California State Teachers Retirement System Purchases 12,571,929 Shares of EastGroup Properties, Inc. $EGP

California State Teachers Retirement System grew its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 20,246.3% during the second quarter, HoldingsChannel.com reports. The firm owned 12,634,024 shares of the real estate investment trust’s stock after purchasing an additional 12,571,929 shares during the period. California State Teachers Retirement System owned approximately 0.23% of EastGroup Properties worth $2,558,769,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. State of Wyoming acquired a new position in shares of EastGroup Properties in the second quarter valued at approximately $27,000. Glen Eagle Advisors LLC raised its holdings in EastGroup Properties by 96.3% in the 1st quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust’s stock valued at $39,000 after buying an additional 104 shares during the last quarter. Parallel Advisors LLC boosted its position in EastGroup Properties by 53.5% during the 3rd quarter. Parallel Advisors LLC now owns 244 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 85 shares during the period. Clearstead Advisors LLC boosted its position in EastGroup Properties by 114.9% during the 4th quarter. Clearstead Advisors LLC now owns 260 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 139 shares during the period. Finally, Avalon Trust Co bought a new stake in EastGroup Properties during the 1st quarter worth approximately $46,000. 92.14% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on EGP shares. KeyCorp upped their price target on shares of EastGroup Properties from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. Robert W. Baird set a $221.00 price target on shares of EastGroup Properties in a report on Friday, July 31st. Royal Bank Of Canada boosted their price objective on shares of EastGroup Properties from $208.00 to $220.00 and gave the stock a “sector perform” rating in a research note on Monday, August 3rd. JPMorgan Chase & Co. increased their price objective on EastGroup Properties from $210.00 to $231.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of EastGroup Properties in a research report on Thursday, August 13th. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $221.68.

EastGroup Properties Stock Performance

Shares of EGP stock opened at $196.64 on Friday. The stock has a market capitalization of $10.57 billion, a PE ratio of 34.50, a PEG ratio of 2.88 and a beta of 1.01. The business’s 50 day simple moving average is $206.37 and its 200 day simple moving average is $200.39. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.16 and a quick ratio of 0.16. EastGroup Properties, Inc. has a one year low of $163.31 and a one year high of $226.71.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.09. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%. The firm had revenue of $193.33 million during the quarter, compared to analyst estimates of $193.61 million. During the same quarter last year, the business earned $2.21 EPS. The company’s revenue was up 9.0% compared to the same quarter last year. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. As a group, research analysts forecast that EastGroup Properties, Inc. will post 9.6 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 3.6%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, September 30th. EastGroup Properties’s dividend payout ratio is currently 108.77%.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust that owns, develops, acquires and operates industrial properties. The company focuses primarily on business distribution space, including functional warehouse and light industrial facilities designed to support local and regional distribution, manufacturing and service businesses.

EastGroup concentrates its portfolio in major Sun Belt markets, with a presence in states including Arizona, California, Florida, Georgia, Nevada, North Carolina, Oklahoma, Tennessee and Texas.