Bar Harbor Wealth Management Acquires New Position in EastGroup Properties, Inc. (NYSE:EGP)

Bar Harbor Wealth Management acquired a new stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 23,130 shares of the real estate investment trust's stock, valued at approximately $4,321,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EGP. CANADA LIFE ASSURANCE Co grew its stake in EastGroup Properties by 5.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 95,952 shares of the real estate investment trust's stock valued at $17,242,000 after buying an additional 5,342 shares during the last quarter. Tidal Investments LLC lifted its position in shares of EastGroup Properties by 30.4% during the 1st quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust's stock worth $3,293,000 after purchasing an additional 4,271 shares during the last quarter. Atria Investments Inc boosted its stake in EastGroup Properties by 48.9% during the 1st quarter. Atria Investments Inc now owns 11,389 shares of the real estate investment trust's stock valued at $2,047,000 after purchasing an additional 3,740 shares during the period. Vaughan Nelson Investment Management L.P. grew its holdings in EastGroup Properties by 30.1% in the 2nd 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 buying an additional 64,984 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in EastGroup Properties by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust's stock worth $1,233,785,000 after buying an additional 210,207 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

NYSE EGP traded up $0.71 during trading hours on Friday, reaching $182.73. 245,413 shares of the company's stock were exchanged, compared to its average volume of 294,808. The firm has a fifty day moving average of $184.31 and a 200-day moving average of $175.22. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. EastGroup Properties, Inc. has a one year low of $154.75 and a one year high of $192.61. The stock has a market cap of $8.80 billion, a PE ratio of 39.51, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.05 by ($0.91). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The business had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. During the same period in the prior year, the firm earned $1.89 earnings per share. The business's quarterly revenue was up 13.7% compared to the same quarter last year. On average, equities research analysts predict that EastGroup Properties, Inc. will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.40 per share. The ex-dividend date was Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.06%. This is an increase from EastGroup Properties's previous quarterly dividend of $1.27. EastGroup Properties's payout ratio is presently 121.48%.

Wall Street Analyst Weigh In

Several analysts have issued reports on EGP shares. KeyCorp raised their price target on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 30th. Royal Bank of Canada boosted their price target on EastGroup Properties from $172.00 to $186.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 30th. Wells Fargo & Company upgraded EastGroup Properties from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $179.00 to $214.00 in a research report on Wednesday, August 28th. Wedbush boosted their price objective on EastGroup Properties from $208.00 to $209.00 and gave the company an "outperform" rating in a research report on Monday, August 5th. Finally, 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 research report on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, EastGroup Properties presently has an average rating of "Moderate Buy" and a consensus price target of $191.73.

About EastGroup Properties

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.