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

Cerity Partners LLC lifted its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 35.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,624 shares of the real estate investment trust's stock after buying an additional 3,574 shares during the period. Cerity Partners LLC's holdings in EastGroup Properties were worth $2,545,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its stake in shares of EastGroup Properties by 7.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust's stock valued at $123,848,000 after buying an additional 53,083 shares during the period. Charles Schwab Investment Management Inc. increased its stake in EastGroup Properties by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 639,800 shares of the real estate investment trust's stock worth $119,527,000 after acquiring an additional 22,328 shares during the last quarter. Bank of New York Mellon Corp raised its position in EastGroup Properties by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 479,323 shares of the real estate investment trust's stock valued at $81,533,000 after purchasing an additional 2,418 shares during the period. Vaughan Nelson Investment Management L.P. lifted its stake in shares of EastGroup Properties by 22.2% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 343,140 shares of the real estate investment trust's stock valued at $64,105,000 after purchasing an additional 62,381 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of EastGroup Properties by 1.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 297,807 shares of the real estate investment trust's stock worth $50,657,000 after purchasing an additional 2,916 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

EGP has been the topic of several research analyst reports. Wedbush restated an "outperform" rating and issued a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. Royal Bank of Canada restated a "sector perform" rating and issued a $186.00 price objective on shares of EastGroup Properties in a report on Wednesday, October 30th. Truist Financial dropped their target price on shares of EastGroup Properties from $190.00 to $186.00 and set a "hold" rating for the company in a report on Wednesday, November 13th. Mizuho upgraded EastGroup Properties from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Finally, StockNews.com cut EastGroup Properties from a "hold" rating to a "sell" rating in a research note on Monday, October 28th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties presently has a consensus rating of "Hold" and an average price target of $191.21.

EastGroup Properties Stock Down 0.8 %

Shares of NYSE EGP traded down $1.46 during mid-day trading on Monday, reaching $170.75. The company had a trading volume of 189,462 shares, compared to its average volume of 302,389. The firm has a 50 day simple moving average of $177.48 and a two-hundred day simple moving average of $177.37. EastGroup Properties, Inc. has a 52-week low of $155.23 and a 52-week high of $192.61. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. The stock has a market cap of $8.45 billion, a P/E ratio of 35.58, a PEG ratio of 2.24 and a beta of 1.00.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. 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 business posted $1.95 EPS. The business's revenue for the quarter was up 11.2% compared to the same quarter last year. Sell-side analysts predict that EastGroup Properties, Inc. will post 8.36 earnings per share for the current year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 3.28%. 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.