Sei Investments Co. Grows Position in EastGroup Properties, Inc. (NYSE:EGP)

Sei Investments Co. grew its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 4.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 86,175 shares of the real estate investment trust’s stock after buying an additional 3,360 shares during the quarter. Sei Investments Co. owned 0.18% of EastGroup Properties worth $14,658,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of EGP. CANADA LIFE ASSURANCE Co raised its stake in shares of EastGroup Properties by 5.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 95,952 shares of the real estate investment trust’s stock worth $17,242,000 after purchasing an additional 5,342 shares during the period. Pinebridge Investments L.P. bought a new stake in shares of EastGroup Properties in the 4th quarter worth approximately $2,289,000. Tidal Investments LLC lifted its stake in EastGroup Properties by 30.4% in the first quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust’s stock valued at $3,293,000 after purchasing an additional 4,271 shares during the last quarter. Atria Investments Inc grew its holdings in EastGroup Properties by 48.9% during the first quarter. Atria Investments Inc now owns 11,389 shares of the real estate investment trust’s stock valued at $2,047,000 after purchasing an additional 3,740 shares during the period. Finally, Vaughan Nelson Investment Management L.P. increased its position in EastGroup Properties by 30.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 280,759 shares of the real estate investment trust’s stock worth $47,757,000 after buying an additional 64,984 shares during the last quarter. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Stock Performance

EastGroup Properties stock opened at $187.62 on Friday. EastGroup Properties, Inc. has a fifty-two week low of $154.75 and a fifty-two week high of $192.61. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21. The stock has a market cap of $9.14 billion, a P/E ratio of 40.70, a price-to-earnings-growth ratio of 2.83 and a beta of 0.99. The firm’s fifty day moving average price is $185.77 and its 200-day moving average price is $175.03.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) 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 return on equity of 8.69% and a net margin of 37.16%. EastGroup Properties’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 company posted $1.89 earnings per share. On average, equities research analysts expect that EastGroup Properties, Inc. will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $1.40 per share. The ex-dividend date is Monday, September 30th. This represents a $5.60 annualized dividend and a dividend yield of 2.98%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio (DPR) is currently 110.20%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on EGP shares. Wedbush upped their price target on EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Barclays increased 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 report on Tuesday, July 30th. BNP Paribas started coverage on shares of EastGroup Properties in a research report on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 price target on the stock. KeyCorp raised their price objective on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Morgan Stanley boosted their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $192.00.

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.