State of New Jersey Common Pension Fund D Has $7.14 Million Stake in EastGroup Properties, Inc. $EGP

Key Points

• The State of New Jersey Common Pension Fund D increased its stake in EastGroup Properties, acquiring an additional 4,000 shares, bringing its total ownership to approximately 40,557 shares valued at $7.14 million.
• EastGroup Properties reported a quarterly earnings per share (EPS) of $2.21, exceeding analysts' expectations and showing an 11.4% revenue increase compared to the same quarter last year.
• EastGroup Properties declared a quarterly dividend of $1.40 per share, which translates to an annual yield of 3.4%, though its payout ratio stands at a notably high 120.95%.

State of New Jersey Common Pension Fund D lifted its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 10.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 40,557 shares of the real estate investment trust's stock after buying an additional 4,000 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.08% of EastGroup Properties worth $7,144,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in EastGroup Properties by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 7,198,279 shares of the real estate investment trust's stock valued at $1,267,977,000 after buying an additional 207,329 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of 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 acquiring an additional 273,217 shares in the last quarter. Principal Financial Group Inc. grew its stake in EastGroup Properties by 234.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust's stock worth $215,267,000 after buying an additional 856,971 shares during the last quarter. Boston Partners lifted its holdings in shares of EastGroup Properties by 13.8% in the first quarter. Boston Partners now owns 1,202,462 shares of the real estate investment trust's stock valued at $211,761,000 after buying an additional 146,230 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of EastGroup Properties in the first quarter valued at $190,456,000. Hedge funds and other institutional investors own 92.14% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Truist Financial decreased their price objective on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Evercore ISI increased their price objective on EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a report on Thursday, April 24th. Robert W. Baird lowered their target price on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Wells Fargo & Company set a $215.00 price objective on EastGroup Properties and gave the stock an "overweight" rating in a report on Sunday, July 13th. Finally, Raymond James Financial restated a "strong-buy" rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $189.31.

EastGroup Properties Price Performance

EGP traded up $5.6730 during trading on Friday, hitting $169.4530. The company's stock had a trading volume of 146,602 shares, compared to its average volume of 429,114. The firm's 50 day moving average price is $166.30 and its two-hundred day moving average price is $169.26. 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 12 month low of $137.67 and a 12 month high of $192.21. The stock has a market capitalization of $9.04 billion, a price-to-earnings ratio of 36.60, a price-to-earnings-growth ratio of 3.36 and a beta of 0.98.

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, beating 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 firm had revenue of $177.29 million during the quarter, compared to the consensus estimate of $175.80 million. During the same quarter in the previous year, the company posted $2.05 EPS. The business's revenue for the quarter was up 11.4% compared to the same quarter last year. EastGroup Properties has set its Q3 2025 guidance at 2.220-2.300 EPS. FY 2025 guidance at 8.890-9.030 EPS. Sell-side analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

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.