Entropy Technologies LP Reduces Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Entropy Technologies LP reduced its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 48.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,429 shares of the real estate investment trust’s stock after selling 3,200 shares during the period. Entropy Technologies LP’s holdings in EastGroup Properties were worth $641,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Gradient Investments LLC purchased a new stake in shares of EastGroup Properties in the 2nd quarter valued at $32,000. V Square Quantitative Management LLC boosted its holdings in EastGroup Properties by 47.7% during the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 61 shares in the last quarter. Quest Partners LLC boosted its holdings in 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 buying an additional 208 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in 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 buying an additional 80 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in EastGroup Properties during the second quarter worth $66,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Trading Down 2.4 %

NYSE EGP opened at $171.04 on Friday. The firm has a 50 day simple moving average of $180.77 and a 200-day simple moving average of $176.29. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08. EastGroup Properties, Inc. has a one year low of $155.23 and a one year high of $192.61. The firm has a market cap of $8.47 billion, a price-to-earnings ratio of 35.34, a PEG ratio of 2.60 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The business had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. During the same period in the previous year, the business posted $1.95 EPS. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. Equities research analysts anticipate that EastGroup Properties, Inc. will post 8.35 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.40 dividend. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date was Monday, September 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.27%. EastGroup Properties’s dividend payout ratio (DPR) is presently 115.70%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on EGP. 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, October 10th. Wedbush reissued an “outperform” rating and set a $209.00 price target on shares of EastGroup Properties in a report on Friday, October 25th. Royal Bank of Canada reissued a “sector perform” rating and set a $186.00 price target on shares of EastGroup Properties in a report on Wednesday, October 30th. Truist Financial reduced their target price on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $191.21.

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.