Wellington Management Group LLP Increases Stock Position in EastGroup Properties, Inc. $EGP

Key Points

• Wellington Management Group LLP increased its stock position in EastGroup Properties by 37.1%, now owning approximately $61.31 million worth of shares.
• EastGroup Properties recently announced a quarterly dividend of $1.55 per share, up from $1.40, resulting in an annualized yield of 3.7%.
• Analysts have set a consensus rating of "Moderate Buy" for EastGroup Properties, with a target price averaging $189.31 per share.

Wellington Management Group LLP raised its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 37.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 348,025 shares of the real estate investment trust's stock after purchasing an additional 94,229 shares during the quarter. Wellington Management Group LLP owned 0.66% of EastGroup Properties worth $61,305,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Nuveen LLC purchased a new stake in shares of EastGroup Properties during the 1st quarter worth approximately $190,456,000. Principal Financial Group Inc. boosted its stake in shares of EastGroup Properties by 234.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust's stock worth $215,267,000 after acquiring an additional 856,971 shares in the last quarter. Northern Trust Corp raised its position in shares of EastGroup Properties by 91.3% during the 4th quarter. Northern Trust Corp now owns 811,196 shares of the real estate investment trust's stock worth $130,189,000 after purchasing an additional 387,134 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of EastGroup Properties during the 1st quarter worth approximately $52,065,000. Finally, Deutsche Bank AG raised its position in shares of EastGroup Properties by 46.1% during the 1st quarter. Deutsche Bank AG now owns 705,834 shares of the real estate investment trust's stock worth $124,333,000 after purchasing an additional 222,675 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on EGP. Wells Fargo & Company set a $215.00 price objective on EastGroup Properties and gave the stock an "overweight" rating in a research report on Sunday, July 13th. Truist Financial cut their price objective on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Royal Bank Of Canada cut their price objective on EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 29th. Raymond James Financial restated a "strong-buy" rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. Finally, Robert W. Baird cut their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $189.31.

EastGroup Properties Trading Down 0.7%

EGP traded down $1.24 during trading on Thursday, hitting $167.53. The company's stock had a trading volume of 50,935 shares, compared to its average volume of 425,979. The firm's 50 day moving average price is $166.13 and its 200-day moving average price is $169.14. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.16 and a quick ratio of 0.16. The stock has a market cap of $8.93 billion, a PE ratio of 36.18, a PEG ratio of 3.40 and a beta of 0.98. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.21.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.01. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The company had revenue of $177.29 million during the quarter, compared to analysts' expectations of $175.80 million. During the same period in the previous year, the company earned $2.05 EPS. The business's quarterly 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. On average, analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.20 annualized dividend and a dividend yield of 3.7%. This is a boost from EastGroup Properties's previous quarterly dividend of $1.40. EastGroup Properties's dividend payout ratio is presently 120.95%.

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.