Northern Trust Corp Has $126.79 Million Stock Position in 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 decreased its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 11.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 719,796 shares of the real estate investment trust's stock after selling 91,400 shares during the quarter. Northern Trust Corp owned about 1.37% of EastGroup Properties worth $126,792,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in EGP. Citizens National Bank Trust Department bought a new position in shares of EastGroup Properties during the 1st quarter worth approximately $26,000. Assetmark Inc. boosted its stake in 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 purchasing an additional 145 shares during the period. Mather Group LLC. boosted its stake in EastGroup Properties by 74.2% in the 1st quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock valued at $64,000 after purchasing an additional 155 shares during the period. Parallel Advisors LLC lifted its position in shares of EastGroup Properties by 387.4% during the 1st 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. lifted its position in shares of EastGroup Properties by 31.9% during the 1st 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.

Analyst Ratings Changes

A number of analysts have recently weighed in on EGP shares. Wall Street Zen upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Wells Fargo & Company set a $215.00 price objective on EastGroup Properties and gave the company an "overweight" rating in a research note on Sunday, July 13th. Robert W. Baird decreased their price target on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Truist Financial decreased their price target on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Finally, Royal Bank Of Canada cut their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $189.31.

EastGroup Properties Stock Up 3.5%

Shares of NYSE:EGP opened at $169.4530 on Friday. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $192.21. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.16 and a current ratio of 0.16. The business's 50 day simple moving average is $166.27 and its two-hundred day simple moving average is $169.25. The firm has a market cap of $9.04 billion, a P/E ratio of 36.60, a PEG ratio of 3.33 and a beta of 0.98.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share for the quarter, beating analysts' consensus estimates of $2.20 by $0.01. The company 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%.The company's revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter last year, the company earned $2.05 earnings per share. EastGroup Properties has set its Q3 2025 guidance at 2.220-2.300 EPS. FY 2025 guidance at 8.890-9.030 EPS. As a group, research analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently announced 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 an increase from EastGroup Properties's previous quarterly dividend of $1.40. This represents a $6.20 dividend on an annualized basis and a yield of 3.7%. EastGroup Properties's dividend payout ratio (DPR) is currently 120.95%.

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.

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