Point72 Asset Management L.P. Takes $6.65 Million Position in EastGroup Properties, Inc. (NYSE:EGP)

Point72 Asset Management L.P. bought a new stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 35,599 shares of the real estate investment trust's stock, valued at approximately $6,651,000. Point72 Asset Management L.P. owned 0.07% of EastGroup Properties at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Gradient Investments LLC purchased a new stake in shares of EastGroup Properties in the second quarter valued at approximately $32,000. V Square Quantitative Management LLC grew its stake in EastGroup Properties by 47.7% in the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust's stock valued at $35,000 after acquiring an additional 61 shares during the period. Quest Partners LLC increased its holdings in EastGroup Properties by 10,400.0% in the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 208 shares in the last quarter. Headlands Technologies LLC acquired a new position in EastGroup Properties during the second quarter worth $66,000. Finally, GAMMA Investing LLC lifted its holdings in EastGroup Properties by 90.7% during the third quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust's stock valued at $100,000 after purchasing an additional 255 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Trading Up 3.7 %

NYSE:EGP traded up $6.18 on Monday, reaching $174.18. The company's stock had a trading volume of 212,873 shares, compared to its average volume of 300,457. The firm has a market cap of $8.62 billion, a price-to-earnings ratio of 34.71, a price-to-earnings-growth ratio of 2.18 and a beta of 0.99. 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 12-month low of $155.23 and a 12-month high of $192.61. The stock has a 50 day moving average price of $175.55 and a 200 day moving average price of $177.49.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts' consensus estimates 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 period in the previous year, the company earned $1.95 EPS. The company's quarterly revenue was up 11.2% compared to the same quarter last year. On average, 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 announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date is Tuesday, December 31st. EastGroup Properties's payout ratio is 115.70%.

Analyst Upgrades and Downgrades

EGP has been the subject of a number of research reports. Mizuho raised shares of EastGroup Properties from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Wedbush restated an "outperform" rating and issued a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. Barclays dropped their target price on shares of EastGroup Properties from $198.00 to $193.00 and set an "equal weight" rating for the company in a report on Thursday, October 10th. Evercore ISI raised their price target 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, Truist Financial dropped 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 note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price 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.