Lighthouse Investment Partners LLC Lowers Stake in EastGroup Properties, Inc. (NYSE:EGP)

Lighthouse Investment Partners LLC lowered its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 81.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,748 shares of the real estate investment trust’s stock after selling 77,252 shares during the period. Lighthouse Investment Partners LLC’s holdings in EastGroup Properties were worth $2,848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Crowley Wealth Management Inc. bought a new stake in EastGroup Properties in the fourth quarter worth $29,000. Canton Hathaway LLC purchased a new stake in shares of EastGroup Properties in the fourth quarter valued at $30,000. Thurston Springer Miller Herd & Titak Inc. increased its stake in EastGroup Properties by 503.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 302 shares during the period. Principal Securities Inc. increased its stake in EastGroup Properties by 18.5% in the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 84 shares during the period. Finally, Aster Capital Management DIFC Ltd purchased a new position in EastGroup Properties in the 4th quarter worth about $100,000. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $171.29 on Wednesday. The company’s fifty day moving average price is $167.27 and its 200 day moving average price is $169.52. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $192.61. The stock has a market capitalization of $9.00 billion, a P/E ratio of 36.84, a P/E/G ratio of 3.35 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $2.11 by $0.01. The company had revenue of $174.45 million for the quarter, compared to analyst estimates of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.98 EPS. As a group, equities research analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.27%. EastGroup Properties’s dividend payout ratio is presently 122.54%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Piper Sandler dropped their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Barclays decreased their price objective on shares of EastGroup Properties from $193.00 to $182.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 30th. Truist Financial decreased their price objective on shares of EastGroup Properties from $180.00 to $177.00 and set a “buy” rating for the company in a research report on Monday, May 5th. Raymond James reissued a “strong-buy” rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. Finally, StockNews.com raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Sunday, April 27th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $187.40.

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.