Allianz Asset Management GmbH Buys 195 Shares of EastGroup Properties, Inc. $EGP

Allianz Asset Management GmbH grew its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 0.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 50,636 shares of the real estate investment trust’s stock after acquiring an additional 195 shares during the period. Allianz Asset Management GmbH’s holdings in EastGroup Properties were worth $8,462,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bridges Investment Management Inc. raised its stake in shares of EastGroup Properties by 14.3% during the second quarter. Bridges Investment Management Inc. now owns 9,520 shares of the real estate investment trust’s stock valued at $1,591,000 after acquiring an additional 1,189 shares in the last quarter. Moran Wealth Management LLC raised its stake in shares of EastGroup Properties by 2.9% during the second quarter. Moran Wealth Management LLC now owns 6,707 shares of the real estate investment trust’s stock valued at $1,121,000 after acquiring an additional 186 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of EastGroup Properties by 106.3% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,824 shares of the real estate investment trust’s stock valued at $973,000 after acquiring an additional 3,001 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of EastGroup Properties by 54.0% during the second quarter. Sequoia Financial Advisors LLC now owns 10,131 shares of the real estate investment trust’s stock valued at $1,693,000 after acquiring an additional 3,551 shares in the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in shares of EastGroup Properties by 16.4% during the second quarter. Concurrent Investment Advisors LLC now owns 2,775 shares of the real estate investment trust’s stock valued at $464,000 after acquiring an additional 391 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

Shares of EGP opened at $180.29 on Wednesday. The firm has a market capitalization of $9.61 billion, a PE ratio of 38.94, a price-to-earnings-growth ratio of 3.72 and a beta of 1.02. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.16 and a quick ratio of 0.16. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $188.89. The company’s fifty day moving average price is $168.65 and its 200-day moving average price is $166.58.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share for the quarter, beating analysts’ consensus estimates of $2.20 by $0.01. The firm had revenue of $177.29 million for the quarter, compared to analyst estimates of $175.80 million. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The business’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.05 earnings per share. On average, equities research analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a $1.55 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.40. This represents a $6.20 annualized dividend and a yield of 3.4%. EastGroup Properties’s dividend payout ratio is currently 133.91%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Royal Bank Of Canada decreased their price target on shares of EastGroup Properties from $183.00 to $182.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 29th. Wells Fargo & Company set a $215.00 price objective on shares of EastGroup Properties and gave the company an “overweight” rating in a report on Sunday, July 13th. Weiss Ratings reissued a “hold (c)” rating on shares of EastGroup Properties in a report on Wednesday, October 8th. Cantor Fitzgerald began coverage on shares of EastGroup Properties in a report on Wednesday, October 1st. They set an “overweight” rating and a $190.00 price objective on the stock. Finally, Morgan Stanley lifted their price objective on shares of EastGroup Properties from $170.00 to $178.00 and gave the company an “equal weight” rating in a report on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, EastGroup Properties has a consensus rating of “Moderate Buy” and an average target price of $188.31.

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.