Brown Brothers Harriman & Co. Sells 115 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Brown Brothers Harriman & Co. trimmed its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 20.7% in the second quarter, according to its most recent filing with the SEC. The firm owned 440 shares of the real estate investment trust’s stock after selling 115 shares during the period. Brown Brothers Harriman & Co.’s holdings in EastGroup Properties were worth $75,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in EastGroup Properties during the fourth quarter worth about $103,931,000. Paralel Advisors LLC acquired a new stake in EastGroup Properties in the 4th quarter valued at $1,357,000. CANADA LIFE ASSURANCE Co boosted its stake in EastGroup Properties by 5.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 95,952 shares of the real estate investment trust’s stock valued at $17,242,000 after buying an additional 5,342 shares in the last quarter. Pinebridge Investments L.P. acquired a new position in EastGroup Properties during the fourth quarter worth $2,289,000. Finally, Tidal Investments LLC lifted its holdings in shares of EastGroup Properties by 30.4% during the first quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust’s stock valued at $3,293,000 after acquiring an additional 4,271 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Evercore ISI raised shares of EastGroup Properties from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $192.00 to $204.00 in a report on Monday. BNP Paribas assumed coverage on shares of EastGroup Properties in a research note on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 target price for the company. Wells Fargo & Company upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $179.00 to $214.00 in a research report on Wednesday, August 28th. Barclays lifted their price objective on EastGroup Properties from $175.00 to $198.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Finally, Morgan Stanley increased their target price on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $192.00.

EastGroup Properties Trading Up 1.2 %

EGP opened at $191.82 on Friday. The firm has a 50 day simple moving average of $185.23 and a 200 day simple moving average of $174.63. EastGroup Properties, Inc. has a fifty-two week low of $154.75 and a fifty-two week high of $192.61. The company has a market cap of $9.23 billion, a price-to-earnings ratio of 41.61, a price-to-earnings-growth 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 (NYSE:EGP) last issued 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 net margin of 37.16% and a return on equity of 8.69%. The business had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. During the same quarter in the previous year, the firm posted $1.89 EPS. The business’s revenue was up 13.7% on a year-over-year basis. On average, sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.92%. This is an increase 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 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.