Millennium Management LLC Purchases 314,738 Shares of EastGroup Properties, Inc. $EGP

Key Points

• Millennium Management LLC significantly increased its stake in EastGroup Properties by 176.4%, owning approximately 492,144 shares worth $86.87 million by the end of the first quarter.
• EastGroup Properties recently raised its quarterly dividend from $1.40 to $1.55 per share, resulting in an annualized yield of 3.7%.
• Analysts have a consensus rating of "Moderate Buy" for EastGroup Properties, with an average price target set at $188.42.

Millennium Management LLC lifted its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 176.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 493,144 shares of the real estate investment trust's stock after purchasing an additional 314,738 shares during the quarter. Millennium Management LLC owned 0.94% of EastGroup Properties worth $86,867,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Citizens National Bank Trust Department acquired a new position in shares of EastGroup Properties in the first quarter valued at $26,000. Assetmark Inc. grew its position 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 during the period. Mather Group LLC. grew its position 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 during the period. Parallel Advisors LLC grew its position 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 during the period. Finally, Bessemer Group Inc. grew its position 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 during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

NYSE:EGP traded down $1.36 during mid-day trading on Friday, reaching $166.31. 80,063 shares of the company were exchanged, compared to its average volume of 426,379. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $192.21. The company has a fifty day moving average of $165.50 and a 200 day moving average of $168.21. 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 stock has a market cap of $8.87 billion, a PE ratio of 35.90, a PEG ratio of 3.33 and a beta of 1.01.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $2.21 EPS 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 analyst estimates of $175.80 million. During the same quarter in the prior year, the firm earned $2.05 EPS. The company's revenue was up 11.4% on a year-over-year basis. EastGroup Properties has set its Q3 2025 guidance at 2.220-2.300 EPS. FY 2025 guidance at 8.890-9.030 EPS. On average, research analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.20 dividend on an annualized basis and a yield of 3.7%. This is an increase from EastGroup Properties's previous quarterly dividend of $1.40. EastGroup Properties's payout ratio is currently 120.95%.

Analyst Ratings Changes

A number of analysts have weighed in on EGP shares. Royal Bank Of Canada lowered their price target on EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating on the stock in a research report on Tuesday, July 29th. Wells Fargo & Company set a $215.00 price target on EastGroup Properties and gave the company an "overweight" rating in a research report on Sunday, July 13th. Finally, Morgan Stanley upped their price target on EastGroup Properties from $170.00 to $178.00 and gave the company an "equal weight" rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, EastGroup Properties currently has an average rating of "Moderate Buy" and an average price target of $188.25.

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.