Tidal Investments LLC Raises Stake in EastGroup Properties, Inc. (NYSE:EGP)

Tidal Investments LLC grew its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 27.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 39,522 shares of the real estate investment trust's stock after acquiring an additional 8,617 shares during the quarter. Tidal Investments LLC owned 0.08% of EastGroup Properties worth $6,343,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. CIBC Asset Management Inc raised its position in EastGroup Properties by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust's stock worth $234,000 after purchasing an additional 72 shares during the period. Principal Securities Inc. increased its holdings in shares of EastGroup Properties by 18.5% in the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock worth $86,000 after buying an additional 84 shares during the period. waypoint wealth counsel lifted its stake in shares of EastGroup Properties by 1.9% in the 4th quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust's stock valued at $867,000 after acquiring an additional 100 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in EastGroup Properties by 1.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,042 shares of the real estate investment trust's stock valued at $1,612,000 after acquiring an additional 100 shares during the period. Finally, US Bancorp DE grew its position in EastGroup Properties by 1.4% during the 4th quarter. US Bancorp DE now owns 7,395 shares of the real estate investment trust's stock worth $1,187,000 after acquiring an additional 102 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

EGP has been the subject of several recent research reports. Piper Sandler lowered their price objective on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Robert W. Baird lowered their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Evercore ISI increased their price target on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a research report on Thursday, April 24th. Barclays decreased their price objective on shares of 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. Finally, Raymond James reiterated a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $186.60.

EastGroup Properties Stock Down 0.3%

Shares of NYSE:EGP opened at $172.58 on Tuesday. The firm has a market capitalization of $9.06 billion, a P/E ratio of 37.11, a P/E/G ratio of 3.35 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a 50 day moving average price of $166.37 and a 200-day moving average price of $169.43. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $192.61.

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

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.24%. The ex-dividend date was Monday, March 31st. EastGroup Properties's payout ratio is currently 122.54%.

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.

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