JPMorgan Chase & Co. Reduces Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Key Points

• JPMorgan Chase & Co. reduced its stock holdings in EastGroup Properties, Inc. by 10.4% in the first quarter, now holding approximately 943,023 shares worth $166.11 million.
• EastGroup Properties reported a quarterly earnings per share (EPS) of $2.21, slightly exceeding analysts' expectations, with a revenue increase of 11.4% year-over-year.
• The company recently paid a quarterly dividend of $1.40, reflecting an annualized yield of 3.5%, and has a dividend payout ratio of 120.95%.

JPMorgan Chase & Co. lessened its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 10.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 943,023 shares of the real estate investment trust's stock after selling 109,488 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.80% of EastGroup Properties worth $166,114,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Citizens National Bank Trust Department acquired a new position in EastGroup Properties in the first quarter valued at $26,000. Assetmark Inc. boosted 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 valued at $28,000 after acquiring an additional 145 shares in the last quarter. Mather Group LLC. boosted 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 valued at $64,000 after acquiring an additional 155 shares in the last quarter. Parallel Advisors LLC boosted 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 valued at $75,000 after acquiring an additional 337 shares in the last quarter. Finally, Bessemer Group Inc. boosted 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 valued at $79,000 after acquiring an additional 108 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company's stock.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $161.98 on Friday. 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 company has a market cap of $8.64 billion, a P/E ratio of 34.98, a PEG ratio of 3.34 and a beta of 0.98. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.21. The company has a 50-day moving average price of $167.16 and a 200 day moving average price of $169.47.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.20 by $0.01. The firm 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 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. Research analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a $1.40 dividend. The ex-dividend date was Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.5%. EastGroup Properties's dividend payout ratio (DPR) is presently 120.95%.

Analyst Ratings Changes

Several equities analysts have issued reports on EGP shares. Royal Bank Of Canada decreased their price objective 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. Evercore ISI upped their price objective on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a research note on Thursday, April 24th. Raymond James Financial restated a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Wells Fargo & Company set a $215.00 target price on shares of EastGroup Properties and gave the stock an "overweight" rating in a research note on Sunday, July 13th. Finally, Truist Financial decreased their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Seven 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. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $189.31.

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.

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