State of New Jersey Common Pension Fund D Purchases 22,500 Shares of EastGroup Properties, Inc. (NYSE:EGP)

State of New Jersey Common Pension Fund D lifted its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 182.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,829 shares of the real estate investment trust's stock after purchasing an additional 22,500 shares during the period. State of New Jersey Common Pension Fund D owned 0.07% of EastGroup Properties worth $6,507,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. V Square Quantitative Management LLC lifted its position in shares of EastGroup Properties by 47.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust's stock worth $35,000 after buying an additional 61 shares during the last quarter. EverSource Wealth Advisors LLC grew its position 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 buying an additional 80 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of EastGroup Properties by 7.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust's stock worth $252,000 after purchasing an additional 90 shares in the last quarter. Azzad Asset Management Inc. ADV raised its position in EastGroup Properties by 4.9% during the 3rd quarter. Azzad Asset Management Inc. ADV now owns 2,085 shares of the real estate investment trust's stock valued at $389,000 after purchasing an additional 98 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in shares of EastGroup Properties by 0.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust's stock worth $5,328,000 after acquiring an additional 103 shares during the period. Institutional investors own 92.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on EGP. Morgan Stanley raised their target price on EastGroup Properties from $158.00 to $186.00 and gave the stock an "equal weight" rating in a report on Thursday, August 22nd. Truist Financial boosted their price target on EastGroup Properties from $176.00 to $190.00 and gave the stock a "hold" rating in a research note on Monday, August 5th. Barclays reduced their target price on EastGroup Properties from $198.00 to $193.00 and set an "equal weight" rating for the company in a research note on Thursday, October 10th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $186.00 target price on shares of EastGroup Properties in a research note on Wednesday, October 30th. Finally, StockNews.com cut EastGroup Properties from a "hold" rating to a "sell" rating in a report on Monday, October 28th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $191.50.

EastGroup Properties Trading Down 0.8 %

Shares of EastGroup Properties stock traded down $1.32 during trading on Tuesday, reaching $173.84. 175,858 shares of the company were exchanged, compared to its average volume of 301,142. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties, Inc. has a twelve month low of $155.23 and a twelve month high of $192.61. The business has a 50-day moving average price of $181.52 and a 200-day moving average price of $176.20. The firm has a market capitalization of $8.61 billion, a price-to-earnings ratio of 36.20, a P/E/G ratio of 2.62 and a beta of 1.00.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings results 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). The business had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. EastGroup Properties's quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the firm earned $1.95 EPS. Sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.35 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors 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 yield of 3.22%. The ex-dividend date was Monday, September 30th. EastGroup Properties's dividend payout ratio (DPR) is currently 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.