Park Place Capital Corp Takes $149,000 Position in EastGroup Properties, Inc. (NYSE:EGP)

Park Place Capital Corp bought a new position in shares of EastGroup Properties, Inc. (NYSE:EGP) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 800 shares of the real estate investment trust’s stock, valued at approximately $149,000.

Other large investors have also added to or reduced their stakes in the company. Quadrature Capital Ltd grew its stake in EastGroup Properties by 13.3% during the 4th quarter. Quadrature Capital Ltd now owns 8,220 shares of the real estate investment trust’s stock valued at $1,509,000 after purchasing an additional 964 shares in the last quarter. State of Tennessee Treasury Department acquired a new stake in EastGroup Properties in the fourth quarter valued at $12,840,000. RMB Capital Management LLC boosted its stake in EastGroup Properties by 1.2% during the 4th quarter. RMB Capital Management LLC now owns 125,320 shares of the real estate investment trust’s stock valued at $23,001,000 after acquiring an additional 1,500 shares during the last quarter. Cohen & Steers Inc. grew its holdings in EastGroup Properties by 1.0% during the 4th quarter. Cohen & Steers Inc. now owns 256,205 shares of the real estate investment trust’s stock worth $47,024,000 after acquiring an additional 2,565 shares in the last quarter. Finally, Bridgefront Capital LLC bought a new stake in shares of EastGroup Properties in the 4th quarter worth about $519,000. 92.14% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Barclays lifted their price target 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. Wells Fargo & Company upgraded 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. Morgan Stanley upped their price target on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. 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 note on Thursday, September 5th. Finally, Evercore ISI boosted their target price on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, EastGroup Properties has a consensus rating of “Moderate Buy” and a consensus price target of $192.07.

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $177.56 on Wednesday. The firm’s 50-day simple moving average is $184.87 and its 200 day simple moving average is $175.13. The stock has a market cap of $8.55 billion, a P/E ratio of 38.52, a P/E/G ratio of 2.83 and a beta of 0.99. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. EastGroup Properties, Inc. has a fifty-two week low of $154.75 and a fifty-two week high of $192.61.

EastGroup Properties (NYSE:EGP) last posted 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 net margin of 37.16% and a return on equity of 8.69%. The company had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. During the same quarter last year, the business earned $1.89 earnings per share. The company’s revenue was up 13.7% on a year-over-year basis. Equities analysts expect that EastGroup Properties, Inc. will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $1.40 dividend. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date is Monday, September 30th. This represents a $5.60 annualized dividend and a yield of 3.15%. EastGroup Properties’s payout ratio is 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.