Tidal Investments LLC Increases Stake in EastGroup Properties, Inc. (NYSE:EGP)

Tidal Investments LLC increased its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 23.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,905 shares of the real estate investment trust's stock after acquiring an additional 5,811 shares during the quarter. Tidal Investments LLC owned approximately 0.06% of EastGroup Properties worth $5,774,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Cerity Partners LLC boosted its stake in shares of EastGroup Properties by 35.6% in the third quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust's stock worth $2,545,000 after acquiring an additional 3,574 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted 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 purchasing an additional 64,984 shares in the last quarter. Ausbil Investment Management Ltd boosted its stake in EastGroup Properties by 261.6% during the 3rd 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 during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in EastGroup Properties during the 3rd quarter worth $1,223,000. Finally, Creative Planning grew its holdings in shares of EastGroup Properties by 4.8% during the third quarter. Creative Planning now owns 2,555 shares of the real estate investment trust's stock worth $477,000 after buying an additional 117 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Trading Up 1.0 %

NYSE EGP traded up $1.63 during trading hours on Friday, reaching $171.25. The company had a trading volume of 312,825 shares, compared to its average volume of 302,229. 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 stock has a market capitalization of $8.48 billion, a P/E ratio of 35.38, a price-to-earnings-growth ratio of 2.22 and a beta of 0.99. The stock has a 50-day moving average of $174.43 and a 200 day moving average of $177.63. EastGroup Properties, Inc. has a 1-year low of $155.23 and a 1-year high of $192.61.

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 analysts' consensus estimates of $2.10 by ($0.97). The company had revenue of $162.88 million during the quarter, compared to analysts' expectations of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. EastGroup Properties's revenue was up 11.2% on a year-over-year basis. During the same period last year, the firm posted $1.95 earnings per share. As a group, research analysts anticipate that EastGroup Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $1.40 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.27%. EastGroup Properties's payout ratio is presently 115.70%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EGP. Mizuho raised shares of EastGroup Properties from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Morgan Stanley raised their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 22nd. Wedbush restated an "outperform" rating and issued a $209.00 price target on shares of EastGroup Properties in a research report on Friday, October 25th. StockNews.com cut EastGroup Properties from a "hold" rating to a "sell" rating in a report on Monday, October 28th. Finally, Truist Financial lowered their price objective 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $191.80.

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.