Headlands Technologies LLC Invests $66,000 in EastGroup Properties, Inc. (NYSE:EGP)

Headlands Technologies LLC bought a new stake in EastGroup Properties, Inc. (NYSE:EGP) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 387 shares of the real estate investment trust’s stock, valued at approximately $66,000.

Other hedge funds also recently made changes to their positions in the company. Gradient Investments LLC purchased a new position in EastGroup Properties during the second quarter valued at $32,000. Quest Partners LLC boosted its stake in EastGroup Properties by 10,400.0% during the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 208 shares in the last quarter. Mather Group LLC. bought a new stake in EastGroup Properties during the first quarter worth about $42,000. EverSource Wealth Advisors LLC grew its holdings in EastGroup Properties by 1,938.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 252 shares during the period. Finally, Brown Brothers Harriman & Co. bought a new position in shares of EastGroup Properties during the fourth quarter valued at approximately $55,000. 92.14% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

EGP has been the topic of several recent research reports. Morgan Stanley upped their price target on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. BNP Paribas assumed coverage on EastGroup Properties in a report on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price target for the company. KeyCorp upped their price target on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $175.00 to $200.00 in a research note on Thursday, September 5th. Finally, Wedbush upped their target price on shares of EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $192.00.

EastGroup Properties Stock Performance

Shares of EGP opened at $190.24 on Tuesday. The firm has a market capitalization of $9.16 billion, a P/E ratio of 41.27, a PEG ratio of 2.74 and a beta of 0.99. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21. EastGroup Properties, Inc. has a one year low of $154.75 and a one year high of $192.61. The business has a fifty day moving average of $184.64 and a 200 day moving average of $174.45.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The firm had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The company’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.89 earnings per share. As a group, sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $1.40 per share. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date is Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.94%. EastGroup Properties’s payout ratio is presently 121.48%.

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.