LPL Financial LLC Has $2.80 Million Holdings in EastGroup Properties, Inc. $EGP

Key Points

• LPL Financial LLC increased its stake in EastGroup Properties by 19.5%, holding a total of 15,890 shares valued at approximately $2.80 million as per its recent SEC filing.
• A majority of institutional and hedge fund investors now control 92.14% of EastGroup Properties stock, indicating significant interest from large financial entities.
• The real estate investment trust has announced a quarterly dividend of $1.40, resulting in a 3.4% yield for investors, despite a high dividend payout ratio of 120.95%.

LPL Financial LLC increased its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 19.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,890 shares of the real estate investment trust's stock after buying an additional 2,596 shares during the quarter. LPL Financial LLC's holdings in EastGroup Properties were worth $2,799,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of EastGroup Properties by 4.0% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,393 shares of the real estate investment trust's stock valued at $5,530,000 after buying an additional 1,216 shares during the last quarter. HB Wealth Management LLC boosted its holdings in shares of EastGroup Properties by 29.0% in the 1st quarter. HB Wealth Management LLC now owns 1,694 shares of the real estate investment trust's stock valued at $299,000 after buying an additional 381 shares during the last quarter. Heartland Advisors Inc. acquired a new stake in shares of EastGroup Properties in the 1st quarter valued at approximately $2,828,000. Assetmark Inc. boosted its holdings in shares of EastGroup Properties by 1,035.7% in the 1st quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust's stock valued at $28,000 after buying an additional 145 shares during the last quarter. Finally, Cetera Investment Advisers raised its stake in EastGroup Properties by 16.8% in the 1st quarter. Cetera Investment Advisers now owns 3,600 shares of the real estate investment trust's stock valued at $634,000 after acquiring an additional 518 shares during the period. Institutional investors and hedge funds own 92.14% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Robert W. Baird dropped their price target 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. Wells Fargo & Company set a $215.00 price objective on EastGroup Properties and gave the stock an "overweight" rating in a research report on Sunday, July 13th. Evercore ISI increased their price objective on EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research report on Thursday, April 24th. Wall Street Zen upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Finally, Truist Financial lowered their price objective on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. 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 MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $189.31.

EastGroup Properties Stock Up 0.4%

Shares of NYSE EGP opened at $162.56 on Monday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.16 and a current ratio of 0.16. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.21. The stock has a market capitalization of $8.67 billion, a P/E ratio of 35.11, a PEG ratio of 3.32 and a beta of 0.98. The stock's fifty day moving average is $166.98 and its 200 day moving average is $169.41.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings data 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 business had revenue of $177.29 million for the quarter, compared to analyst estimates of $175.80 million. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%. EastGroup Properties's revenue was up 11.4% compared to the same quarter last year. During the same period last year, the firm posted $2.05 earnings per share. Sell-side analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $1.40 dividend. The ex-dividend date of this dividend 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 120.95%.

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.

Want to see what other hedge funds are holding EGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for EastGroup Properties, Inc. (NYSE:EGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.