Strs Ohio Buys 4,798 Shares of EastGroup Properties, Inc. $EGP

Key Points

• Strs Ohio raised its stake in EastGroup Properties by 3.5% in the first quarter, buying 4,798 additional shares and bringing its total to 142,395 shares valued at about $26.4 million.
• EastGroup Properties reported better-than-expected earnings for the latest quarter, with EPS of $1.77 versus analyst estimates of $1.27, while revenue rose 9.1% year over year.
• The company announced a quarterly dividend of $1.55 per share, equal to $6.20 annually and a 2.9% yield; analysts currently view the stock as a Moderate Buy with a consensus price target of $211.59.

Strs Ohio increased its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 142,395 shares of the real estate investment trust's stock after purchasing an additional 4,798 shares during the quarter. Strs Ohio owned about 0.26% of EastGroup Properties worth $26,356,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EGP. Cohen & Steers Inc. boosted its stake in EastGroup Properties by 7.0% in the 4th quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust's stock worth $545,746,000 after purchasing an additional 200,617 shares during the period. State Street Corp grew its holdings in EastGroup Properties by 0.6% during the 3rd quarter. State Street Corp now owns 2,683,711 shares of the real estate investment trust's stock valued at $458,320,000 after buying an additional 15,918 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of EastGroup Properties by 16.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,303,804 shares of the real estate investment trust's stock valued at $410,404,000 after buying an additional 318,261 shares during the period. Norges Bank bought a new stake in shares of EastGroup Properties during the fourth quarter valued at about $281,054,000. Finally, Boston Partners increased its position in shares of EastGroup Properties by 2.1% during the third quarter. Boston Partners now owns 1,204,211 shares of the real estate investment trust's stock valued at $203,834,000 after buying an additional 25,055 shares during the period. 92.14% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other EastGroup Properties news, Director David Michael Fields sold 504 shares of the firm's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $195.77, for a total transaction of $98,668.08. Following the sale, the director owned 3,531 shares in the company, valued at $691,263.87. This trade represents a 12.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

EastGroup Properties Trading Down 0.1%

Shares of EastGroup Properties stock opened at $211.08 on Friday. EastGroup Properties, Inc. has a 1 year low of $159.37 and a 1 year high of $211.34. The firm has a market cap of $11.35 billion, a PE ratio of 38.38, a PEG ratio of 3.17 and a beta of 1.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.19 and a quick ratio of 0.19. The company has a 50 day simple moving average of $202.67 and a two-hundred day simple moving average of $192.66.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.27 by $0.50. The firm had revenue of $190.26 million for the quarter, compared to analyst estimates of $193.84 million. EastGroup Properties had a net margin of 39.69% and a return on equity of 8.37%. The business's revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.15 EPS. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. Analysts expect that EastGroup Properties, Inc. will post 9.58 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, June 30th. EastGroup Properties's dividend payout ratio is currently 112.73%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on EGP. Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Saturday, March 7th. Weiss Ratings upgraded shares of EastGroup Properties from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, April 24th. Wells Fargo & Company raised their price target on shares of EastGroup Properties from $213.00 to $221.00 and gave the company an "overweight" rating in a report on Monday, June 1st. Evercore set a $195.00 price target on shares of EastGroup Properties in a research report on Friday, April 24th. Finally, BTIG Research boosted their price target on shares of EastGroup Properties from $218.00 to $235.00 and gave the company a "buy" rating in a research report on Wednesday. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, EastGroup Properties presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.59.

EastGroup Properties Profile

EastGroup Properties, Inc NYSE: EGP is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company's portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.

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