waypoint wealth counsel Has $990,000 Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

waypoint wealth counsel cut its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 6.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,300 shares of the real estate investment trust’s stock after selling 350 shares during the quarter. waypoint wealth counsel’s holdings in EastGroup Properties were worth $990,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Gradient Investments LLC acquired a new position in EastGroup Properties in the 2nd quarter worth about $32,000. Quest Partners LLC boosted its position in EastGroup Properties by 10,400.0% during the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 208 shares during the period. Mather Group LLC. bought a new stake in EastGroup Properties during the 1st quarter worth approximately $42,000. Quarry LP bought a new stake in EastGroup Properties during the 4th quarter worth approximately $62,000. Finally, EverSource Wealth Advisors LLC increased its position in EastGroup Properties by 30.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after acquiring an additional 80 shares during the period. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

Shares of EGP stock traded down $0.78 on Friday, hitting $179.99. 211,829 shares of the stock were exchanged, compared to its average volume of 293,817. EastGroup Properties, Inc. has a one year low of $154.75 and a one year high of $192.61. The firm’s 50 day moving average is $185.26 and its two-hundred day moving average is $175.21. The firm has a market capitalization of $8.67 billion, a PE ratio of 39.04, a P/E/G ratio of 2.83 and a beta of 0.99. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. During the same period in the previous year, the business earned $1.89 earnings per share. EastGroup Properties’s revenue was up 13.7% on a year-over-year basis. Sell-side analysts expect that EastGroup Properties, Inc. will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend is Monday, September 30th. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s payout ratio is currently 121.48%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank of Canada lifted their price objective on EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 30th. Evercore ISI raised shares of EastGroup Properties from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $192.00 to $204.00 in a research note on Monday, September 16th. Barclays upped their target price on EastGroup Properties from $175.00 to $198.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $175.00 to $200.00 in a research note on Thursday, September 5th. Finally, Truist Financial lifted their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, EastGroup Properties currently has an average rating of “Moderate Buy” and a consensus target price of $192.00.

About EastGroup Properties

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.