Algert Global LLC Has $3.79 Million Position in EastGroup Properties, Inc. (NYSE:EGP)

Algert Global LLC increased its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 27.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,265 shares of the real estate investment trust’s stock after purchasing an additional 4,831 shares during the period. Algert Global LLC’s holdings in EastGroup Properties were worth $3,787,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Hsbc Holdings PLC raised its stake in EastGroup Properties by 14.6% in the fourth quarter. Hsbc Holdings PLC now owns 36,957 shares of the real estate investment trust’s stock valued at $6,799,000 after purchasing an additional 4,722 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in EastGroup Properties by 5.3% during the fourth quarter. Treasurer of the State of North Carolina now owns 20,294 shares of the real estate investment trust’s stock worth $3,725,000 after purchasing an additional 1,030 shares during the period. Brown Brothers Harriman & Co. bought a new stake in EastGroup Properties during the fourth quarter worth about $55,000. The Manufacturers Life Insurance Company lifted its position in EastGroup Properties by 5.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 288,431 shares of the real estate investment trust’s stock worth $52,939,000 after purchasing an additional 15,984 shares during the period. Finally, Centersquare Investment Management LLC lifted its position in EastGroup Properties by 31.8% during the fourth quarter. Centersquare Investment Management LLC now owns 30,456 shares of the real estate investment trust’s stock worth $5,590,000 after purchasing an additional 7,345 shares during the period. Institutional investors own 92.14% of the company’s stock.

Analysts Set New Price Targets

EGP has been the subject of several recent analyst reports. Morgan Stanley upped their price objective on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company raised shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $179.00 to $214.00 in a research report on Wednesday, August 28th. Barclays boosted their target price on EastGroup Properties from $175.00 to $198.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. KeyCorp boosted their target price on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada boosted their target price on EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 30th. 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 presently has an average rating of “Moderate Buy” and a consensus target price of $192.00.

EastGroup Properties Stock Performance

EastGroup Properties stock opened at $186.82 on Tuesday. The business has a 50 day moving average of $185.69 and a 200-day moving average of $175.05. EastGroup Properties, Inc. has a 1 year low of $154.75 and a 1 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 company has a market capitalization of $8.99 billion, a P/E ratio of 40.52, a P/E/G ratio of 2.83 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last released its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The firm had revenue of $159.09 million for the quarter, compared to analyst estimates of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.89 EPS. On average, equities research analysts predict that EastGroup Properties, Inc. will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.00%. 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 is currently 121.48%.

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.