Verition Fund Management LLC Purchases Shares of 75,560 EastGroup Properties, Inc. $EGP

Key Points

• Verition Fund Management opened a new position in EastGroup Properties in the fourth quarter, buying 75,560 shares worth about $13.46 million. The stake represented roughly 0.14% of the REIT.
• Institutional ownership in EastGroup Properties remains heavy, with 92.14% of shares held by institutions and hedge funds. Several other funds also recently increased or initiated positions in the stock.
• EastGroup Properties reported stronger-than-expected earnings for the latest quarter, beating EPS estimates, and it also declared a $1.55 quarterly dividend payable July 15, equating to a 3.0% annualized yield.

Verition Fund Management LLC bought a new position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 75,560 shares of the real estate investment trust's stock, valued at approximately $13,460,000. Verition Fund Management LLC owned about 0.14% of EastGroup Properties as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of EGP. State of Wyoming acquired a new stake in shares of EastGroup Properties in the second quarter worth approximately $27,000. MAI Capital Management boosted its position in shares of EastGroup Properties by 83.7% in the third quarter. MAI Capital Management now owns 180 shares of the real estate investment trust's stock worth $31,000 after acquiring an additional 82 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of EastGroup Properties by 53.5% during the 3rd quarter. Parallel Advisors LLC now owns 244 shares of the real estate investment trust's stock worth $41,000 after buying an additional 85 shares during the last quarter. AlphaQuest LLC increased its holdings in shares of EastGroup Properties by 26,500.0% during the 3rd quarter. AlphaQuest LLC now owns 266 shares of the real estate investment trust's stock worth $45,000 after buying an additional 265 shares during the last quarter. Finally, Clearstead Advisors LLC increased its holdings in shares of EastGroup Properties by 114.9% during the 4th quarter. Clearstead Advisors LLC now owns 260 shares of the real estate investment trust's stock worth $46,000 after buying an additional 139 shares during the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at EastGroup Properties

In related news, Director David Michael Fields sold 504 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $195.77, for a total value of $98,668.08. Following the completion of the sale, the director directly owned 3,531 shares in the company, valued at approximately $691,263.87. This represents a 12.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on EGP. Weiss Ratings upgraded EastGroup Properties from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, April 24th. Royal Bank Of Canada upped their price objective on EastGroup Properties from $195.00 to $208.00 and gave the stock a "sector perform" rating in a report on Tuesday, April 28th. Morgan Stanley upped their price objective on EastGroup Properties from $215.00 to $231.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 27th. Cantor Fitzgerald restated an "overweight" rating and set a $217.00 price objective on shares of EastGroup Properties in a report on Monday, April 27th. Finally, Evercore set a $195.00 price objective on EastGroup Properties in a report on Friday, April 24th. Ten research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $208.07.

EastGroup Properties Stock Down 0.5%

Shares of NYSE EGP opened at $204.26 on Tuesday. EastGroup Properties, Inc. has a 12-month low of $159.37 and a 12-month high of $207.72. The company has a market cap of $10.98 billion, a P/E ratio of 37.14, a P/E/G ratio of 3.09 and a beta of 1.04. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.45. The stock has a fifty day moving average price of $200.11 and a 200 day moving average price of $190.41.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.50. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.The firm had revenue of $190.26 million during the quarter, compared to the consensus estimate of $193.84 million. During the same period in the prior year, the firm earned $2.15 EPS. The firm's quarterly revenue was up 9.1% compared to the same quarter last year. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. Research analysts anticipate that EastGroup Properties, Inc. will post 9.57 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, June 30th. EastGroup Properties's dividend payout ratio is currently 112.73%.

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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