State of Alaska Department of Revenue Increases Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

State of Alaska Department of Revenue boosted its stake in EastGroup Properties, Inc. (NYSE:EGP) by 1.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 28,649 shares of the real estate investment trust’s stock after buying an additional 382 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.06% of EastGroup Properties worth $5,350,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of EastGroup Properties by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock worth $1,233,785,000 after purchasing an additional 210,207 shares during the period. Price T Rowe Associates Inc. MD raised its position in EastGroup Properties by 7.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock worth $175,359,000 after acquiring an additional 71,614 shares during the period. Boston Partners boosted its stake in EastGroup Properties by 26.1% in the first quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock valued at $171,399,000 after acquiring an additional 197,427 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in EastGroup Properties by 7.9% in the second quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust’s stock valued at $123,848,000 after acquiring an additional 53,083 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of EastGroup Properties by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 479,323 shares of the real estate investment trust’s stock valued at $81,533,000 after acquiring an additional 2,418 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Evercore ISI lifted their price target on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Barclays reduced their target price on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research note on Thursday, October 10th. Wedbush restated an “outperform” rating and set a $209.00 price target on shares of EastGroup Properties in a research note on Friday, October 25th. Royal Bank of Canada lifted their price objective on shares of EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 30th. Finally, KeyCorp increased their target price on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $192.57.

EastGroup Properties Stock Performance

NYSE:EGP opened at $174.02 on Wednesday. EastGroup Properties, Inc. has a twelve month low of $155.23 and a twelve month high of $192.61. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. The stock has a market cap of $8.62 billion, a P/E ratio of 35.95, a PEG ratio of 2.70 and a beta of 0.99. The business’s 50-day moving average price is $183.77 and its two-hundred day moving average price is $175.48.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The company had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 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 11.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.95 earnings per share. As a group, equities analysts predict that EastGroup Properties, Inc. will post 8.32 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $1.40 per share. The ex-dividend date was Monday, September 30th. This represents a $5.60 annualized dividend and a yield of 3.22%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s payout ratio is 115.70%.

EastGroup Properties Company 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.