TD Asset Management Inc Sells 3,272 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Key Points

• TD Asset Management Inc reduced its stake in EastGroup Properties by 16.3%, selling 3,272 shares, and now holds 16,816 shares valued at approximately $2.96 million.
• EastGroup Properties reported Earnings Per Share (EPS) of $2.21 for the last quarter, exceeding estimates and showing an 11.4% year-over-year revenue growth.
• The company announced a quarterly dividend of $1.40, with a current dividend yield of 3.5% and a payout ratio of approximately 120.95%.

TD Asset Management Inc cut its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 16.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,816 shares of the real estate investment trust's stock after selling 3,272 shares during the quarter. TD Asset Management Inc's holdings in EastGroup Properties were worth $2,962,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in EGP. Bar Harbor Wealth Management increased its position in shares of EastGroup Properties by 0.3% during the first quarter. Bar Harbor Wealth Management now owns 23,344 shares of the real estate investment trust's stock worth $4,112,000 after acquiring an additional 66 shares during the last quarter. Optas LLC boosted its holdings in shares of EastGroup Properties by 5.1% in the 1st quarter. Optas LLC now owns 1,397 shares of the real estate investment trust's stock valued at $246,000 after buying an additional 68 shares during the period. KBC Group NV grew its position in shares of EastGroup Properties by 3.5% during the 1st quarter. KBC Group NV now owns 2,058 shares of the real estate investment trust's stock valued at $363,000 after buying an additional 69 shares during the last quarter. Moran Wealth Management LLC raised its stake in EastGroup Properties by 1.1% during the first quarter. Moran Wealth Management LLC now owns 6,521 shares of the real estate investment trust's stock worth $1,149,000 after acquiring an additional 73 shares during the period. Finally, Cyndeo Wealth Partners LLC raised its stake in EastGroup Properties by 3.6% during the first quarter. Cyndeo Wealth Partners LLC now owns 2,264 shares of the real estate investment trust's stock worth $399,000 after acquiring an additional 78 shares during the period. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Price Performance

NYSE EGP traded up $1.61 during trading on Monday, reaching $163.58. 267,460 shares of the company traded hands, compared to its average volume of 439,942. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.16 and a current ratio of 0.16. The stock's 50 day moving average price is $168.31 and its two-hundred day moving average price is $169.80. The company has a market cap of $8.72 billion, a price-to-earnings ratio of 35.33, a P/E/G ratio of 3.30 and a beta of 0.98. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.21.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share for the quarter, beating analysts' consensus estimates of $2.20 by $0.01. The company had revenue of $177.29 million for the quarter, compared to the consensus estimate of $175.80 million. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%. The company's quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.05 earnings per share. As a group, analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $1.40 per share. The ex-dividend date was Monday, June 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.4%. EastGroup Properties's payout ratio is currently 120.95%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on EGP shares. Truist Financial decreased their target price on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Barclays dropped their price target on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 30th. Robert W. Baird dropped their price target on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Wall Street Zen upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Finally, Royal Bank Of Canada dropped their price target on EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating on the stock in a research report on Tuesday, July 29th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $189.31.

EastGroup Properties Profile

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.