Cerity Partners LLC Boosts Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Cerity Partners LLC grew its position in EastGroup Properties, Inc. (NYSE:EGP) by 2.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,696 shares of the real estate investment trust’s stock after acquiring an additional 358 shares during the quarter. Cerity Partners LLC’s holdings in EastGroup Properties were worth $2,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Corient Private Wealth LLC raised its holdings in shares of EastGroup Properties by 2.6% in the fourth quarter. Corient Private Wealth LLC now owns 12,400 shares of the real estate investment trust’s stock valued at $1,990,000 after acquiring an additional 314 shares in the last quarter. Xponance Inc. raised its stake in EastGroup Properties by 6.9% in the fourth quarter. Xponance Inc. now owns 5,622 shares of the real estate investment trust’s stock valued at $902,000 after buying an additional 365 shares during the last quarter. Teacher Retirement System of Texas raised its stake in EastGroup Properties by 6.6% in the fourth quarter. Teacher Retirement System of Texas now owns 18,065 shares of the real estate investment trust’s stock valued at $2,899,000 after buying an additional 1,115 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in EastGroup Properties by 40.2% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,894 shares of the real estate investment trust’s stock valued at $4,316,000 after buying an additional 7,716 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of EastGroup Properties in the fourth quarter worth about $273,000. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

EGP opened at $165.13 on Friday. The stock has a fifty day moving average of $169.21 and a 200-day moving average of $169.35. The firm has a market capitalization of $8.67 billion, a P/E ratio of 36.13, a PEG ratio of 3.65 and a beta of 1.01. EastGroup Properties, Inc. has a 12-month low of $137.67 and a 12-month high of $192.61. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.43.

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 for the quarter, topping analysts’ consensus estimates of $2.11 by $0.01. The business had revenue of $174.45 million for the quarter, compared to the consensus estimate of $169.67 million. EastGroup Properties had a net margin of 34.60% and a return on equity of 7.41%. EastGroup Properties’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.98 earnings per share. Equities analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend was Monday, June 30th. EastGroup Properties’s dividend payout ratio (DPR) is currently 122.54%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on EGP. Raymond James Financial restated a “strong-buy” rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. Evercore ISI lifted their target price on EastGroup Properties from $179.00 to $180.00 and gave the company an “in-line” rating in a research report on Thursday, April 24th. Piper Sandler dropped their price objective on shares of EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Barclays cut their price target on EastGroup Properties from $193.00 to $182.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 30th. Finally, Robert W. Baird lowered their price objective on EastGroup Properties from $194.00 to $190.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $190.00.

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.