Elevated Capital Advisors LLC raised its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP – Free Report) by 64.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,172 shares of the real estate investment trust’s stock after acquiring an additional 849 shares during the period. Elevated Capital Advisors LLC’s holdings in EastGroup Properties were worth $349,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of EastGroup Properties by 67.9% during the third quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock valued at $291,081,000 after purchasing an additional 629,827 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of EastGroup Properties by 355.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 391,594 shares of the real estate investment trust’s stock worth $73,158,000 after buying an additional 305,555 shares in the last quarter. Millennium Management LLC lifted its stake 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 worth $32,036,000 after acquiring an additional 125,991 shares during the period. Vision Capital Corp bought a new position in shares of EastGroup Properties in the third quarter valued at approximately $18,308,000. Finally, Thrivent Financial for Lutherans increased its stake in shares of EastGroup Properties by 73.7% during the second quarter. Thrivent Financial for Lutherans now owns 151,103 shares of the real estate investment trust’s stock valued at $25,702,000 after acquiring an additional 64,099 shares during the period. Institutional investors and hedge funds own 92.14% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $186.00 target price on shares of EastGroup Properties in a research report on Wednesday, October 30th. Truist Financial decreased their target price on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Wells Fargo & Company dropped their price target on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Evercore ISI raised their price objective on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. Finally, StockNews.com downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $191.56.
EastGroup Properties Price Performance
EGP opened at $158.46 on Tuesday. EastGroup Properties, Inc. has a 12-month low of $155.10 and a 12-month high of $192.61. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $7.84 billion, a P/E ratio of 32.74, a PEG ratio of 2.23 and a beta of 1.00. The stock has a fifty day moving average of $167.42 and a 200-day moving average of $177.11.
EastGroup Properties (NYSE:EGP – Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The business had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. During the same quarter in the previous year, the business posted $1.95 earnings per share. The company’s revenue was up 11.2% compared to the same quarter last year. Equities analysts forecast that EastGroup Properties, Inc. will post 8.35 EPS for the current fiscal year.
EastGroup Properties Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date is Tuesday, December 31st. EastGroup Properties’s payout ratio is presently 115.70%.
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.
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