Point72 DIFC Ltd Invests $705,000 in EastGroup Properties, Inc. (NYSE:EGP)

Point72 DIFC Ltd purchased a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 3,771 shares of the real estate investment trust's stock, valued at approximately $705,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC boosted its stake in EastGroup Properties by 67.9% during the third quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust's stock valued at $291,081,000 after buying an additional 629,827 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of EastGroup Properties by 7.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust's stock worth $123,848,000 after purchasing an additional 53,083 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in EastGroup Properties by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 639,800 shares of the real estate investment trust's stock valued at $119,527,000 after purchasing an additional 22,328 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in EastGroup Properties by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 479,323 shares of the real estate investment trust's stock worth $81,533,000 after buying an additional 2,418 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in EastGroup Properties by 355.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 391,594 shares of the real estate investment trust's stock worth $73,158,000 after buying an additional 305,555 shares in the last quarter. Institutional investors own 92.14% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on EGP shares. Royal Bank of Canada reissued a "sector perform" rating and set a $186.00 price objective on shares of EastGroup Properties in a research note on Wednesday, October 30th. Truist Financial dropped their price target on EastGroup Properties from $190.00 to $186.00 and set a "hold" rating on the stock in a research note on Wednesday, November 13th. Mizuho raised shares of EastGroup Properties from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $175.00 to $200.00 in a research note on Thursday, September 5th. Evercore ISI lifted their target price on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, October 7th. Finally, Barclays reduced their price target on shares of EastGroup Properties from $198.00 to $193.00 and set an "equal weight" rating for the company in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties currently has an average rating of "Hold" and an average price target of $191.21.

EastGroup Properties Stock Down 0.6 %

Shares of NYSE EGP traded down $0.98 during mid-day trading on Friday, reaching $168.00. The company had a trading volume of 186,141 shares, compared to its average volume of 300,964. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08. EastGroup Properties, Inc. has a twelve month low of $155.23 and a twelve month high of $192.61. The stock's 50 day moving average is $175.95 and its 200-day moving average is $177.31. The stock has a market capitalization of $8.32 billion, a PE ratio of 34.69, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its earnings results 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). The firm had revenue of $162.88 million during 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%. The business's revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.95 earnings per share. As a group, equities analysts anticipate that EastGroup Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Tuesday, December 31st. EastGroup Properties's dividend payout ratio (DPR) is presently 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.