EastGroup Properties, Inc. (NYSE:EGP) Holdings Boosted by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC raised its position in EastGroup Properties, Inc. (NYSE:EGP) by 7.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,350 shares of the real estate investment trust’s stock after purchasing an additional 90 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in EastGroup Properties were worth $252,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake 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 valued at $1,233,785,000 after buying an additional 210,207 shares during the period. Price T Rowe Associates Inc. MD lifted its position in EastGroup Properties by 7.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock worth $175,359,000 after buying an additional 71,614 shares in the last quarter. Boston Partners boosted its position in EastGroup Properties by 26.1% in the 1st quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock valued at $171,399,000 after buying an additional 197,427 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of EastGroup Properties by 7.9% during the second quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust’s stock worth $123,848,000 after buying an additional 53,083 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of EastGroup Properties by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 479,323 shares of the real estate investment trust’s stock worth $81,533,000 after acquiring an additional 2,418 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

Analysts Set New Price Targets

EGP has been the subject of a number of recent research reports. Evercore ISI increased their price objective on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Morgan Stanley boosted their target price on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. Truist Financial lifted 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. Wells Fargo & Company reduced their price objective on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, KeyCorp raised their price objective on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, EastGroup Properties currently has an average rating of “Hold” and a consensus target price of $191.50.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock opened at $175.20 on Tuesday. The firm’s 50-day moving average is $181.52 and its 200 day moving average is $176.20. EastGroup Properties, Inc. has a 1 year low of $155.23 and a 1 year high of $192.61. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. The stock has a market cap of $8.67 billion, a price-to-earnings ratio of 36.20, a PEG ratio of 2.62 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The company had revenue of $162.88 million during the quarter, compared to the consensus estimate of $161.52 million. During the same period last year, the firm posted $1.95 EPS. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. Sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.35 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $1.40 dividend. The ex-dividend date was Monday, September 30th. This represents a $5.60 annualized dividend and a yield of 3.20%. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio is currently 115.70%.

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.