Price T Rowe Associates Inc. MD Boosts Position in EastGroup Properties, Inc. $EGP

Key Points

• Price T Rowe Associates Inc. MD increased its stake in EastGroup Properties by 35.1%, owning approximately 2.51% of the company, valued at $232.2 million as of the most recent SEC filing.
• EastGroup Properties plans to pay a quarterly dividend of $1.55 on October 15, representing a 3.7% yield and an increase from the previous dividend of $1.40.
• The company's Q2 earnings report surpassed analysts' expectations, with an EPS of $2.21 and revenue of $177.29 million, marking an 11.4% increase year-over-year.

Price T Rowe Associates Inc. MD grew its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 35.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,318,090 shares of the real estate investment trust's stock after purchasing an additional 342,620 shares during the period. Price T Rowe Associates Inc. MD owned approximately 2.51% of EastGroup Properties worth $232,184,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Covestor Ltd raised its stake in shares of EastGroup Properties by 5.6% during the first quarter. Covestor Ltd now owns 1,161 shares of the real estate investment trust's stock valued at $205,000 after purchasing an additional 62 shares during the period. Bar Harbor Wealth Management raised its stake in shares of EastGroup Properties by 0.3% during the first quarter. Bar Harbor Wealth Management now owns 23,344 shares of the real estate investment trust's stock valued at $4,112,000 after purchasing an additional 66 shares during the period. Optas LLC raised its stake in shares of EastGroup Properties by 5.1% during the first quarter. Optas LLC now owns 1,397 shares of the real estate investment trust's stock valued at $246,000 after purchasing an additional 68 shares during the period. KBC Group NV raised its stake in shares of EastGroup Properties by 3.5% during the first quarter. KBC Group NV now owns 2,058 shares of the real estate investment trust's stock valued at $363,000 after purchasing an additional 69 shares during the period. Finally, Moran Wealth Management LLC raised its stake in shares of EastGroup Properties by 1.1% during the first quarter. Moran Wealth Management LLC now owns 6,521 shares of the real estate investment trust's stock valued at $1,149,000 after purchasing an additional 73 shares during the period. Hedge funds and other institutional investors own 92.14% of the company's stock.

EastGroup Properties Stock Up 3.5%

Shares of NYSE:EGP opened at $169.4530 on Friday. 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 fifty day simple moving average of $166.27 and a 200 day simple moving average of $169.23. The firm has a market cap of $9.04 billion, a PE ratio of 36.60, a price-to-earnings-growth ratio of 3.45 and a beta of 0.98. EastGroup Properties, Inc. has a 12-month low of $137.67 and a 12-month high of $192.21.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 34.85% and a return on equity of 7.29%. The business's revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous 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, equities research analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $1.55 dividend. This is a positive change from EastGroup Properties's previous quarterly dividend of $1.40. This represents a $6.20 annualized dividend and a dividend yield of 3.7%. EastGroup Properties's payout ratio is 120.95%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Truist Financial dropped their price objective on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Robert W. Baird dropped their price objective on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Raymond James Financial reiterated a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently 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.

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