XTX Topco Ltd Invests $563,000 in EastGroup Properties, Inc. (NYSE:EGP)

XTX Topco Ltd purchased a new position in shares of EastGroup Properties, Inc. (NYSE:EGP) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 3,308 shares of the real estate investment trust’s stock, valued at approximately $563,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in EGP. Vanguard Group Inc. lifted its holdings in shares of EastGroup Properties by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock worth $1,233,785,000 after acquiring an additional 210,207 shares during the period. Ceredex Value Advisors LLC bought a new position in EastGroup Properties in the 2nd quarter valued at approximately $35,131,000. Boston Partners grew its holdings in EastGroup Properties by 26.1% during the 1st quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock worth $171,399,000 after acquiring an additional 197,427 shares during the last quarter. Zimmer Partners LP increased its position in EastGroup Properties by 465.6% in the 1st quarter. Zimmer Partners LP now owns 200,558 shares of the real estate investment trust’s stock valued at $36,054,000 after acquiring an additional 165,100 shares during the period. Finally, Eagle Asset Management Inc. raised its stake in shares of EastGroup Properties by 29.3% during the fourth quarter. Eagle Asset Management Inc. now owns 646,613 shares of the real estate investment trust’s stock valued at $118,679,000 after acquiring an additional 146,381 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock opened at $189.38 on Tuesday. The business has a 50-day simple moving average of $185.58 and a 200 day simple moving average of $174.78. EastGroup Properties, Inc. has a one year low of $154.75 and a one year high of $192.61. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21. The firm has a market capitalization of $9.12 billion, a price-to-earnings ratio of 41.08, a PEG 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 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 firm had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. During the same quarter in the prior year, the firm earned $1.89 EPS. The company’s revenue was up 13.7% compared to the same quarter last year. On average, research 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. Stockholders of record on Monday, September 30th will be issued a dividend of $1.40 per share. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend is Monday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is currently 121.48%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Royal Bank of Canada boosted their price objective on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 30th. Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. KeyCorp upped their target price on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Truist Financial increased their target price on shares of EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Finally, Wedbush boosted their price target on shares of EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a research report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, EastGroup Properties has an average rating of “Moderate Buy” and an average target price of $192.00.

About EastGroup Properties

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.