Stifel Financial Corp Sells 183 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Stifel Financial Corp lessened its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 1.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,683 shares of the real estate investment trust’s stock after selling 183 shares during the quarter. Stifel Financial Corp’s holdings in EastGroup Properties were worth $2,369,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Quantinno Capital Management LP grew its stake in shares of EastGroup Properties by 65.5% in the 3rd quarter. Quantinno Capital Management LP now owns 29,098 shares of the real estate investment trust’s stock valued at $5,436,000 after purchasing an additional 11,513 shares during the period. Quarry LP acquired a new position in EastGroup Properties during the third quarter worth $102,000. Point72 DIFC Ltd bought a new position in shares of EastGroup Properties during the third quarter valued at $705,000. Point72 Asset Management L.P. acquired a new stake in shares of EastGroup Properties in the 3rd quarter valued at $6,651,000. Finally, Janus Henderson Group PLC grew its holdings in shares of EastGroup Properties by 18.5% in the 3rd quarter. Janus Henderson Group PLC now owns 387,972 shares of the real estate investment trust’s stock worth $72,438,000 after purchasing an additional 60,624 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on EGP. Wells Fargo & Company cut their price target on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $186.00 target price on shares of EastGroup Properties in a report on Wednesday, October 30th. Raymond James upgraded EastGroup Properties from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $185.00 to $200.00 in a research report on Wednesday, December 11th. Truist Financial cut their price objective on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Finally, Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties presently has an average rating of “Moderate Buy” and an average target price of $191.80.

EastGroup Properties Stock Down 3.9 %

Shares of EGP stock opened at $161.20 on Thursday. EastGroup Properties, Inc. has a 12-month low of $155.23 and a 12-month high of $192.61. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. The firm has a fifty day moving average of $173.74 and a 200-day moving average of $177.85. The company has a market capitalization of $7.98 billion, a price-to-earnings ratio of 33.31, a P/E/G ratio of 2.22 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). The firm had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.95 EPS. As a group, equities research analysts predict that EastGroup Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.47%. EastGroup Properties’s dividend payout ratio (DPR) is presently 115.70%.

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.