Versor Investments LP Sells 1,703 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Versor Investments LP trimmed its position in EastGroup Properties, Inc. (NYSE:EGP) by 42.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,342 shares of the real estate investment trust’s stock after selling 1,703 shares during the quarter. Versor Investments LP’s holdings in EastGroup Properties were worth $438,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised 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 purchasing an additional 210,207 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in EastGroup Properties by 7.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock valued at $175,359,000 after acquiring an additional 71,614 shares during the period. Boston Partners raised its holdings in EastGroup Properties by 26.1% in the 1st 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 period. Dimensional Fund Advisors LP raised its holdings in EastGroup Properties by 7.9% in the 2nd 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 period. Finally, Bank of New York Mellon Corp raised its holdings in EastGroup Properties by 0.5% in 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. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Stock Performance

NYSE EGP opened at $171.04 on Friday. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $8.47 billion, a price-to-earnings ratio of 35.34, a P/E/G ratio of 2.60 and a beta of 1.00. The firm’s 50 day simple moving average is $180.77 and its 200 day simple moving average is $176.29. EastGroup Properties, Inc. has a 1 year low of $155.23 and a 1 year high of $192.61.

EastGroup Properties (NYSE:EGP) last issued 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). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The company had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. During the same quarter in the prior year, the business earned $1.95 EPS. The business’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, research analysts expect that EastGroup Properties, Inc. will post 8.35 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

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

Wall Street Analysts Forecast Growth

EGP has been the topic of several research analyst reports. Truist Financial lowered their price target on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a report on Wednesday. Royal Bank of Canada restated a “sector perform” rating and set a $186.00 target price on shares of EastGroup Properties in a research report on Wednesday, October 30th. Barclays decreased their target price on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Finally, Wells Fargo & Company decreased their target price on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target 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.