Wealth Enhancement Advisory Services LLC Grows Stake in EastGroup Properties, Inc. (NYSE:EGP)

Wealth Enhancement Advisory Services LLC raised its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 24.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,684 shares of the real estate investment trust’s stock after purchasing an additional 334 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in EastGroup Properties were worth $270,000 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 added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its position in shares of EastGroup Properties by 5.5% during the fourth quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust’s stock worth $72,610,000 after purchasing an additional 23,626 shares during the last quarter. BankPlus Trust Department bought a new stake in EastGroup Properties during the 4th quarter valued at about $1,871,000. Osterweis Capital Management Inc. boosted its position in EastGroup Properties by 2.2% in the 4th quarter. Osterweis Capital Management Inc. now owns 209,820 shares of the real estate investment trust’s stock valued at $33,674,000 after buying an additional 4,484 shares during the period. Charles Schwab Investment Management Inc. boosted its position in EastGroup Properties by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 650,612 shares of the real estate investment trust’s stock valued at $104,417,000 after buying an additional 10,812 shares during the period. Finally, Norges Bank bought a new position in EastGroup Properties in the 4th quarter worth about $100,579,000. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on EGP shares. Evercore ISI lifted their price target on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an “in-line” rating in a research note on Thursday, April 24th. Piper Sandler cut their price target on EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Barclays decreased their price objective 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. Wall Street Zen upgraded shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research note on Sunday, April 27th. Finally, Wells Fargo & Company decreased their target price on EastGroup Properties from $199.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, May 19th. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $188.00.

EastGroup Properties Trading Down 0.7%

Shares of EGP stock opened at $170.87 on Monday. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $192.61. The firm has a market capitalization of $8.97 billion, a P/E ratio of 36.75, a PEG ratio of 3.35 and a beta of 1.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The stock’s fifty day moving average is $165.16 and its two-hundred day moving average is $168.94.

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

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $1.40 dividend. The ex-dividend date is Monday, June 30th. This represents a $5.60 annualized dividend and a yield of 3.28%. EastGroup Properties’s payout ratio is 122.54%.

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.