EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by Silvercrest Asset Management Group LLC

Silvercrest Asset Management Group LLC cut its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 9.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 218,370 shares of the real estate investment trust’s stock after selling 22,461 shares during the quarter. Silvercrest Asset Management Group LLC owned about 0.45% of EastGroup Properties worth $39,256,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. SYSTM Wealth Solutions LLC raised its stake in shares of EastGroup Properties by 24.2% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after acquiring an additional 65 shares during the period. Venturi Wealth Management LLC raised its stake in shares of EastGroup Properties by 51.6% in the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 66 shares during the period. Securian Asset Management Inc. raised its stake in shares of EastGroup Properties by 2.6% in the 4th quarter. Securian Asset Management Inc. now owns 3,945 shares of the real estate investment trust’s stock valued at $724,000 after acquiring an additional 100 shares during the period. Azzad Asset Management Inc. ADV raised its stake in shares of EastGroup Properties by 4.8% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 2,730 shares of the real estate investment trust’s stock valued at $491,000 after acquiring an additional 124 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its stake in EastGroup Properties by 5.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 2,748 shares of the real estate investment trust’s stock worth $504,000 after buying an additional 144 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

EGP stock traded up $0.43 during trading on Tuesday, hitting $187.50. The company had a trading volume of 113,889 shares, compared to its average volume of 284,665. The firm has a market capitalization of $9.14 billion, a price-to-earnings ratio of 40.64, a P/E/G ratio of 2.91 and a beta of 0.98. The business has a 50 day moving average of $171.87 and a 200 day moving average of $173.49. EastGroup Properties, Inc. has a fifty-two week low of $154.75 and a fifty-two week high of $192.61. 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 data on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $156.70 million. During the same period in the previous year, the company earned $1.89 EPS. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. As a group, research analysts predict that EastGroup Properties, Inc. will post 8.31 earnings per share for the current year.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a dividend of $1.27 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $5.08 annualized dividend and a yield of 2.71%. EastGroup Properties’s payout ratio is presently 110.20%.

Analyst Ratings Changes

Several brokerages recently weighed in on EGP. BMO Capital Markets began coverage on shares of EastGroup Properties in a research note on Monday, April 22nd. They set an “outperform” rating and a $190.00 target price on the stock. Wedbush upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $162.00 to $208.00 in a report on Monday, July 22nd. Robert W. Baird lowered their price target on shares of EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Mizuho lowered their price target on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating for the company in a report on Friday, May 31st. Finally, Evercore ISI lowered their price target on shares of EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a report on Thursday, April 25th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, EastGroup Properties currently has an average rating of “Hold” and an average target price of $184.20.

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.