IFM Investors Pty Ltd Acquires 132 Shares of EastGroup Properties, Inc. (NYSE:EGP)

IFM Investors Pty Ltd grew its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 1.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,238 shares of the real estate investment trust’s stock after buying an additional 132 shares during the quarter. IFM Investors Pty Ltd’s holdings in EastGroup Properties were worth $2,099,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of EGP. Gradient Investments LLC bought a new position in EastGroup Properties in the second quarter worth approximately $32,000. V Square Quantitative Management LLC grew its stake in EastGroup Properties by 47.7% in 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 in the last quarter. Quest Partners LLC grew its stake 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 purchasing an additional 208 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in EastGroup Properties by 30.2% in the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 80 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in EastGroup Properties in the second quarter worth approximately $66,000. Institutional investors own 92.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Evercore ISI increased their price objective on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Wedbush reissued an “outperform” rating and issued a $209.00 price objective on shares of EastGroup Properties in a research note on Friday. Truist Financial increased their price objective on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Royal Bank of Canada upped their target price on EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 30th. Finally, Barclays lowered their target price on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average target price of $192.57.

EastGroup Properties Stock Performance

Shares of EGP opened at $176.53 on Monday. EastGroup Properties, Inc. has a 12 month low of $155.23 and a 12 month high of $192.61. The stock has a fifty day moving average price of $184.09 and a 200-day moving average price of $175.43. 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 firm has a market cap of $8.60 billion, a PE ratio of 36.93, a P/E/G ratio of 2.70 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last issued its 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 firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter last year, the business earned $1.95 EPS. Equities research analysts predict that EastGroup Properties, Inc. will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $1.40 dividend. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.17%. EastGroup Properties’s dividend payout ratio (DPR) is 117.15%.

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.