Oppenheimer Asset Management Inc. Has $2.51 Million Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Oppenheimer Asset Management Inc. lifted its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 32.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,746 shares of the real estate investment trust’s stock after purchasing an additional 3,573 shares during the period. Oppenheimer Asset Management Inc.’s holdings in EastGroup Properties were worth $2,508,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of EGP. Gradient Investments LLC acquired a new position in EastGroup Properties in the second quarter valued at $32,000. Quest Partners LLC raised its holdings in shares of 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 valued at $36,000 after purchasing an additional 208 shares during the period. Mather Group LLC. bought a new stake in shares of EastGroup Properties during the first quarter worth about $42,000. EverSource Wealth Advisors LLC increased its position in shares of EastGroup Properties by 1,938.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 252 shares in the last quarter. Finally, Brown Brothers Harriman & Co. bought a new stake in shares of EastGroup Properties during the fourth quarter worth about $55,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Barclays upped their price objective on shares of EastGroup Properties from $175.00 to $198.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Morgan Stanley increased their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $179.00 to $214.00 in a research note on Wednesday, August 28th. Wedbush increased 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. Finally, Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $192.00.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock opened at $190.16 on Wednesday. The firm has a market cap of $9.16 billion, a PE ratio of 41.25, a price-to-earnings-growth ratio of 2.74 and a beta of 0.99. EastGroup Properties, Inc. has a 12-month low of $154.75 and a 12-month high of $192.61. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. The company’s fifty day simple moving average is $184.64 and its two-hundred day simple moving average is $174.45.

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

EastGroup Properties Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.94%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Monday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is currently 121.48%.

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.