Tounjian Advisory Partners LLC Invests $319,000 in EastGroup Properties, Inc. (NYSE:EGP)

Tounjian Advisory Partners LLC bought a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,812 shares of the real estate investment trust's stock, valued at approximately $319,000.

A number of other hedge funds have also recently made changes to their positions in EGP. UMB Bank n.a. raised its stake in EastGroup Properties by 28.7% during the first quarter. UMB Bank n.a. now owns 1,951 shares of the real estate investment trust's stock valued at $344,000 after buying an additional 435 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in shares of EastGroup Properties by 38.9% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 2,362 shares of the real estate investment trust's stock worth $416,000 after acquiring an additional 662 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of EastGroup Properties by 3.9% during the first quarter. Rhumbline Advisers now owns 157,664 shares of the real estate investment trust's stock valued at $27,772,000 after acquiring an additional 5,869 shares in the last quarter. Rothschild Investment LLC purchased a new position in shares of EastGroup Properties in the 1st quarter worth about $434,000. Finally, Parallel Advisors LLC boosted its stake in EastGroup Properties by 387.4% in the 1st quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust's stock worth $75,000 after purchasing an additional 337 shares in the last quarter. 92.14% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on EGP shares. Barclays reduced their price objective on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 30th. Raymond James reiterated a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Royal Bank of Canada reduced their price target on shares of EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 29th. Piper Sandler lowered their price objective on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Finally, Wall Street Zen upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, EastGroup Properties currently has a consensus rating of "Moderate Buy" and an average price target of $188.00.

EastGroup Properties Stock Performance

EGP traded down $1.18 during mid-day trading on Friday, reaching $170.87. 260,417 shares of the company traded hands, compared to its average volume of 374,357. The company's fifty day moving average price is $165.16 and its 200-day moving average price is $169.01. The stock has a market capitalization of $8.97 billion, a P/E ratio of 36.75, a P/E/G ratio of 3.35 and a beta of 1.02. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. 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 issued its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, topping the consensus estimate of $2.11 by $0.01. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The company had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. During the same quarter in the previous year, the company posted $1.98 earnings per share. EastGroup Properties's revenue was up 13.1% compared to the same quarter last year. On average, sell-side analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors 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 3.28%. The ex-dividend date of this dividend is Monday, June 30th. EastGroup Properties's payout ratio is 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.