Zimmer Partners LP Has $2.34 Million Stake in EastGroup Properties, Inc. (NYSE:EGP)

Zimmer Partners LP lessened its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 93.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,500 shares of the real estate investment trust's stock after selling 187,500 shares during the period. Zimmer Partners LP's holdings in EastGroup Properties were worth $2,335,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cerity Partners LLC increased its stake in EastGroup Properties by 35.6% during the 3rd quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust's stock valued at $2,545,000 after buying an additional 3,574 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in shares of 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 acquiring an additional 64,984 shares during the period. Ausbil Investment Management Ltd raised its holdings in EastGroup Properties by 261.6% during the third 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. SG Americas Securities LLC raised its holdings in EastGroup Properties by 808.7% during the second quarter. SG Americas Securities LLC now owns 23,789 shares of the real estate investment trust's stock worth $4,047,000 after purchasing an additional 21,171 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new stake in EastGroup Properties in the third quarter worth approximately $1,223,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Stock Down 0.6 %

NYSE:EGP traded down $0.98 on Friday, hitting $168.00. 193,209 shares of the company's stock traded hands, compared to its average volume of 291,072. The company has a market cap of $8.32 billion, a PE ratio of 34.71, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99. EastGroup Properties, Inc. has a 1 year low of $155.23 and a 1 year 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 firm has a 50-day moving average price of $175.55 and a 200-day moving average price of $177.41.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The company had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. During the same quarter in the prior year, the company posted $1.95 EPS. The firm's quarterly revenue was up 11.2% compared to the same quarter last year. Equities analysts anticipate that EastGroup Properties, Inc. will post 8.36 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.33%. EastGroup Properties's payout ratio is 115.70%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on EGP. Wedbush reissued an "outperform" rating and issued a $209.00 price objective on shares of EastGroup Properties in a research note on Friday, October 25th. Barclays dropped their price target on shares of EastGroup Properties from $198.00 to $193.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 10th. Truist Financial reduced their price objective 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. Evercore ISI lifted their price objective 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. Finally, Mizuho raised shares of EastGroup Properties from a "neutral" rating to an "outperform" rating and increased their target price for the company from $175.00 to $200.00 in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $191.21.

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.