EastGroup Properties, Inc. (NYSE:EGP) Shares Bought by AE Wealth Management LLC

AE Wealth Management LLC grew its stake in EastGroup Properties, Inc. (NYSE:EGP) by 51.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 72,851 shares of the real estate investment trust’s stock after acquiring an additional 24,802 shares during the quarter. AE Wealth Management LLC owned about 0.15% of EastGroup Properties worth $12,392,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of EGP. Bridges Investment Management Inc. purchased a new stake in shares of EastGroup Properties in the second quarter valued at about $633,000. Intech Investment Management LLC purchased a new stake in shares of EastGroup Properties in the 2nd quarter valued at approximately $1,070,000. XTX Topco Ltd acquired a new stake in shares of EastGroup Properties during the 2nd quarter worth approximately $563,000. Hsbc Holdings PLC increased its holdings in shares of EastGroup Properties by 20.7% during the 2nd quarter. Hsbc Holdings PLC now owns 40,465 shares of the real estate investment trust’s stock worth $6,875,000 after buying an additional 6,926 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its position in shares of EastGroup Properties by 2.3% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 24,036 shares of the real estate investment trust’s stock valued at $4,089,000 after buying an additional 531 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Morgan Stanley raised their target price 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. Barclays raised their price objective on EastGroup Properties from $175.00 to $198.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. KeyCorp upped their target price on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Evercore ISI raised shares of EastGroup Properties from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $192.00 to $204.00 in a research note on Monday, September 16th. Finally, Wells Fargo & Company raised shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $179.00 to $214.00 in a research note on Wednesday, August 28th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $192.00.

EastGroup Properties Stock Down 2.6 %

Shares of NYSE:EGP opened at $186.76 on Friday. EastGroup Properties, Inc. has a fifty-two week low of $154.75 and a fifty-two week high of $192.61. The firm’s 50 day moving average price is $185.48 and its 200 day moving average price is $174.79. 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 stock has a market cap of $8.99 billion, a price-to-earnings ratio of 40.51, a price-to-earnings-growth ratio of 2.74 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (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 firm had revenue of $159.09 million for the quarter, compared to analysts’ expectations of $156.70 million. During the same period last year, the firm posted $1.89 earnings per share. EastGroup Properties’s revenue for the quarter was up 13.7% on a year-over-year basis. As a group, equities research analysts predict that EastGroup Properties, Inc. will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $1.40 per share. 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. This represents a $5.60 annualized dividend and a yield of 3.00%. EastGroup Properties’s payout ratio is presently 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.