SummitTX Capital L.P. Purchases 4,758 Shares of EastGroup Properties, Inc. $EGP

SummitTX Capital L.P. grew its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 28.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,577 shares of the real estate investment trust's stock after acquiring an additional 4,758 shares during the period. SummitTX Capital L.P.'s holdings in EastGroup Properties were worth $3,994,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Renaissance Group LLC increased its stake in EastGroup Properties by 3.9% during the 4th quarter. Renaissance Group LLC now owns 1,437 shares of the real estate investment trust's stock worth $256,000 after purchasing an additional 54 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its position in shares of EastGroup Properties by 4.1% during the first quarter. Fifth Third Wealth Advisors LLC now owns 1,520 shares of the real estate investment trust's stock worth $281,000 after acquiring an additional 60 shares in the last quarter. Azzad Asset Management Inc. ADV raised its holdings in shares of EastGroup Properties by 2.6% during the fourth quarter. Azzad Asset Management Inc. ADV now owns 2,423 shares of the real estate investment trust's stock worth $432,000 after acquiring an additional 62 shares during the period. Cetera Investment Advisers lifted its position in EastGroup Properties by 1.9% in the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust's stock valued at $613,000 after acquiring an additional 68 shares in the last quarter. Finally, Larson Financial Group LLC boosted its stake in EastGroup Properties by 35.6% in the 4th quarter. Larson Financial Group LLC now owns 263 shares of the real estate investment trust's stock worth $47,000 after purchasing an additional 69 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at EastGroup Properties

In other news, Director David Michael Fields sold 504 shares of the firm's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $195.77, for a total transaction of $98,668.08. Following the completion of the sale, the director owned 3,531 shares in the company, valued at approximately $691,263.87. This trade represents a 12.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on EGP shares. Weiss Ratings restated a "buy (b)" rating on shares of EastGroup Properties in a report on Tuesday, July 21st. BTIG Research boosted their target price on EastGroup Properties from $218.00 to $235.00 and gave the company a "buy" rating in a research note on Wednesday, July 1st. Wells Fargo & Company upped their price target on EastGroup Properties from $213.00 to $221.00 and gave the stock an "overweight" rating in a research report on Monday, June 1st. Morgan Stanley raised their price target on shares of EastGroup Properties from $215.00 to $231.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 27th. Finally, Piper Sandler lifted their price objective on shares of EastGroup Properties from $240.00 to $268.00 and gave the company an "overweight" rating in a report on Tuesday, July 21st. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $219.11.

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $210.67 on Tuesday. The business's 50 day moving average price is $206.76 and its two-hundred day moving average price is $196.54. The company has a market cap of $11.33 billion, a PE ratio of 36.96, a price-to-earnings-growth ratio of 3.20 and a beta of 1.03. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.45. EastGroup Properties, Inc. has a twelve month low of $159.37 and a twelve month high of $226.71.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.31 by $0.09. The company had revenue of $193.33 million during the quarter, compared to analysts' expectations of $193.61 million. EastGroup Properties had a return on equity of 8.61% and a net margin of 40.47%.The business's revenue was up 9.0% on a year-over-year basis. During the same period last year, the firm posted $2.21 earnings per share. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. On average, analysts predict that EastGroup Properties, Inc. will post 9.59 EPS for the current year.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $1.55 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $6.20 annualized dividend and a dividend yield of 2.9%. EastGroup Properties's dividend payout ratio is presently 108.77%.

EastGroup Properties Company 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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