169.41. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.21.

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

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $1.40 dividend. The ex-dividend date was Monday, June 30th. This represents a $5.60 annualized dividend and a yield of 3.4%. EastGroup Properties's dividend payout ratio (DPR) is currently 120.95%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Royal Bank Of Canada decreased their price target on shares of EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating for the company in a research note on Tuesday, July 29th. Robert W. Baird decreased 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 note on Wednesday, May 7th. Wall Street Zen raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Wells Fargo & Company set a $215.00 target price on shares of EastGroup Properties and gave the company an "overweight" rating in a research note on Sunday, July 13th. Finally, Barclays decreased 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 research note on Wednesday, April 30th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $189.31.

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.

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