6,547 Shares in EastGroup Properties, Inc. (NYSE:EGP) Purchased by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC bought a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 6,547 shares of the real estate investment trust's stock, valued at approximately $1,223,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Copeland Capital Management LLC bought a new stake in shares of EastGroup Properties in the 3rd quarter worth $218,000. V Square Quantitative Management LLC raised its position in shares of EastGroup Properties by 47.7% during the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 61 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of EastGroup Properties by 5.3% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 11,427 shares of the real estate investment trust's stock worth $2,135,000 after purchasing an additional 579 shares during the period. Bar Harbor Wealth Management acquired a new stake in shares of EastGroup Properties during the third quarter worth $4,321,000. Finally, B.O.S.S. Retirement Advisors LLC raised its position in shares of EastGroup Properties by 32.1% during the third quarter. B.O.S.S. Retirement Advisors LLC now owns 2,286 shares of the real estate investment trust's stock worth $427,000 after purchasing an additional 556 shares during the period. Institutional investors own 92.14% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Barclays cut their target price on 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. Wedbush reaffirmed an "outperform" rating and set a $209.00 target price on shares of EastGroup Properties in a research report on Friday. Truist Financial boosted their target price on EastGroup Properties from $176.00 to $190.00 and gave the stock a "hold" rating in a research report on Monday, August 5th. Mizuho upgraded EastGroup Properties from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $175.00 to $200.00 in a report on Thursday, September 5th. Finally, Royal Bank of Canada lifted their price target on EastGroup Properties from $172.00 to $186.00 and gave the company a "sector perform" rating in a report on Tuesday, July 30th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $191.73.

EastGroup Properties Stock Down 1.1 %

NYSE EGP traded down $2.00 on Friday, reaching $176.53. The stock had a trading volume of 540,201 shares, compared to its average volume of 311,555. The business has a 50 day moving average price of $184.09 and a 200 day moving average price of $175.41. 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 1 year low of $155.23 and a 1 year high of $192.61. The company has a market capitalization of $8.60 billion, a price-to-earnings ratio of 36.93, a P/E/G ratio of 2.70 and a beta of 0.99.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings results 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). The company had revenue of $162.88 million for the quarter, compared to the consensus estimate of $161.52 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The business's revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.95 EPS. On average, analysts forecast that EastGroup Properties, Inc. will post 8.32 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Monday, September 30th. This is an increase from EastGroup Properties's previous quarterly dividend of $1.27. EastGroup Properties's dividend payout ratio is 117.15%.

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.