Peddock Capital Advisors LLC Takes Position in EastGroup Properties, Inc. (NYSE:EGP)

Peddock Capital Advisors LLC purchased a new stake in EastGroup Properties, Inc. (NYSE:EGP) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,091 shares of the real estate investment trust’s stock, valued at approximately $204,000.

A number of other hedge funds have also made changes to their positions in EGP. Quadrature Capital Ltd increased its position in shares of EastGroup Properties by 13.3% in the fourth quarter. Quadrature Capital Ltd now owns 8,220 shares of the real estate investment trust’s stock valued at $1,509,000 after buying an additional 964 shares in the last quarter. State of Tennessee Treasury Department purchased a new stake in EastGroup Properties during the 4th quarter worth about $12,840,000. RMB Capital Management LLC increased its position in EastGroup Properties by 1.2% during the 4th quarter. RMB Capital Management LLC now owns 125,320 shares of the real estate investment trust’s stock worth $23,001,000 after purchasing an additional 1,500 shares in the last quarter. Cohen & Steers Inc. boosted its stake in EastGroup Properties by 1.0% in the 4th quarter. Cohen & Steers Inc. now owns 256,205 shares of the real estate investment trust’s stock worth $47,024,000 after buying an additional 2,565 shares during the last quarter. Finally, Bridgefront Capital LLC acquired a new stake in EastGroup Properties in the 4th quarter worth about $519,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Down 0.5 %

EastGroup Properties stock traded down $0.83 during midday trading on Wednesday, hitting $176.88. 64,227 shares of the company were exchanged, compared to its average volume of 292,338. The company’s fifty day moving average price is $184.87 and its 200-day moving average price is $175.13. The company has a market cap of $8.52 billion, a PE ratio of 38.52, a price-to-earnings-growth ratio of 2.83 and a beta of 0.99. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21. EastGroup Properties, Inc. has a fifty-two week low of $154.75 and a fifty-two week high of $192.61.

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

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $1.40 per share. The ex-dividend date is Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a yield of 3.17%. EastGroup Properties’s payout ratio is currently 121.48%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Evercore ISI raised their price target on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday. Royal Bank of Canada raised their price target 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. Truist Financial raised their price target on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Wedbush lifted their price objective on EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Finally, Wells Fargo & Company raised EastGroup Properties from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $179.00 to $214.00 in a research note on Wednesday, August 28th. 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, EastGroup Properties currently has an average rating of “Moderate Buy” and an average target price of $192.07.

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.