Atria Investments Inc Buys 763 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Atria Investments Inc boosted its position in EastGroup Properties, Inc. (NYSE:EGP) by 6.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 13,351 shares of the real estate investment trust’s stock after purchasing an additional 763 shares during the quarter. Atria Investments Inc’s holdings in EastGroup Properties were worth $2,494,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. CANADA LIFE ASSURANCE Co raised its holdings in shares of EastGroup Properties by 5.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 95,952 shares of the real estate investment trust’s stock valued at $17,242,000 after buying an additional 5,342 shares in the last quarter. Tidal Investments LLC grew its holdings in EastGroup Properties by 30.4% in the first quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust’s stock worth $3,293,000 after purchasing an additional 4,271 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in EastGroup Properties by 30.1% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 280,759 shares of the real estate investment trust’s stock valued at $47,757,000 after buying an additional 64,984 shares during the last quarter. Ausbil Investment Management Ltd boosted its stake in EastGroup Properties by 261.6% in the 3rd quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust’s stock worth $1,259,000 after purchasing an additional 4,874 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of EastGroup Properties by 3.2% during the first quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock valued at $1,233,785,000 after acquiring an additional 210,207 shares in the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on EGP shares. Morgan Stanley lifted their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. StockNews.com lowered EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Truist Financial lowered their target price on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a report on Wednesday. Evercore ISI raised their target price on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, October 7th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $186.00 target price on shares of EastGroup Properties in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $191.21.

EastGroup Properties Price Performance

Shares of EGP opened at $171.04 on Friday. EastGroup Properties, Inc. has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. The company has a 50 day moving average price of $180.77 and a 200-day moving average price of $176.29. The stock has a market capitalization of $8.47 billion, a PE ratio of 35.34, a PEG ratio of 2.60 and a beta of 1.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The firm had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $161.52 million. During the same period in the previous year, the company earned $1.95 EPS. The company’s revenue was up 11.2% on a year-over-year basis. Equities analysts predict that EastGroup Properties, Inc. will post 8.35 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.40 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.27%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is currently 115.70%.

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.