Entropy Technologies LP Decreases Stake in EastGroup Properties, Inc. (NYSE:EGP)

Entropy Technologies LP lowered its position in EastGroup Properties, Inc. (NYSE:EGP) by 48.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,429 shares of the real estate investment trust’s stock after selling 3,200 shares during the quarter. Entropy Technologies LP’s holdings in EastGroup Properties were worth $641,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Gradient Investments LLC purchased a new position in EastGroup Properties in the second quarter worth approximately $32,000. V Square Quantitative Management LLC raised its holdings in EastGroup Properties by 47.7% during the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 61 shares in the last quarter. Quest Partners LLC raised its holdings in EastGroup Properties by 10,400.0% during the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 208 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in EastGroup Properties by 30.2% during the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 80 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in EastGroup Properties during the second quarter worth approximately $66,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on EGP. Morgan Stanley raised their price objective on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Wedbush reissued an “outperform” rating and set a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. Royal Bank of Canada reissued a “sector perform” rating and set a $186.00 price objective on shares of EastGroup Properties in a report on Wednesday, October 30th. Evercore ISI lifted 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, Truist Financial cut 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, EastGroup Properties presently has an average rating of “Hold” and a consensus target price of $191.21.

EastGroup Properties Stock Performance

NYSE:EGP opened at $171.04 on Friday. The firm’s fifty day moving average price is $180.77 and its 200 day moving average price is $176.29. EastGroup Properties, Inc. has a 1-year low of $155.23 and a 1-year high of $192.61. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. The firm has a market cap of $8.47 billion, a price-to-earnings ratio of 35.34, a price-to-earnings-growth ratio of 2.60 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share 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 during the quarter, compared to analysts’ expectations of $161.52 million. During the same quarter last year, the business earned $1.95 earnings per share. The business’s quarterly revenue was up 11.2% on a year-over-year basis. On average, sell-side analysts expect that EastGroup Properties, Inc. will post 8.35 EPS for the current year.

EastGroup Properties Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.40 per share. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a dividend yield of 3.27%. The ex-dividend date was Monday, September 30th. EastGroup Properties’s payout ratio is presently 115.70%.

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.