Westpac Banking Corp Invests $1.10 Million in EastGroup Properties, Inc. (NYSE:EGP)

Key Points

• Westpac Banking Corp invested approximately $1.10 million in EastGroup Properties, acquiring 6,263 shares during the first quarter.
• Multiple hedge funds increased their positions in EastGroup Properties, making up 92.14% of the stock being owned by institutional investors.
• EastGroup Properties reported strong quarterly earnings, with an EPS of $2.21, surpassing estimates and reflecting an 11.4% revenue increase year-over-year.

Westpac Banking Corp bought a new position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,263 shares of the real estate investment trust's stock, valued at approximately $1,103,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Citizens National Bank Trust Department purchased a new position in EastGroup Properties during the 1st quarter worth $26,000. Assetmark Inc. grew its position in EastGroup Properties by 1,035.7% during the 1st quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust's stock worth $28,000 after purchasing an additional 145 shares during the last quarter. Mather Group LLC. grew its position in EastGroup Properties by 74.2% during the 1st quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock worth $64,000 after purchasing an additional 155 shares during the last quarter. Parallel Advisors LLC grew its position in EastGroup Properties by 387.4% during 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 during the last quarter. Finally, Bessemer Group Inc. grew its position in EastGroup Properties by 31.9% during the 1st quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock worth $79,000 after purchasing an additional 108 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company's stock.

EastGroup Properties Price Performance

Shares of NYSE EGP traded up $0.66 during midday trading on Friday, hitting $162.56. The company had a trading volume of 467,063 shares, compared to its average volume of 412,550. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.43. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.21. The business has a 50-day simple moving average of $166.98 and a two-hundred day simple moving average of $169.41. The firm has a market capitalization of $8.67 billion, a price-to-earnings ratio of 35.11, a price-to-earnings-growth ratio of 3.32 and a beta of 0.98.

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 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 firm had revenue of $177.29 million during the quarter, compared to analysts' expectations of $175.80 million. During the same quarter last year, the business earned $2.05 earnings per share. The business's revenue for the quarter was up 11.4% compared to the same quarter last year. Equities research analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $1.40 per share. The ex-dividend date was Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.4%. EastGroup Properties's payout ratio is presently 120.95%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Wall Street Zen raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Robert W. Baird lowered their price objective on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Truist Financial reduced their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Barclays reduced their target price 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. Finally, Wells Fargo & Company set a $215.00 target price on shares of EastGroup Properties and gave the stock an "overweight" rating in a research note on Sunday, July 13th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, EastGroup Properties has an average rating of "Moderate Buy" and an average target price of $189.31.

EastGroup Properties Company 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.