Sanctuary Advisors LLC Takes Position in EastGroup Properties, Inc. (NYSE:EGP)

Sanctuary Advisors LLC bought a new stake in EastGroup Properties, Inc. (NYSE:EGP) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 5,023 shares of the real estate investment trust’s stock, valued at approximately $783,000.

Several other hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its stake in shares of EastGroup Properties by 30.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after acquiring an additional 80 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of EastGroup Properties by 0.3% in the second quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock valued at $5,328,000 after purchasing an additional 103 shares during the last quarter. Azzad Asset Management Inc. ADV increased its holdings in shares of EastGroup Properties by 4.8% in the first quarter. Azzad Asset Management Inc. ADV now owns 2,730 shares of the real estate investment trust’s stock valued at $491,000 after purchasing an additional 124 shares during the last quarter. American Capital Advisory LLC raised its position in shares of EastGroup Properties by 15.0% in the second quarter. American Capital Advisory LLC now owns 1,035 shares of the real estate investment trust’s stock valued at $190,000 after purchasing an additional 135 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in shares of EastGroup Properties by 3.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 4,072 shares of the real estate investment trust’s stock worth $693,000 after buying an additional 138 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

Shares of EGP stock opened at $178.36 on Monday. The business has a fifty day simple moving average of $184.28 and a 200 day simple moving average of $175.12. The company has a market cap of $8.59 billion, a P/E ratio of 38.69, a P/E/G ratio of 2.65 and a beta of 0.99. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. EastGroup Properties, Inc. has a twelve month low of $154.75 and a twelve month high of $192.61.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results 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 company had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.89 earnings per share. On average, sell-side analysts forecast that EastGroup Properties, Inc. will post 8.32 EPS 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 given 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 3.14%. EastGroup Properties’s dividend payout ratio (DPR) is currently 121.48%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on EGP shares. Barclays lowered their price target on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a report on Thursday. Truist Financial lifted their price target on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Morgan Stanley upped their price objective on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Evercore ISI lifted their target price on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Finally, Wedbush upped their price target on shares of EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $191.73.

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.