Mutual of America Capital Management LLC Lowers Stake in EastGroup Properties, Inc. (NYSE:EGP)

Mutual of America Capital Management LLC cut its position in EastGroup Properties, Inc. (NYSE:EGP) by 3.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,110 shares of the real estate investment trust’s stock after selling 1,406 shares during the period. Mutual of America Capital Management LLC’s holdings in EastGroup Properties were worth $7,120,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of EGP. V Square Quantitative Management LLC increased its stake in EastGroup Properties by 47.7% in the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 61 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of EastGroup Properties by 30.2% in the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after acquiring an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of EastGroup Properties by 7.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock worth $252,000 after purchasing an additional 90 shares in the last quarter. Azzad Asset Management Inc. ADV raised its stake in EastGroup Properties by 4.9% during the 3rd quarter. Azzad Asset Management Inc. ADV now owns 2,085 shares of the real estate investment trust’s stock valued at $389,000 after purchasing an additional 98 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in EastGroup Properties by 0.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock worth $5,328,000 after purchasing an additional 103 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Stock Performance

NYSE EGP opened at $172.66 on Tuesday. The business’s 50 day moving average price is $180.24 and its 200-day moving average price is $176.77. EastGroup Properties, Inc. has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. The company has a market cap of $8.55 billion, a P/E ratio of 35.67, a P/E/G ratio of 2.56 and a beta of 1.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to the consensus estimate of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The company’s revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.95 EPS. Sell-side analysts predict that EastGroup Properties, Inc. will post 8.36 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $1.40 dividend. The ex-dividend date was Monday, September 30th. This represents a $5.60 annualized dividend and a yield of 3.24%. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is presently 115.70%.

Wall Street Analysts Forecast Growth

EGP has been the subject of a number of research analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $186.00 price objective on shares of EastGroup Properties in a report on Wednesday, October 30th. Morgan Stanley lifted their price target on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. KeyCorp increased their price objective on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Finally, Barclays dropped their price target on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, EastGroup Properties currently has an average rating of “Hold” and an average price target of $191.21.

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.