Bamco Inc. NY Sells 1,100 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Bamco Inc. NY cut its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 0.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 141,633 shares of the real estate investment trust’s stock after selling 1,100 shares during the period. Bamco Inc. NY owned about 0.29% of EastGroup Properties worth $25,461,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of EGP. GAMMA Investing LLC bought a new position in EastGroup Properties during the fourth quarter valued at $31,000. Venturi Wealth Management LLC grew its holdings in EastGroup Properties by 51.6% during the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 66 shares during the period. Mather Group LLC. bought a new position in EastGroup Properties during the first quarter valued at $42,000. EverSource Wealth Advisors LLC grew its holdings in EastGroup Properties by 1,938.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 252 shares during the period. Finally, Brown Brothers Harriman & Co. bought a new position in EastGroup Properties during the fourth quarter valued at $55,000. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Price Performance

EGP stock traded up $2.59 during mid-day trading on Friday, hitting $187.10. 199,965 shares of the stock were exchanged, compared to its average volume of 289,741. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.10. The business has a fifty day moving average price of $171.45 and a 200 day moving average price of $173.44. EastGroup Properties, Inc. has a 12 month low of $154.75 and a 12 month high of $192.61. The stock has a market capitalization of $9.12 billion, a price-to-earnings ratio of 40.59, a PEG ratio of 2.91 and a beta of 0.98.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The firm had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. During the same period last year, the firm earned $1.89 EPS. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. On average, sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.31 EPS for the current year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend was Friday, June 28th. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on EGP shares. JPMorgan Chase & Co. cut their price target on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Piper Sandler cut their price target on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Royal Bank of Canada cut their price target on EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating for the company in a report on Monday, May 6th. BNP Paribas started coverage on EastGroup Properties in a report on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 price target for the company. Finally, Mizuho cut their price target on EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating for the company in a report on Friday, May 31st. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $180.40.

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.