EastGroup Properties, Inc. (NYSE:EGP) Stock Position Lessened by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 37.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,329 shares of the real estate investment trust’s stock after selling 7,380 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in EastGroup Properties were worth $2,097,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of EGP. SYSTM Wealth Solutions LLC increased its position in shares of EastGroup Properties by 24.2% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after purchasing an additional 65 shares during the period. EverSource Wealth Advisors LLC grew its holdings in EastGroup Properties by 30.2% during the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after acquiring an additional 80 shares during the period. Nisa Investment Advisors LLC lifted its holdings in EastGroup Properties by 0.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock valued at $5,328,000 after acquiring an additional 103 shares during the last quarter. Azzad Asset Management Inc. ADV boosted its position in shares of EastGroup Properties by 4.8% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 2,730 shares of the real estate investment trust’s stock valued at $491,000 after purchasing an additional 124 shares in the last quarter. Finally, American Capital Advisory LLC grew its stake in shares of EastGroup Properties by 15.0% in the 2nd quarter. American Capital Advisory LLC now owns 1,035 shares of the real estate investment trust’s stock worth $190,000 after purchasing an additional 135 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Stock Down 2.6 %

EGP stock opened at $186.76 on Friday. 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 has a market cap of $8.99 billion, a price-to-earnings ratio of 40.68, a PEG ratio of 2.74 and a beta of 0.99. The company has a 50 day moving average of $185.42 and a two-hundred day moving average of $174.75.

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 analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The firm had revenue of $159.09 million during the quarter, compared to analysts’ expectations of $156.70 million. During the same quarter last year, the firm earned $1.89 EPS. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. On average, equities analysts anticipate that EastGroup Properties, Inc. will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.00%. The ex-dividend date is Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is presently 121.48%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Royal Bank of Canada increased their target price on shares of EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 30th. BNP Paribas assumed coverage on EastGroup Properties in a report on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 target price on the stock. Morgan Stanley upped their target price on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Truist Financial lifted their price target on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $192.00.

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.