Raymond James Trust N.A. Sells 265 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Raymond James Trust N.A. lowered its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 12.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,819 shares of the real estate investment trust’s stock after selling 265 shares during the period. Raymond James Trust N.A.’s holdings in EastGroup Properties were worth $309,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC purchased a new position in shares of EastGroup Properties in the 4th quarter worth about $31,000. Gradient Investments LLC purchased a new stake in EastGroup Properties during the second quarter worth about $32,000. Mather Group LLC. bought a new stake in EastGroup Properties in the first quarter worth about $42,000. EverSource Wealth Advisors LLC boosted its stake in EastGroup Properties by 1,938.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 252 shares during the last quarter. Finally, Brown Brothers Harriman & Co. bought a new position in shares of EastGroup Properties during the 4th quarter valued at approximately $55,000. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $186.41 on Wednesday. The company has a 50 day moving average of $180.12 and a 200 day moving average of $174.00. 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 $8.97 billion, a P/E ratio of 40.44, a P/E/G ratio of 2.93 and a beta of 0.98. EastGroup Properties, Inc. has a 12 month low of $154.75 and a 12 month high of $192.61.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The firm had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. During the same period in the previous year, the business earned $1.89 earnings per share. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. As a group, sell-side analysts forecast that EastGroup Properties, Inc. will post 8.3 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.00%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. BNP Paribas initiated coverage on shares of EastGroup Properties in a report on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 price target on the stock. Robert W. Baird dropped their price target on EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. JPMorgan Chase & Co. decreased their price objective on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Truist Financial upped their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a report on Monday, August 5th. Finally, Barclays lifted their target price on shares of EastGroup Properties from $175.00 to $198.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $186.79.

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.