Russell Investments Group Ltd. Grows Holdings in EastGroup Properties, Inc. $EGP

Key Points

• Russell Investments Group Ltd. increased its holdings in EastGroup Properties, Inc. by 17.0%, acquiring an additional 44,006 shares, bringing its total ownership to 303,409 shares valued at approximately $53 million.
• EastGroup Properties reported a quarterly EPS of $2.21, exceeding analysts' expectations, while revenue grew by 11.4% year-over-year to $177.29 million.
• The firm announced a quarterly dividend of $1.40 per share, representing a yield of 3.4%, despite a high dividend payout ratio of 120.95%.

Russell Investments Group Ltd. lifted its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 17.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 303,409 shares of the real estate investment trust's stock after purchasing an additional 44,006 shares during the period. Russell Investments Group Ltd. owned 0.58% of EastGroup Properties worth $53,446,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Nuveen LLC purchased a new stake in EastGroup Properties in the first quarter worth about $190,456,000. Principal Financial Group Inc. boosted its position in shares of EastGroup Properties by 234.7% in the first quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust's stock worth $215,267,000 after purchasing an additional 856,971 shares during the period. Northern Trust Corp grew its holdings in EastGroup Properties by 91.3% during the 4th quarter. Northern Trust Corp now owns 811,196 shares of the real estate investment trust's stock valued at $130,189,000 after purchasing an additional 387,134 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in EastGroup Properties during the 1st quarter valued at about $52,065,000. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in EastGroup Properties by 24.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust's stock valued at $226,888,000 after buying an additional 273,217 shares in the last quarter. Institutional investors own 92.14% of the company's stock.

EastGroup Properties Stock Down 0.8%

EastGroup Properties stock traded down $1.36 during trading on Monday, reaching $161.58. The stock had a trading volume of 141,482 shares, compared to its average volume of 432,573. The stock has a market cap of $8.62 billion, a PE ratio of 34.92, a P/E/G ratio of 3.32 and a beta of 0.98. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.43. 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 $166.98 and a 200 day moving average price of $169.41.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings data 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. 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 for the quarter, compared to analyst estimates of $175.80 million. During the same quarter last year, the company posted $2.05 earnings per share. The business's quarterly revenue was up 11.4% compared to the same quarter last year. On average, analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Monday, June 30th. EastGroup Properties's payout ratio is presently 120.95%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on EGP. Truist Financial decreased their price objective on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a report on Monday, May 5th. Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Evercore ISI upped their price target on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research report on Thursday, April 24th. Royal Bank Of Canada lowered their price target on shares of EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 29th. 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 report on Sunday, July 13th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $189.31.

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.