18,341 Shares in EastGroup Properties, Inc. (NYSE:EGP) Bought by Magnolia Capital Advisors LLC

Magnolia Capital Advisors LLC purchased a new stake in EastGroup Properties, Inc. (NYSE:EGP) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 18,341 shares of the real estate investment trust’s stock, valued at approximately $3,120,000.

Other institutional investors have also recently made changes to their positions in the company. Gradient Investments LLC bought a new position in shares of EastGroup Properties in the 2nd quarter worth $32,000. Quest Partners LLC raised its holdings in 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 worth $36,000 after buying an additional 208 shares during the last quarter. Mather Group LLC. bought a new position in shares of EastGroup Properties in the first quarter valued at $42,000. Brown Brothers Harriman & Co. acquired a new stake in shares of EastGroup Properties in the 4th quarter worth about $55,000. Finally, SYSTM Wealth Solutions LLC lifted its position in EastGroup Properties by 24.2% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after acquiring an additional 65 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Stock Up 0.0 %

EastGroup Properties stock opened at $187.68 on Monday. The firm has a market capitalization of $9.04 billion, a price-to-earnings ratio of 40.71, a P/E/G ratio of 2.83 and a beta of 0.99. EastGroup Properties, Inc. has a 1-year low of $154.75 and a 1-year high of $192.61. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. The firm has a 50 day simple moving average of $185.78 and a 200 day simple moving average of $175.00.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The firm had revenue of $159.09 million during the quarter, compared to analysts’ expectations of $156.70 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.89 earnings per share. On average, analysts predict that EastGroup Properties, Inc. will post 8.32 earnings per share for the current 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 $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is 121.48%.

Analysts Set New Price Targets

Several brokerages recently issued reports on EGP. Wedbush upped their price target on EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Evercore ISI raised shares of EastGroup Properties from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $192.00 to $204.00 in a research report on Monday, September 16th. Wells Fargo & Company raised shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $179.00 to $214.00 in a research report on Wednesday, August 28th. Barclays increased their price target 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 boosted their price target on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.