EastGroup Properties, Inc. (NYSE:EGP) Shares Purchased by Cwm LLC

Cwm LLC boosted its stake in EastGroup Properties, Inc. (NYSE:EGP) by 26.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,770 shares of the real estate investment trust’s stock after acquiring an additional 369 shares during the period. Cwm LLC’s holdings in EastGroup Properties were worth $331,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in EGP. Peddock Capital Advisors LLC purchased a new position in EastGroup Properties during the 3rd quarter worth approximately $204,000. Park Place Capital Corp acquired a new stake in shares of EastGroup Properties in the third quarter valued at approximately $149,000. Azzad Asset Management Inc. ADV grew its position in shares of EastGroup Properties by 4.9% during the third quarter. Azzad Asset Management Inc. ADV now owns 2,085 shares of the real estate investment trust’s stock worth $389,000 after acquiring an additional 98 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of EastGroup Properties by 90.7% in the 3rd quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust’s stock valued at $100,000 after acquiring an additional 255 shares during the period. Finally, Handelsbanken Fonder AB raised its position in EastGroup Properties by 9.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 173,958 shares of the real estate investment trust’s stock valued at $32,499,000 after purchasing an additional 14,600 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

EGP stock opened at $179.59 on Tuesday. The stock’s 50 day moving average is $184.33 and its two-hundred day moving average is $175.29. EastGroup Properties, Inc. has a 52-week low of $154.75 and a 52-week high of $192.61. The company has a market capitalization of $8.65 billion, a PE ratio of 38.96, a P/E/G ratio of 2.65 and a beta of 0.99. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60.

EastGroup Properties (NYSE:EGP) last issued its 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). The company had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The business’s revenue was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.89 earnings per share. Analysts predict that EastGroup Properties, Inc. will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.40 dividend. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date was Monday, September 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.12%. EastGroup Properties’s dividend payout ratio is presently 121.48%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on EGP. Truist Financial increased their target price on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. KeyCorp lifted their price objective on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Wedbush raised their price target on EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Finally, Wells Fargo & Company upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $179.00 to $214.00 in a research report on Wednesday, August 28th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $191.73.

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.