Aptus Capital Advisors LLC Boosts Stake in EastGroup Properties, Inc. (NYSE:EGP)

Aptus Capital Advisors LLC grew its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 22.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,532 shares of the real estate investment trust’s stock after buying an additional 7,030 shares during the period. Aptus Capital Advisors LLC owned 0.08% of EastGroup Properties worth $6,184,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV increased its position in EastGroup Properties by 11.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 26,941 shares of the real estate investment trust’s stock worth $4,324,000 after purchasing an additional 2,862 shares in the last quarter. Adelante Capital Management LLC lifted its stake in shares of EastGroup Properties by 22.3% during the fourth quarter. Adelante Capital Management LLC now owns 215,909 shares of the real estate investment trust’s stock valued at $34,651,000 after buying an additional 39,374 shares during the period. Northern Trust Corp boosted its position in EastGroup Properties by 91.3% during the fourth quarter. Northern Trust Corp now owns 811,196 shares of the real estate investment trust’s stock worth $130,189,000 after acquiring an additional 387,134 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in EastGroup Properties by 7.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 294,289 shares of the real estate investment trust’s stock worth $47,230,000 after acquiring an additional 20,450 shares during the period. Finally, Tudor Investment Corp ET AL raised its holdings in EastGroup Properties by 44.8% in the 4th quarter. Tudor Investment Corp ET AL now owns 56,939 shares of the real estate investment trust’s stock valued at $9,138,000 after acquiring an additional 17,629 shares during the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $167.04 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.61. The company has a market capitalization of $8.77 billion, a price-to-earnings ratio of 35.92, a PEG ratio of 3.35 and a beta of 0.94. The business has a 50-day moving average of $169.44 and a 200-day moving average of $170.11.

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

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $1.40 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.35%. EastGroup Properties’s dividend payout ratio is currently 122.54%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Truist Financial upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a report on Thursday, April 10th. Raymond James set a $190.00 price objective on shares of EastGroup Properties and gave the stock a “strong-buy” rating in a report on Monday, April 14th. Piper Sandler lowered their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of EastGroup Properties in a research note on Tuesday, January 14th. They set a “buy” rating and a $180.00 price target on the stock. Finally, Barclays lowered 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 note on Wednesday. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, EastGroup Properties has a consensus rating of “Moderate Buy” and a consensus target price of $187.20.

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.