Elevated Capital Advisors LLC Buys Shares of 1,323 EastGroup Properties, Inc. (NYSE:EGP)

Elevated Capital Advisors LLC bought a new stake in EastGroup Properties, Inc. (NYSE:EGP) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,323 shares of the real estate investment trust’s stock, valued at approximately $247,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CANADA LIFE ASSURANCE Co increased its holdings in shares of EastGroup Properties by 5.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 95,952 shares of the real estate investment trust’s stock valued at $17,242,000 after acquiring an additional 5,342 shares during the last quarter. Tidal Investments LLC lifted its position in EastGroup Properties by 30.4% during the 1st quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust’s stock worth $3,293,000 after acquiring an additional 4,271 shares during the period. Atria Investments Inc lifted its holdings in shares of EastGroup Properties by 48.9% in the 1st quarter. Atria Investments Inc now owns 11,389 shares of the real estate investment trust’s stock valued at $2,047,000 after buying an additional 3,740 shares during the period. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of EastGroup Properties by 30.1% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 280,759 shares of the real estate investment trust’s stock valued at $47,757,000 after buying an additional 64,984 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of EastGroup Properties by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock valued at $1,233,785,000 after buying an additional 210,207 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock opened at $181.19 on Thursday. The stock has a market cap of $8.72 billion, a PE ratio of 39.30, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. The business has a fifty day simple moving average of $184.27 and a 200-day simple moving average of $175.41. 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 12 month low of $155.14 and a 12 month high of $192.61.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The firm had revenue of $159.09 million for the quarter, compared to analysts’ expectations of $156.70 million. During the same quarter in the prior year, the business posted $1.89 earnings per share. EastGroup Properties’s revenue was up 13.7% on a year-over-year basis. On average, sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.32 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.09%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date was Monday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is currently 121.48%.

Analysts Set New Price Targets

EGP has been the subject of several research reports. Evercore ISI lifted their price objective on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Wells Fargo & Company upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $179.00 to $214.00 in a research note on Wednesday, August 28th. Morgan Stanley boosted their price target on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. Wedbush boosted their price target on EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Finally, Truist Financial boosted their price objective on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a report on Monday, August 5th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $191.73.

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.