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 raised its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 10.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 40,557 shares of the real estate investment trust's stock after acquiring an additional 4,000 shares during the period. State of New Jersey Common Pension Fund D owned about 0.08% of EastGroup Properties worth $7,144,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Citizens National Bank Trust Department bought a new stake in EastGroup Properties in the first quarter valued at $26,000. Assetmark Inc. grew its position in EastGroup Properties by 1,035.7% in the first quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust's stock valued at $28,000 after acquiring an additional 145 shares during the period. Mather Group LLC. grew its position in EastGroup Properties by 74.2% in the first quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock valued at $64,000 after acquiring an additional 155 shares during the period. Parallel Advisors LLC grew its position in EastGroup Properties by 387.4% in the first quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust's stock valued at $75,000 after acquiring an additional 337 shares during the period. Finally, Bessemer Group Inc. grew its position in EastGroup Properties by 31.9% in the first quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock valued at $79,000 after acquiring an additional 108 shares during the period. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Trading Up 3.5%

Shares of EGP traded up $5.6730 during trading hours on Friday, hitting $169.4530. 255,177 shares of the stock traded hands, compared to its average volume of 390,143. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.43. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.21. The firm has a market capitalization of $9.04 billion, a PE ratio of 36.60, a price-to-earnings-growth ratio of 3.33 and a beta of 0.98. The business has a fifty day moving average of $166.27 and a 200-day moving average of $169.25.

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, 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 business had revenue of $177.29 million for the quarter, compared to analyst estimates of $175.80 million. During the same quarter in the prior year, the firm posted $2.05 earnings per share. The firm'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. Analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Increases Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have 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 target price on EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating on the stock in a report on Tuesday, July 29th. Raymond James Financial restated a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Robert W. Baird decreased 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. Finally, Barclays decreased their target price on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target 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.