Tidal Investments LLC Buys 8,617 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Tidal Investments LLC raised its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 27.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 39,522 shares of the real estate investment trust's stock after purchasing an additional 8,617 shares during the quarter. Tidal Investments LLC owned 0.08% of EastGroup Properties worth $6,343,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in shares of EastGroup Properties by 5.5% during the 4th quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust's stock valued at $72,610,000 after acquiring an additional 23,626 shares in the last quarter. BankPlus Trust Department acquired a new stake in shares of EastGroup Properties during the 4th quarter valued at $1,871,000. Ausbil Investment Management Ltd lifted its holdings in EastGroup Properties by 116.0% during the 4th quarter. Ausbil Investment Management Ltd now owns 14,550 shares of the real estate investment trust's stock worth $2,342,000 after buying an additional 7,813 shares during the period. Osterweis Capital Management Inc. lifted its stake in shares of EastGroup Properties by 2.2% in the 4th quarter. Osterweis Capital Management Inc. now owns 209,820 shares of the real estate investment trust's stock valued at $33,674,000 after purchasing an additional 4,484 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of EastGroup Properties by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 650,612 shares of the real estate investment trust's stock valued at $104,417,000 after purchasing an additional 10,812 shares during the period. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock traded down $1.30 during trading on Friday, hitting $164.69. The stock had a trading volume of 301,646 shares, compared to its average volume of 373,562. The firm has a market cap of $8.65 billion, a price-to-earnings ratio of 35.42, a P/E/G ratio of 3.35 and a beta of 1.05. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $192.61. The business's 50-day moving average is $165.40 and its 200 day moving average is $169.29. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.01. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. The firm had revenue of $174.45 million for the quarter, compared to analysts' expectations of $169.67 million. During the same quarter in the prior year, the firm posted $1.98 earnings per share. The business's quarterly revenue was up 13.1% on a year-over-year basis. As a group, sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Monday, June 30th. EastGroup Properties's payout ratio is currently 122.54%.

Analyst Ratings Changes

EGP has been the subject of a number of research analyst reports. Robert W. Baird decreased their target price on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Piper Sandler reduced their target price on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Barclays dropped their price objective on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 30th. Truist Financial dropped their price objective on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Finally, Wall Street Zen upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Eight 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 company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $186.60.

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.