Metis Global Partners LLC Increases Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Metis Global Partners LLC grew its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 31.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,008 shares of the real estate investment trust’s stock after buying an additional 1,193 shares during the period. Metis Global Partners LLC’s holdings in EastGroup Properties were worth $936,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Curi RMB Capital LLC boosted its stake in EastGroup Properties by 1.0% during the third quarter. Curi RMB Capital LLC now owns 128,662 shares of the real estate investment trust’s stock worth $24,037,000 after acquiring an additional 1,283 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of EastGroup Properties by 11.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 16,394 shares of the real estate investment trust’s stock worth $3,063,000 after purchasing an additional 1,648 shares in the last quarter. Aptus Capital Advisors LLC grew its stake in shares of EastGroup Properties by 15.6% in the 3rd quarter. Aptus Capital Advisors LLC now owns 31,502 shares of the real estate investment trust’s stock worth $5,885,000 after buying an additional 4,240 shares during the last quarter. WCM Investment Management LLC increased its position in EastGroup Properties by 16.1% during the 3rd quarter. WCM Investment Management LLC now owns 97,262 shares of the real estate investment trust’s stock valued at $18,254,000 after buying an additional 13,486 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D raised its stake in EastGroup Properties by 182.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 34,829 shares of the real estate investment trust’s stock valued at $6,507,000 after buying an additional 22,500 shares during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Price Performance

NYSE EGP opened at $171.99 on Monday. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $8.52 billion, a P/E ratio of 35.54, a PEG ratio of 2.56 and a beta of 1.00. The company has a 50-day moving average price of $180.51 and a 200-day moving average price of $176.67. EastGroup Properties, Inc. has a 52 week low of $155.23 and a 52 week high of $192.61.

EastGroup Properties (NYSE:EGP) last announced 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 business had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $161.52 million. During the same period in the prior year, the company posted $1.95 earnings per share. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. Equities research analysts anticipate that EastGroup Properties, Inc. will post 8.36 earnings per share for the current 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 dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s payout ratio is currently 115.70%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on EGP shares. Barclays reduced their price target on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. Evercore ISI upped their target price on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Truist Financial reduced their price target on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Wells Fargo & Company lowered their price objective on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, Wedbush reissued an “outperform” rating and issued a $209.00 target price on shares of EastGroup Properties in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $191.21.

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.