EastGroup Properties (NYSE:EGP) Stock: Insider Staci Tyler Sells 1,600 Shares

Key Points

• CFO Staci Tyler sold 1,600 EastGroup Properties shares at an average price of $201.69, generating $322,704 and reducing her ownership by 10.54% to 13,584 shares.
• EastGroup reported quarterly EPS of $1.46, below the $2.43 analyst consensus, while revenue of $199.44 million exceeded expectations and increased 9.5% year over year.
• The REIT raised its quarterly dividend to $1.75, or $7.00 annually, yielding about 3.5%. Analysts maintain a “Moderate Buy” consensus with an average price target of $219.37, above the stock’s cited price of $199.82.

EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) CFO Staci Tyler sold 1,600 shares of the stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $201.69, for a total value of $322,704.00. Following the transaction, the chief financial officer owned 13,584 shares of the company's stock, valued at $2,739,756.96. This represents a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

EastGroup Properties Price Performance

Shares of NYSE EGP traded up $0.80 during mid-day trading on Monday, hitting $199.82. 497,281 shares of the company's stock traded hands, compared to its average volume of 418,871. The company's 50-day moving average is $199.14 and its two-hundred day moving average is $202.48. The company has a market capitalization of $10.75 billion, a P/E ratio of 33.87, a PEG ratio of 4.17 and a beta of 1.00. EastGroup Properties, Inc. has a 1 year low of $172.17 and a 1 year high of $226.71.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 EPS for the quarter, missing analysts' consensus estimates of $2.43 by ($0.97). The firm had revenue of $199.44 million for the quarter, compared to analysts' expectations of $197.51 million. EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. EastGroup Properties's revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.27 earnings per share. Equities analysts anticipate that EastGroup Properties, Inc. will post 9.62 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a $1.75 dividend. This represents a $7.00 annualized dividend and a yield of 3.5%. This is a positive change from EastGroup Properties's previous quarterly dividend of $1.55. The ex-dividend date was Wednesday, September 30th. EastGroup Properties's payout ratio is 118.64%.

Analyst Upgrades and Downgrades

EGP has been the topic of a number of recent analyst reports. Barclays upped their price target on EastGroup Properties from $210.00 to $228.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Citigroup raised their price objective on EastGroup Properties from $235.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. JPMorgan Chase & Co. upgraded EastGroup Properties from a "neutral" rating to an "overweight" rating and set a $231.00 target price on the stock in a research note on Thursday, September 24th. Truist Financial upped their target price on EastGroup Properties from $215.00 to $230.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Finally, Robert W. Baird set a $221.00 target price on EastGroup Properties in a research report on Friday, July 31st. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $219.37.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of EGP. Westover Capital Advisors LLC increased its holdings in EastGroup Properties by 17.8% during the 3rd quarter. Westover Capital Advisors LLC now owns 8,853 shares of the real estate investment trust's stock valued at $1,748,000 after acquiring an additional 1,339 shares in the last quarter. Leo Wealth LLC purchased a new stake in shares of EastGroup Properties in the third quarter valued at about $251,000. Signaturefd LLC lifted its holdings in shares of EastGroup Properties by 68.3% in the third quarter. Signaturefd LLC now owns 1,851 shares of the real estate investment trust's stock valued at $365,000 after purchasing an additional 751 shares in the last quarter. Capital Investment Advisors LLC lifted its holdings in shares of EastGroup Properties by 4.8% in the third quarter. Capital Investment Advisors LLC now owns 57,228 shares of the real estate investment trust's stock valued at $11,300,000 after purchasing an additional 2,608 shares in the last quarter. Finally, Crossmark Global Holdings Inc. grew its position in shares of EastGroup Properties by 30.5% in the third quarter. Crossmark Global Holdings Inc. now owns 7,964 shares of the real estate investment trust's stock valued at $1,572,000 after purchasing an additional 1,859 shares during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

About EastGroup Properties

EastGroup Properties, Inc NYSE: EGP is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.

Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.

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