LPL Financial LLC Purchases 2,596 Shares of EastGroup Properties, Inc. $EGP

LPL Financial LLC increased its position in EastGroup Properties, Inc. (NYSE:EGP) by 19.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,890 shares of the real estate investment trust’s stock after purchasing an additional 2,596 shares during the period. LPL Financial LLC’s holdings in EastGroup Properties were worth $2,799,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of EGP. Citizens National Bank Trust Department bought a new position in shares of EastGroup Properties in the 1st quarter worth $26,000. Assetmark Inc. lifted its holdings in shares of EastGroup Properties by 1,035.7% in the 1st quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 145 shares in the last quarter. Mather Group LLC. lifted its holdings in shares of EastGroup Properties by 74.2% in the 1st quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust’s stock worth $64,000 after purchasing an additional 155 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of EastGroup Properties by 387.4% in the 1st quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust’s stock worth $75,000 after purchasing an additional 337 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of EastGroup Properties by 31.9% in the 1st quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust’s stock worth $79,000 after purchasing an additional 108 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Robert W. Baird dropped their price objective on EastGroup Properties from $194.00 to $190.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. Raymond James Financial restated a “strong-buy” rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Wells Fargo & Company set a $215.00 price objective on EastGroup Properties and gave the company an “overweight” rating in a research note on Sunday, July 13th. Barclays dropped their price objective on EastGroup Properties from $193.00 to $182.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 30th. Finally, Wall Street Zen upgraded EastGroup Properties from a “sell” rating to a “hold” rating in a research note on Sunday, April 27th. Seven equities research 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 stock. According to data from MarketBeat, EastGroup Properties presently has a consensus rating of “Moderate Buy” and a consensus price target of $189.31.

EastGroup Properties Trading Up 0.4%

NYSE EGP opened at $162.56 on Monday. The stock has a market capitalization of $8.67 billion, a price-to-earnings ratio of 35.11, a PEG ratio of 3.32 and a beta of 0.98. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.16 and a quick ratio of 0.16. The business’s fifty day moving average is $166.98 and its 200-day moving average is $169.41.

EastGroup Properties (NYSE:EGP) last released its earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.01. The company had revenue of $177.29 million for the quarter, compared to analysts’ expectations of $175.80 million. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.05 EPS. Equities research analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

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

EastGroup Properties 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.