Voya Investment Management LLC Raises Holdings in EastGroup Properties, Inc. $EGP

Key Points

• Voya Investment Management LLC increased its stake in EastGroup Properties, Inc. by 29.1% during the first quarter, raising its holdings to 22,968 shares worth approximately $4,046,000.
• EastGroup Properties announced a quarterly dividend of $1.55 per share, an increase from the previous $1.40, with a 3.7% dividend yield.
• Analysts have various price targets for EastGroup Properties, with a consensus target price of $188.25 and a mix of ratings, including one Strong Buy and six Buy ratings.

Voya Investment Management LLC raised its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 29.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,968 shares of the real estate investment trust's stock after buying an additional 5,172 shares during the period. Voya Investment Management LLC's holdings in EastGroup Properties were worth $4,046,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Citizens National Bank Trust Department acquired a new position in EastGroup Properties during the 1st quarter worth about $26,000. Assetmark Inc. grew its holdings in shares of EastGroup Properties by 1,035.7% in the first quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust's stock valued at $28,000 after purchasing an additional 145 shares in the last quarter. Mather Group LLC. boosted its position in EastGroup Properties by 74.2% in the 1st quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock valued at $64,000 after buying an additional 155 shares during the period. Parallel Advisors LLC boosted its position 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 valued at $75,000 after buying an additional 337 shares during the period. Finally, Bessemer Group Inc. boosted its position in EastGroup Properties by 31.9% in the 1st quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock valued at $79,000 after buying an additional 108 shares during the period. Institutional investors and hedge funds own 92.14% of the company's stock.

EastGroup Properties Stock Performance

EGP traded down $0.06 during trading on Tuesday, hitting $168.55. 45,056 shares of the stock were exchanged, compared to its average volume of 426,158. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $8.99 billion, a P/E ratio of 36.40, a PEG ratio of 3.39 and a beta of 1.01. The stock has a fifty day moving average price of $165.41 and a two-hundred day moving average price of $167.19. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $191.58.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.20 by $0.01. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The business had revenue of $177.29 million for the quarter, compared to analyst estimates of $175.80 million. During the same period in the previous year, the business posted $2.05 earnings per share. The business's revenue was up 11.4% compared to the same quarter last year. EastGroup Properties has set its Q3 2025 guidance at 2.220-2.300 EPS. FY 2025 guidance at 8.890-9.030 EPS. As a group, sell-side analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 30th. This is an increase from EastGroup Properties's previous quarterly dividend of $1.40. EastGroup Properties's dividend payout ratio (DPR) is 120.95%.

Analyst Ratings Changes

Several brokerages have recently issued reports on EGP. Royal Bank Of Canada reduced their price objective on EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating on the stock in a research note on Tuesday, July 29th. Evercore ISI boosted their price objective on EastGroup Properties from $176.00 to $180.00 and gave the stock an "in-line" rating in a research report on Monday, September 15th. Wells Fargo & Company set a $215.00 price target on shares of EastGroup Properties and gave the stock an "overweight" rating in a research note on Sunday, July 13th. Finally, Morgan Stanley lifted their price target on shares of EastGroup Properties from $170.00 to $178.00 and gave the stock an "equal weight" rating in a research note on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, EastGroup Properties has a consensus rating of "Moderate Buy" and an average price target of $188.25.

About EastGroup Properties

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.