1,437 Shares in EastGroup Properties, Inc. (NYSE:EGP) Acquired by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC bought a new stake in EastGroup Properties, Inc. (NYSE:EGP) in the 2nd quarter, HoldingsChannel reports. The fund bought 1,437 shares of the real estate investment trust’s stock, valued at approximately $244,000.

Several other institutional investors also recently bought and sold shares of the company. SYSTM Wealth Solutions LLC grew its position in EastGroup Properties by 24.2% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock worth $60,000 after purchasing an additional 65 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of EastGroup Properties by 30.2% during the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 80 shares during the last quarter. Securian Asset Management Inc. increased its position in shares of EastGroup Properties by 2.6% in the 4th quarter. Securian Asset Management Inc. now owns 3,945 shares of the real estate investment trust’s stock valued at $724,000 after acquiring an additional 100 shares during the period. Nisa Investment Advisors LLC raised its stake in EastGroup Properties by 0.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock worth $5,328,000 after acquiring an additional 103 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV lifted its position in EastGroup Properties by 4.8% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 2,730 shares of the real estate investment trust’s stock worth $491,000 after acquiring an additional 124 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on EGP. Barclays increased their price objective on EastGroup Properties from $175.00 to $198.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Piper Sandler decreased their target price on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Mizuho cut their price target on EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating on the stock in a research report on Friday, May 31st. Wedbush boosted their price objective on EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Finally, Truist Financial raised their target price on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $186.79.

EastGroup Properties Price Performance

EGP traded down $0.40 during midday trading on Thursday, hitting $184.27. 9,503 shares of the company traded hands, compared to its average volume of 281,736. The business has a 50 day simple moving average of $178.13 and a two-hundred day simple moving average of $173.84. EastGroup Properties, Inc. has a 52-week low of $154.75 and a 52-week high of $192.61. The company has a market capitalization of $8.87 billion, a price-to-earnings ratio of 40.07, a PEG ratio of 2.93 and a beta of 0.98. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.91). The firm had revenue of $159.09 million for the quarter, compared to analysts’ expectations of $156.70 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. EastGroup Properties’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.89 earnings per share. On average, equities analysts forecast that EastGroup Properties, Inc. will post 8.3 earnings per share for the current fiscal year.

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.