Castellan Group Sells 4,839 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Castellan Group cut its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 21.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,730 shares of the real estate investment trust’s stock after selling 4,839 shares during the period. Castellan Group’s holdings in EastGroup Properties were worth $3,123,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cohen & Steers Inc. lifted its holdings in 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 valued at $458,347,000 after purchasing an additional 1,673,663 shares during the last quarter. FMR LLC raised its position in shares of EastGroup Properties by 1.4% in the fourth quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust’s stock valued at $253,496,000 after purchasing an additional 21,432 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of EastGroup Properties by 24.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust’s stock valued at $226,888,000 after purchasing an additional 273,217 shares during the period. Principal Financial Group Inc. lifted its stake in shares of EastGroup Properties by 234.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust’s stock worth $215,267,000 after buying an additional 856,971 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of EastGroup Properties by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 914,532 shares of the real estate investment trust’s stock worth $146,816,000 after buying an additional 15,313 shares during the period. 92.14% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on EGP. Robert W. Baird lowered their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an “outperform” rating on the stock in a report on Wednesday, May 7th. Raymond James Financial reiterated a “strong-buy” rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Truist Financial dropped 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. Royal Bank Of Canada decreased their price objective on EastGroup Properties from $183.00 to $182.00 and set a “sector perform” rating on the stock in a report on Tuesday. Finally, Piper Sandler lowered their price objective on EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, EastGroup Properties has an average rating of “Moderate Buy” and a consensus target price of $189.31.

EastGroup Properties Stock Performance

EGP opened at $163.25 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.16 and a current ratio of 0.16. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $192.21. The firm has a market cap of $8.71 billion, a P/E ratio of 35.26, a price-to-earnings-growth ratio of 3.35 and a beta of 1.01. The business’s fifty day moving average is $168.36 and its 200-day moving average is $169.71.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.01. The firm had revenue of $177.29 million for the quarter, compared to the consensus estimate of $175.80 million. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.05 earnings per share. Sell-side analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.4%. The ex-dividend date was Monday, June 30th. EastGroup Properties’s payout ratio is currently 120.95%.

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.