Mirae Asset Global Investments Co. Ltd. Reduces Stock Position in EastGroup Properties, Inc. $EGP

Key Points

• Mirae Asset Global Investments Co. Ltd. reduced its stake in EastGroup Properties by 43.1% in the 2nd quarter, now holding 2,412 shares valued at approximately $403,000.
• Institutional investors own 92.14% of EastGroup Properties, with Vanguard, Price T Rowe Associates, and Principal Financial Group significantly increasing their stakes in the 1st quarter.
• The company has recently increased its quarterly dividend to $1.55 per share, reflecting a positive trend in shareholder returns and a dividend yield of 3.7%.

Mirae Asset Global Investments Co. Ltd. lowered its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 43.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,412 shares of the real estate investment trust's stock after selling 1,825 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in EastGroup Properties were worth $403,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in EGP. Vanguard Group Inc. boosted its stake in shares of EastGroup Properties by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 7,198,279 shares of the real estate investment trust's stock worth $1,267,977,000 after acquiring an additional 207,329 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of EastGroup Properties by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,318,090 shares of the real estate investment trust's stock worth $232,184,000 after acquiring an additional 342,620 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of EastGroup Properties by 234.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust's stock worth $215,267,000 after acquiring an additional 856,971 shares during the last quarter. Boston Partners boosted its stake in shares of EastGroup Properties by 13.8% during the 1st quarter. Boston Partners now owns 1,202,462 shares of the real estate investment trust's stock worth $211,761,000 after acquiring an additional 146,230 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of EastGroup Properties during the 1st quarter worth $190,456,000. Hedge funds and other institutional investors own 92.14% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Royal Bank Of Canada dropped their price target on shares of EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating on the stock in a research note on Tuesday, July 29th. Evercore ISI dropped their price target on shares of EastGroup Properties from $180.00 to $179.00 and set an "in-line" rating on the stock in a research note on Monday, October 6th. Wells Fargo & Company set a $215.00 price target on shares of EastGroup Properties and gave the stock an "overweight" rating in a research note on Sunday, July 13th. Cantor Fitzgerald initiated coverage on shares of EastGroup Properties in a research note on Wednesday, October 1st. They set an "overweight" rating and a $190.00 price target on the stock. Finally, Weiss Ratings restated a "hold (c)" rating on shares of EastGroup Properties in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, EastGroup Properties has a consensus rating of "Moderate Buy" and a consensus price target of $188.31.

EastGroup Properties Price Performance

EGP stock opened at $166.14 on Friday. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $188.89. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $166.69 and a 200 day moving average price of $166.48. The stock has a market cap of $8.86 billion, a PE ratio of 35.88, a P/E/G ratio of 3.47 and a beta of 1.02.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analysts' expectations of $175.80 million. During the same period in the previous year, the company earned $2.05 EPS. The firm's revenue for the quarter was up 11.4% compared to the same quarter last year. EastGroup Properties has set its Q3 2025 guidance at 2.220-2.300 EPS. FY 2025 guidance at 8.890-9.030 EPS. Equities research analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current 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 given a $1.55 dividend. This is a positive change from EastGroup Properties's previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.20 annualized dividend and a yield of 3.7%. EastGroup Properties's dividend payout ratio is presently 133.91%.

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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