Barrett & Company Inc. Trims Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Barrett & Company Inc. reduced its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 19.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 850 shares of the real estate investment trust’s stock after selling 200 shares during the quarter. Barrett & Company Inc.’s holdings in EastGroup Properties were worth $159,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Gradient Investments LLC bought a new stake in shares of EastGroup Properties during the 2nd quarter valued at about $32,000. V Square Quantitative Management LLC grew its stake in EastGroup Properties by 47.7% in the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 61 shares in the last quarter. Quest Partners LLC increased its holdings in shares of EastGroup Properties by 10,400.0% in the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 208 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of EastGroup Properties by 30.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after acquiring an additional 80 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in EastGroup Properties in the second quarter worth $66,000. 92.14% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Truist Financial lifted their price target on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Morgan Stanley increased their price target on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Barclays decreased their price objective on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a report on Thursday, October 10th. Wells Fargo & Company upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $179.00 to $214.00 in a report on Wednesday, August 28th. Finally, Royal Bank of Canada lifted their target price on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 30th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, EastGroup Properties has an average rating of “Moderate Buy” and a consensus target price of $192.57.

EastGroup Properties Stock Up 0.5 %

Shares of EGP traded up $0.93 on Monday, reaching $177.46. The stock had a trading volume of 17,867 shares, compared to its average volume of 296,453. The firm has a market capitalization of $8.65 billion, a price-to-earnings ratio of 36.93, a price-to-earnings-growth ratio of 2.70 and a beta of 0.99. The company has a 50-day simple moving average of $184.09 and a 200-day simple moving average of $175.43. EastGroup Properties, Inc. has a 12-month low of $155.23 and a 12-month high of $192.61. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The company had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $161.52 million. During the same period in the previous year, the firm earned $1.95 earnings per share. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. Sell-side analysts predict that EastGroup Properties, Inc. will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.40 dividend. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.16%. EastGroup Properties’s dividend payout ratio is currently 117.15%.

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.