EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC cut its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 90.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 2,361 shares of the real estate investment trust’s stock after selling 21,428 shares during the quarter. SG Americas Securities LLC’s holdings in EastGroup Properties were worth $441,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new position in shares of EastGroup Properties during the 2nd quarter valued at $783,000. Aurora Investment Counsel acquired a new position in shares of EastGroup Properties during the 2nd quarter valued at $1,627,000. Northwestern Mutual Wealth Management Co. increased its position in shares of EastGroup Properties by 49.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 954 shares of the real estate investment trust’s stock valued at $162,000 after purchasing an additional 316 shares during the period. Magnolia Capital Advisors LLC acquired a new position in shares of EastGroup Properties during the 2nd quarter valued at $3,120,000. Finally, Algert Global LLC increased its position in shares of EastGroup Properties by 27.7% during the 2nd quarter. Algert Global LLC now owns 22,265 shares of the real estate investment trust’s stock valued at $3,787,000 after purchasing an additional 4,831 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock opened at $185.27 on Thursday. 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 12 month low of $154.75 and a 12 month high of $192.61. The business has a fifty day simple moving average of $184.29 and a 200-day simple moving average of $175.17. The stock has a market cap of $8.92 billion, a PE ratio of 40.19, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last announced 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 return on equity of 8.69% and a net margin of 37.16%. The firm had revenue of $159.09 million for the quarter, compared to analysts’ expectations of $156.70 million. During the same quarter in the prior year, the business posted $1.89 earnings per share. EastGroup Properties’s revenue was up 13.7% on a year-over-year basis. On average, sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.32 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.02%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Monday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is currently 121.48%.

Analyst Ratings Changes

Several research firms have recently weighed in on EGP. Truist Financial raised their price objective on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Wells Fargo & Company raised EastGroup Properties from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $179.00 to $214.00 in a research note on Wednesday, August 28th. Wedbush raised their price objective on EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. KeyCorp raised their price objective 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, Mizuho raised 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. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $191.73.

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.