AQR Capital Management LLC Has $2.79 Million Position in EastGroup Properties, Inc. (NYSE:EGP)

AQR Capital Management LLC reduced its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 40.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,601 shares of the real estate investment trust’s stock after selling 11,383 shares during the quarter. AQR Capital Management LLC’s holdings in EastGroup Properties were worth $2,788,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Gradient Investments LLC acquired a new stake in shares of EastGroup Properties during the second quarter worth approximately $32,000. Quest Partners LLC boosted its holdings in shares of EastGroup Properties by 10,400.0% during 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 during the period. Mather Group LLC. acquired a new stake in shares of EastGroup Properties during the first quarter worth approximately $42,000. Quarry LP acquired a new stake in shares of EastGroup Properties during the fourth quarter worth approximately $62,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of EastGroup Properties by 30.2% during 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 during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Trading Down 1.2 %

Shares of EGP stock opened at $177.91 on Tuesday. EastGroup Properties, Inc. has a 1 year low of $154.75 and a 1 year high of $192.61. The firm’s fifty day simple moving average is $185.08 and its 200 day simple moving average is $175.15. The firm has a market capitalization of $8.57 billion, a P/E ratio of 38.59, a price-to-earnings-growth ratio of 2.83 and a beta of 0.99. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60.

EastGroup Properties (NYSE:EGP) last announced its earnings results 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). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. During the same period last year, the firm posted $1.89 EPS. The company’s revenue was up 13.7% compared to the same quarter last year. As a group, sell-side analysts predict that EastGroup Properties, Inc. will post 8.32 EPS for the current 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 paid a dividend of $1.40 per share. The ex-dividend date is Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.15%. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s payout ratio is currently 121.48%.

Analyst Ratings Changes

EGP has been the topic of several recent research reports. Evercore ISI raised their price objective on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday. Barclays raised their price objective on shares of EastGroup Properties from $175.00 to $198.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Truist Financial raised 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. Wedbush raised their price objective on shares of EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Finally, Morgan Stanley raised their price objective on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $192.07.

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.