EastGroup Properties, Inc. (NYSE:EGP) Shares Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 11.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,394 shares of the real estate investment trust’s stock after buying an additional 1,648 shares during the period. Oppenheimer Asset Management Inc.’s holdings in EastGroup Properties were worth $3,063,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in EGP. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of EastGroup Properties by 4.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 29,186 shares of the real estate investment trust’s stock worth $5,247,000 after buying an additional 1,149 shares during the last quarter. First Eagle Investment Management LLC boosted its position in shares of EastGroup Properties by 49.4% during the 1st quarter. First Eagle Investment Management LLC now owns 514 shares of the real estate investment trust’s stock worth $92,000 after purchasing an additional 170 shares during the period. Vanguard Group Inc. boosted its position in shares of EastGroup Properties by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock worth $1,233,785,000 after purchasing an additional 210,207 shares during the period. Edgestream Partners L.P. boosted its position in shares of EastGroup Properties by 34.6% during the 1st quarter. Edgestream Partners L.P. now owns 45,080 shares of the real estate investment trust’s stock worth $8,104,000 after purchasing an additional 11,598 shares during the period. Finally, Cynosure Group LLC purchased a new position in shares of EastGroup Properties during the 1st quarter worth approximately $310,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $171.97 on Friday. The stock has a market cap of $8.51 billion, a P/E ratio of 35.53, a price-to-earnings-growth ratio of 2.61 and a beta of 1.00. The company has a fifty day simple moving average of $180.51 and a 200-day simple moving average of $176.38. EastGroup Properties, Inc. has a 12-month low of $155.23 and a 12-month high of $192.61. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. EastGroup Properties’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period last year, the firm posted $1.95 earnings per share. Equities analysts expect that EastGroup Properties, Inc. will post 8.35 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.40 per share. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend was Monday, September 30th. EastGroup Properties’s payout ratio is 115.70%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Truist Financial lowered their price objective on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research report on Wednesday. Morgan Stanley increased their price objective on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Wells Fargo & Company lowered their price objective on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $186.00 price objective on shares of EastGroup Properties in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties presently has an average rating of “Hold” and a consensus price target of $191.21.

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.