Park Avenue Securities LLC Acquires Shares of 3,138 EastGroup Properties, Inc. $EGP

Key Points

• Park Avenue Securities LLC acquired 3,138 shares of EastGroup Properties, Inc. for approximately $524,000, highlighting increasing institutional interest in the company.
• EastGroup Properties recently increased its quarterly dividend to $1.55 per share, reflecting a 3.7% yield and marking a significant increase from $1.40.
• The stock currently has a consensus rating of "Moderate Buy" and analysts expect an average price target of $188.25.

Park Avenue Securities LLC acquired a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,138 shares of the real estate investment trust's stock, valued at approximately $524,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. UMB Bank n.a. increased its position in shares of EastGroup Properties by 4.0% during the second quarter. UMB Bank n.a. now owns 2,029 shares of the real estate investment trust's stock valued at $339,000 after buying an additional 78 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of EastGroup Properties by 3.7% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 13,574 shares of the real estate investment trust's stock valued at $2,268,000 after buying an additional 480 shares during the period. Voya Investment Management LLC increased its position in shares of EastGroup Properties by 29.1% during the first quarter. Voya Investment Management LLC now owns 22,968 shares of the real estate investment trust's stock valued at $4,046,000 after buying an additional 5,172 shares during the period. BROOKFIELD Corp ON increased its position in shares of EastGroup Properties by 2,832.2% during the first quarter. BROOKFIELD Corp ON now owns 109,429 shares of the real estate investment trust's stock valued at $19,276,000 after buying an additional 105,697 shares during the period. Finally, Nicola Wealth Management LTD. bought a new stake in shares of EastGroup Properties during the first quarter valued at about $705,000. 92.14% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. 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. Royal Bank Of Canada decreased their price objective on shares of 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. Evercore ISI upped their price objective on shares of EastGroup Properties from $176.00 to $180.00 and gave the stock an "in-line" rating in a research report on Monday, September 15th. Finally, Morgan Stanley upped their price objective on shares of EastGroup Properties from $170.00 to $178.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $188.25.

EastGroup Properties Stock Up 1.7%

Shares of EGP opened at $168.34 on Monday. The firm has a market cap of $8.98 billion, a P/E ratio of 36.36, a P/E/G ratio of 3.43 and a beta of 1.01. The stock has a 50 day simple moving average of $165.60 and a two-hundred day simple moving average of $166.81. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.16 and a quick ratio of 0.16. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $190.08.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.01. The business had revenue of $177.29 million during 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 for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the firm 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. On average, analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share 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 paid a $1.55 dividend. This is an increase from EastGroup Properties's previous quarterly dividend of $1.40. This represents a $6.20 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 30th. EastGroup Properties's payout ratio is currently 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.

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.