EastGroup Properties, Inc. (NYSE:EGP) Holdings Raised by Federated Hermes Inc.

Federated Hermes Inc. increased its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 7.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,346 shares of the real estate investment trust’s stock after purchasing an additional 486 shares during the quarter. Federated Hermes Inc.’s holdings in EastGroup Properties were worth $1,250,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in EGP. Gradient Investments LLC bought a new position in shares of EastGroup Properties in the 2nd quarter worth about $32,000. Quest Partners LLC lifted its holdings in EastGroup Properties by 10,400.0% in the second 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 during the last quarter. Mather Group LLC. acquired a new position in EastGroup Properties in the first quarter valued at approximately $42,000. EverSource Wealth Advisors LLC grew its holdings in shares of EastGroup Properties by 1,938.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 252 shares during the last quarter. Finally, Brown Brothers Harriman & Co. acquired a new stake in shares of EastGroup Properties during the 4th quarter worth approximately $55,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock opened at $186.83 on Friday. EastGroup Properties, Inc. has a 52 week low of $154.75 and a 52 week high of $192.61. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. The stock has a market cap of $8.99 billion, a PE ratio of 40.53, a price-to-earnings-growth ratio of 2.74 and a beta of 0.99. The company’s 50-day moving average price is $185.48 and its two-hundred day moving average price is $174.76.

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

EastGroup Properties Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $1.40 per share. The ex-dividend date is Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.00%. EastGroup Properties’s payout ratio is 121.48%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on EGP. Royal Bank of Canada upped their price objective on EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 30th. Truist Financial lifted their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Morgan Stanley upped 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 report on Thursday, August 22nd. Wedbush lifted their price target on EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Finally, Wells Fargo & Company raised EastGroup Properties from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $179.00 to $214.00 in a report on Wednesday, August 28th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $192.00.

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.