HB Wealth Management LLC Takes $211,000 Position in EastGroup Properties, Inc. (NYSE:EGP)

HB Wealth Management LLC acquired a new position in shares of EastGroup Properties, Inc. (NYSE:EGP) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 1,313 shares of the real estate investment trust’s stock, valued at approximately $211,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of EGP. Deerfield Management Company L.P. Series C purchased a new stake in EastGroup Properties during the 2nd quarter worth approximately $444,000. Millennium Management LLC grew its position in shares of EastGroup Properties by 202.1% in the 2nd quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock valued at $32,036,000 after buying an additional 125,991 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in EastGroup Properties by 1.0% in the second quarter. The Manufacturers Life Insurance Company now owns 297,807 shares of the real estate investment trust’s stock valued at $50,657,000 after acquiring an additional 2,916 shares in the last quarter. Algert Global LLC increased its position in shares of EastGroup Properties by 27.7% during the second quarter. Algert Global LLC now owns 22,265 shares of the real estate investment trust’s stock worth $3,787,000 after purchasing an additional 4,831 shares in the last quarter. Finally, Magnolia Capital Advisors LLC purchased a new stake in EastGroup Properties in the second quarter valued at approximately $3,120,000. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on EGP. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $186.00 price objective on shares of EastGroup Properties in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft started coverage on shares of EastGroup Properties in a research report on Tuesday, January 14th. They set a “buy” rating and a $180.00 price objective for the company. Evercore ISI lifted their target price on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, October 7th. StockNews.com downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. Finally, Wells Fargo & Company cut their target price on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $190.88.

EastGroup Properties Trading Up 0.1 %

NYSE EGP opened at $169.58 on Friday. The company’s fifty day simple moving average is $165.87 and its 200-day simple moving average is $176.64. The stock has a market cap of $8.40 billion, a P/E ratio of 35.04, a PEG ratio of 3.12 and a beta of 1.00. EastGroup Properties, Inc. has a 52 week low of $155.10 and a 52 week high of $192.61. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. During the same period in the previous year, the company earned $1.95 earnings per share. The business’s quarterly revenue was up 11.2% on a year-over-year basis. Equities research analysts predict that EastGroup Properties, Inc. will post 8.34 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $5.60 annualized dividend and a yield of 3.30%. EastGroup Properties’s dividend payout ratio 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.