Northern Trust Corp Sells 91,400 Shares of EastGroup Properties, Inc. $EGP

Key Points

• Northern Trust Corp reduced its stake in EastGroup Properties by 11.3%, owning approximately $126.79 million worth of shares after selling 91,400 shares in the 1st quarter.
• Analysts have varying opinions on EastGroup Properties, with a consensus rating of "Moderate Buy" and an average price target of $189.31, reflecting a mix of upgrades and target price adjustments from different firms.
• EastGroup Properties announced an increase in its quarterly dividend from $1.40 to $1.55, indicating strong financial health with an annualized yield of 3.7% and a dividend payout ratio of 120.95%.

Northern Trust Corp trimmed its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 719,796 shares of the real estate investment trust's stock after selling 91,400 shares during the quarter. Northern Trust Corp owned approximately 1.37% of EastGroup Properties worth $126,792,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in EGP. Citizens National Bank Trust Department purchased a new position in shares of EastGroup Properties in the 1st quarter valued at approximately $26,000. Assetmark Inc. grew 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 purchasing an additional 145 shares during the period. Mather Group LLC. raised its holdings 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 purchasing an additional 155 shares in the last quarter. Parallel Advisors LLC lifted its position in EastGroup Properties by 387.4% during the first quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust's stock valued at $75,000 after buying an additional 337 shares during the period. Finally, Bessemer Group Inc. lifted its position in EastGroup Properties by 31.9% during the first quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock valued at $79,000 after buying an additional 108 shares during the period. Hedge funds and other institutional investors own 92.14% of the company's stock.

EastGroup Properties Stock Down 0.8%

Shares of EGP stock traded down $1.40 during mid-day trading on Thursday, hitting $167.37. The company's stock had a trading volume of 45,330 shares, compared to its average volume of 425,855. The stock has a market cap of $8.93 billion, a price-to-earnings ratio of 36.06, a PEG ratio of 3.40 and a beta of 0.98. 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 business has a 50-day moving average price of $166.13 and a 200 day moving average price of $169.14.

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 EPS for the quarter, topping the consensus estimate of $2.20 by $0.01. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%.The company had revenue of $177.29 million during the quarter, compared to the consensus estimate of $175.80 million. During the same period last year, the company earned $2.05 EPS. EastGroup Properties's revenue for the quarter 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. Research analysts predict 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. Investors of record on Tuesday, September 30th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.7%. This is a positive change from EastGroup Properties's previous quarterly dividend of $1.40. The ex-dividend date is Tuesday, September 30th. EastGroup Properties's payout ratio is currently 120.95%.

Analyst Upgrades and Downgrades

EGP has been the subject of several research reports. Truist Financial decreased their price target 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. Raymond James Financial reiterated a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. 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 report on Wednesday, May 7th. Wells Fargo & Company set a $215.00 price objective on EastGroup Properties and gave the company an "overweight" rating in a research report on Sunday, July 13th. Finally, Barclays dropped their target price on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $189.31.

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.