Envestnet Asset Management Inc. Reduces Holdings in EastGroup Properties, Inc. $EGP

Envestnet Asset Management Inc. trimmed its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 8.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,863 shares of the real estate investment trust’s stock after selling 12,778 shares during the period. Envestnet Asset Management Inc. owned about 0.28% of EastGroup Properties worth $24,544,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. State of New Jersey Common Pension Fund D increased its stake in shares of EastGroup Properties by 6.2% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 43,057 shares of the real estate investment trust’s stock worth $7,196,000 after purchasing an additional 2,500 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of EastGroup Properties by 1.7% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 57,571 shares of the real estate investment trust’s stock worth $9,621,000 after purchasing an additional 962 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new position in shares of EastGroup Properties during the 2nd quarter worth approximately $680,000. Aurora Investment Counsel increased its stake in shares of EastGroup Properties by 2.1% during the 2nd quarter. Aurora Investment Counsel now owns 9,230 shares of the real estate investment trust’s stock worth $1,543,000 after purchasing an additional 188 shares in the last quarter. Finally, Securian Asset Management Inc. increased its stake in shares of EastGroup Properties by 2.5% during the 2nd quarter. Securian Asset Management Inc. now owns 4,045 shares of the real estate investment trust’s stock worth $676,000 after purchasing an additional 100 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Up 0.8%

Shares of EGP opened at $175.87 on Tuesday. The firm has a market cap of $9.38 billion, a PE ratio of 36.95, a price-to-earnings-growth ratio of 3.67 and a beta of 1.02. The company’s fifty day moving average is $170.87 and its two-hundred day moving average is $168.22. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $188.89. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.42.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Thursday, October 23rd. The real estate investment trust reported $2.27 earnings per share for the quarter, missing analysts’ consensus estimates of $2.28 by ($0.01). The company had revenue of $182.14 million during the quarter, compared to analyst estimates of $181.88 million. EastGroup Properties had a net margin of 35.58% and a return on equity of 7.28%. The firm’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter last year, the business earned $2.13 EPS. EastGroup Properties has set its FY 2025 guidance at 8.940-8.980 EPS. Q4 2025 guidance at 2.300-2.340 EPS. Analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a $1.55 dividend. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.40. The ex-dividend date was Tuesday, September 30th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.5%. EastGroup Properties’s dividend payout ratio (DPR) is 130.25%.

Analysts Set New Price Targets

EGP has been the topic of a number of analyst reports. Royal Bank Of Canada set a $183.00 target price on shares of EastGroup Properties and gave the stock a “sector perform” rating in a research report on Tuesday, October 28th. Evercore ISI decreased their target price on shares of EastGroup Properties from $180.00 to $179.00 and set an “in-line” rating on the stock in a research report on Monday, October 6th. Wells Fargo & Company set a $215.00 target price on shares of EastGroup Properties and gave the stock an “overweight” rating in a research report on Sunday, July 13th. Weiss Ratings restated a “hold (c)” rating on shares of EastGroup Properties in a research report on Wednesday, October 8th. Finally, Cantor Fitzgerald raised their target price on shares of EastGroup Properties from $190.00 to $200.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $190.93.

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.