Farther Finance Advisors LLC Cuts Stake in EastGroup Properties, Inc. (NYSE:EGP)

Farther Finance Advisors LLC decreased its position in EastGroup Properties, Inc. (NYSE:EGP) by 72.2% during the 3rd quarter, Holdings Channel reports. The fund owned 438 shares of the real estate investment trust’s stock after selling 1,136 shares during the quarter. Farther Finance Advisors LLC’s holdings in EastGroup Properties were worth $82,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. New York State Common Retirement Fund boosted its stake in shares of EastGroup Properties by 6.4% in the third quarter. New York State Common Retirement Fund now owns 203,806 shares of the real estate investment trust’s stock valued at $38,075,000 after buying an additional 12,234 shares in the last quarter. abrdn plc raised its holdings in EastGroup Properties by 10.3% during the third quarter. abrdn plc now owns 9,913 shares of the real estate investment trust’s stock worth $1,852,000 after purchasing an additional 924 shares during the last quarter. J.W. Cole Advisors Inc. purchased a new stake in EastGroup Properties during the third quarter worth $754,000. State of Alaska Department of Revenue grew its holdings in EastGroup Properties by 1.4% in the third quarter. State of Alaska Department of Revenue now owns 28,649 shares of the real estate investment trust’s stock valued at $5,350,000 after purchasing an additional 382 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of EastGroup Properties by 7.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock valued at $252,000 after buying an additional 90 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Barclays lowered their price objective on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 10th. Evercore ISI raised their price objective on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Morgan Stanley lifted their price objective on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their target price for the company from $175.00 to $200.00 in a report on Thursday, September 5th. Finally, StockNews.com downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $191.50.

EastGroup Properties Trading Down 0.5 %

NYSE EGP opened at $174.30 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08. The firm has a market capitalization of $8.63 billion, a price-to-earnings ratio of 36.01, a PEG ratio of 2.62 and a beta of 1.00. The company’s 50 day moving average price is $181.28 and its 200 day moving average price is $176.33. EastGroup Properties, Inc. has a one year low of $155.23 and a one year high of $192.61.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The company had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. During the same period last year, the business earned $1.95 earnings per share. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, sell-side analysts predict that EastGroup Properties, Inc. will post 8.35 EPS for the current year.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date was Monday, September 30th. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio is currently 115.70%.

About EastGroup Properties

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.