Quest Partners LLC Raises Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Quest Partners LLC raised its stake in EastGroup Properties, Inc. (NYSE:EGP) by 10,400.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 210 shares of the real estate investment trust’s stock after purchasing an additional 208 shares during the period. Quest Partners LLC’s holdings in EastGroup Properties were worth $36,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Gradient Investments LLC purchased a new stake in shares of EastGroup Properties during the 2nd quarter valued at $32,000. Mather Group LLC. acquired a new stake in EastGroup Properties in the first quarter worth about $42,000. EverSource Wealth Advisors LLC grew its stake 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 worth $49,000 after acquiring an additional 252 shares during the last quarter. Brown Brothers Harriman & Co. acquired a new position in shares of EastGroup Properties during the fourth quarter valued at about $55,000. Finally, SYSTM Wealth Solutions LLC increased its holdings in shares of EastGroup Properties by 24.2% during the first quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after acquiring an additional 65 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Price Performance

Shares of EGP opened at $191.82 on Friday. The firm has a fifty day moving average price of $185.23 and a 200 day moving average price of $174.63. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21. EastGroup Properties, Inc. has a 1-year low of $154.75 and a 1-year high of $192.61. The stock has a market cap of $9.23 billion, a PE ratio of 41.51, a price-to-earnings-growth ratio of 2.74 and a beta of 0.99.

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

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $1.40 per share. The ex-dividend date is Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a yield of 2.92%. EastGroup Properties’s dividend payout ratio is currently 121.48%.

Analyst Ratings Changes

EGP has been the topic of several research analyst reports. Wedbush boosted their target price on shares of EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a research report on Monday, August 5th. Truist Financial lifted their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and upped their target price for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. Wells Fargo & Company upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $179.00 to $214.00 in a research note on Wednesday, August 28th. Finally, Royal Bank of Canada boosted their price target on EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties has a consensus rating of “Moderate Buy” and an average target price of $192.00.

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.