Schonfeld Strategic Advisors LLC Decreases Stake in EastGroup Properties, Inc. (NYSE:EGP)

Schonfeld Strategic Advisors LLC lowered its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 40.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,737 shares of the real estate investment trust’s stock after selling 1,159 shares during the quarter. Schonfeld Strategic Advisors LLC’s holdings in EastGroup Properties were worth $279,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of EGP. Cohen & Steers Inc. grew its holdings in shares of EastGroup Properties by 141.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust’s stock worth $458,347,000 after purchasing an additional 1,673,663 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of EastGroup Properties during the 4th quarter worth about $116,756,000. Norges Bank purchased a new stake in shares of EastGroup Properties during the 4th quarter worth about $100,579,000. Daiwa Securities Group Inc. grew its holdings in shares of EastGroup Properties by 210.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 707,732 shares of the real estate investment trust’s stock worth $113,584,000 after purchasing an additional 479,873 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of EastGroup Properties by 91.3% during the 4th quarter. Northern Trust Corp now owns 811,196 shares of the real estate investment trust’s stock worth $130,189,000 after purchasing an additional 387,134 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

Shares of EGP opened at $172.52 on Tuesday. The business’s 50 day moving average is $167.56 and its two-hundred day moving average is $169.51. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $192.61. The firm has a market cap of $9.06 billion, a price-to-earnings ratio of 37.10, a PEG ratio of 3.35 and a beta of 1.05. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.11 by $0.01. The business had revenue of $174.45 million for the quarter, compared to analyst estimates of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The business’s revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.98 EPS. Analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend was Monday, March 31st. EastGroup Properties’s dividend payout ratio is currently 122.54%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on EGP. Truist Financial decreased their price target on EastGroup Properties from $180.00 to $177.00 and set a “buy” rating for the company in a report on Monday, May 5th. Deutsche Bank Aktiengesellschaft began coverage on EastGroup Properties in a report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price target for the company. StockNews.com upgraded EastGroup Properties from a “sell” rating to a “hold” rating in a report on Sunday, April 27th. Piper Sandler decreased their price target on EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Finally, Barclays decreased their price target on EastGroup Properties from $193.00 to $182.00 and set an “equal weight” rating for the company in a report on Wednesday, April 30th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $187.40.

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.