Verition Fund Management LLC Purchases New Position in EastGroup Properties, Inc. $EGP

Verition Fund Management LLC bought a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP) in the 4th quarter, Holdings Channel reports. The fund bought 75,560 shares of the real estate investment trust’s stock, valued at approximately $13,460,000.

Several other large investors also recently modified their holdings of EGP. Jones Financial Companies Lllp grew its stake in shares of EastGroup Properties by 18,900.0% during the first quarter. Jones Financial Companies Lllp now owns 950 shares of the real estate investment trust’s stock valued at $167,000 after acquiring an additional 945 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of EastGroup Properties by 28.0% during the first quarter. Goldman Sachs Group Inc. now owns 190,144 shares of the real estate investment trust’s stock valued at $33,494,000 after acquiring an additional 41,538 shares in the last quarter. Jane Street Group LLC grew its stake in shares of EastGroup Properties by 309.8% during the first quarter. Jane Street Group LLC now owns 15,878 shares of the real estate investment trust’s stock valued at $2,797,000 after acquiring an additional 12,003 shares in the last quarter. Focus Partners Wealth grew its stake in shares of EastGroup Properties by 2.2% during the first quarter. Focus Partners Wealth now owns 6,103 shares of the real estate investment trust’s stock valued at $1,075,000 after acquiring an additional 130 shares in the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of EastGroup Properties by 1.9% during the second quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock valued at $613,000 after acquiring an additional 68 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Stock Performance

Shares of EGP stock opened at $204.26 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.19 and a current ratio of 0.19. EastGroup Properties, Inc. has a one year low of $159.37 and a one year high of $207.72. The company’s 50-day simple moving average is $200.11 and its 200-day simple moving average is $190.41. The stock has a market capitalization of $10.98 billion, a price-to-earnings ratio of 37.14, a PEG ratio of 3.09 and a beta of 1.04.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.77 EPS for the quarter, topping the consensus estimate of $1.27 by $0.50. EastGroup Properties had a net margin of 39.69% and a return on equity of 8.37%. The business had revenue of $190.26 million for the quarter, compared to analysts’ expectations of $193.84 million. During the same quarter last year, the company posted $2.15 earnings per share. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. Equities analysts anticipate that EastGroup Properties, Inc. will post 9.57 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $6.20 annualized dividend and a dividend yield of 3.0%. EastGroup Properties’s dividend payout ratio (DPR) is presently 112.73%.

Insider Activity at EastGroup Properties

In other news, Director David Michael Fields sold 504 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $195.77, for a total transaction of $98,668.08. Following the transaction, the director owned 3,531 shares of the company’s stock, valued at approximately $691,263.87. This trade represents a 12.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on EGP. Wall Street Zen upgraded EastGroup Properties from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Cantor Fitzgerald restated an “overweight” rating and set a $217.00 target price on shares of EastGroup Properties in a research note on Monday, April 27th. Weiss Ratings upgraded EastGroup Properties from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. KeyCorp raised their target price on EastGroup Properties from $205.00 to $210.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Finally, Morgan Stanley increased their price target on shares of EastGroup Properties from $215.00 to $231.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 27th. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $208.07.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.