EastGroup Properties (NYSE:EGP) CFO Sells $322,704.00 in Stock

EastGroup Properties, Inc. (NYSE:EGP) CFO Staci Tyler sold 1,600 shares of the business’s stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $201.69, for a total value of $322,704.00. Following the completion of the transaction, the chief financial officer directly owned 13,584 shares of the company’s stock, valued at approximately $2,739,756.96. This trade represents a 10.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

EastGroup Properties Stock Performance

EGP opened at $194.81 on Thursday. The company’s 50-day simple moving average is $198.89 and its two-hundred day simple moving average is $197.89. EastGroup Properties, Inc. has a 52-week low of $172.17 and a 52-week high of $226.71. The stock has a market capitalization of $10.48 billion, a P/E ratio of 33.02, a P/E/G ratio of 4.17 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.97). EastGroup Properties had a net margin of 41.05% and a return on equity of 8.90%. The company had revenue of $199.44 million for the quarter, compared to the consensus estimate of $197.51 million. During the same quarter last year, the company earned $2.27 EPS. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. Research analysts forecast that EastGroup Properties, Inc. will post 9.62 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Wednesday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.55. EastGroup Properties’s payout ratio is currently 118.64%.

Analyst Ratings Changes

Several brokerages recently commented on EGP. Citigroup lifted their price objective on EastGroup Properties from $235.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Barclays increased their target price on EastGroup Properties from $210.00 to $228.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. JPMorgan Chase & Co. raised EastGroup Properties from a “neutral” rating to an “overweight” rating and set a $231.00 target price on the stock in a research report on Thursday, September 24th. Piper Sandler cut their price target on EastGroup Properties from $268.00 to $246.00 and set an “overweight” rating for the company in a research note on Monday, October 12th. Finally, Robert W. Baird set a $221.00 price target on EastGroup Properties in a research note on Friday, July 31st. Twelve analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $221.24.

Institutional Investors Weigh In On EastGroup Properties

Hedge funds have recently modified their holdings of the business. MGO One Seven LLC lifted its holdings in EastGroup Properties by 9.1% during the third quarter. MGO One Seven LLC now owns 1,225 shares of the real estate investment trust’s stock valued at $242,000 after purchasing an additional 102 shares in the last quarter. United Asset Strategies Inc. bought a new position in shares of EastGroup Properties in the third quarter worth approximately $212,000. Choreo LLC boosted its position in shares of EastGroup Properties by 11.5% in the third quarter. Choreo LLC now owns 2,587 shares of the real estate investment trust’s stock worth $511,000 after purchasing an additional 266 shares during the period. Interchange Capital Partners LLC increased its stake in shares of EastGroup Properties by 8.7% in the third quarter. Interchange Capital Partners LLC now owns 1,776 shares of the real estate investment trust’s stock worth $351,000 after purchasing an additional 142 shares in the last quarter. Finally, North Dakota State Investment Board increased its stake in shares of EastGroup Properties by 3.7% in the third quarter. North Dakota State Investment Board now owns 1,633 shares of the real estate investment trust’s stock worth $322,000 after purchasing an additional 59 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.

Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.