SG Americas Securities LLC Reduces Holdings in EastGroup Properties, Inc. (NYSE:EGP)

SG Americas Securities LLC lowered its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 89.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,874 shares of the real estate investment trust's stock after selling 15,342 shares during the quarter. SG Americas Securities LLC's holdings in EastGroup Properties were worth $330,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in shares of EastGroup Properties by 5.5% during the 4th quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust's stock valued at $72,610,000 after buying an additional 23,626 shares in the last quarter. Osterweis Capital Management Inc. grew its holdings in shares of EastGroup Properties by 2.2% during the 4th quarter. Osterweis Capital Management Inc. now owns 209,820 shares of the real estate investment trust's stock valued at $33,674,000 after purchasing an additional 4,484 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of EastGroup Properties by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 650,612 shares of the real estate investment trust's stock valued at $104,417,000 after purchasing an additional 10,812 shares during the last quarter. Norges Bank bought a new position in shares of EastGroup Properties during the 4th quarter valued at $100,579,000. Finally, Cbre Investment Management Listed Real Assets LLC bought a new position in shares of EastGroup Properties during the 4th quarter valued at $8,606,000. Hedge funds and other institutional investors own 92.14% of the company's stock.

EastGroup Properties Trading Down 0.5%

EastGroup Properties stock traded down $0.84 during trading hours on Friday, reaching $167.66. The stock had a trading volume of 625,599 shares, compared to its average volume of 376,749. The stock has a market cap of $8.81 billion, a PE ratio of 36.69, a PEG ratio of 3.70 and a beta of 1.02. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.61. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.12 and a quick ratio of 0.12. The company has a fifty day simple moving average of $168.17 and a 200-day simple moving average of $168.96.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, topping the consensus estimate of $2.11 by $0.01. EastGroup Properties had a net margin of 34.60% and a return on equity of 7.41%. The firm had revenue of $174.45 million during the quarter, compared to analysts' expectations of $169.67 million. During the same period last year, the company posted $1.98 EPS. The company's quarterly revenue was up 13.1% compared to the same quarter last year. Analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $1.40 dividend. The ex-dividend date is Monday, June 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.34%. EastGroup Properties's dividend payout ratio is 122.54%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on EGP. Evercore ISI increased their target price on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a report on Thursday, April 24th. Piper Sandler reduced their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Truist Financial reduced their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Wall Street Zen raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $188.00.

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.