Makena Capital Management LLC Cuts Position in EastGroup Properties, Inc. (NYSE:EGP)

Makena Capital Management LLC lowered its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 2.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,200 shares of the real estate investment trust’s stock after selling 1,296 shares during the quarter. EastGroup Properties makes up 2.2% of Makena Capital Management LLC’s holdings, making the stock its 25th largest position. Makena Capital Management LLC owned about 0.10% of EastGroup Properties worth $9,192,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Ceredex Value Advisors LLC acquired a new stake in shares of EastGroup Properties in the second quarter valued at about $35,131,000. Boston Partners boosted its holdings in EastGroup Properties by 26.1% in the 1st quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock worth $171,399,000 after buying an additional 197,427 shares during the last quarter. Zimmer Partners LP raised its holdings in shares of EastGroup Properties by 465.6% during the first quarter. Zimmer Partners LP now owns 200,558 shares of the real estate investment trust’s stock valued at $36,054,000 after acquiring an additional 165,100 shares during the last quarter. Millennium Management LLC lifted its position in shares of EastGroup Properties by 202.1% in the second quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock valued at $32,036,000 after acquiring an additional 125,991 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of EastGroup Properties by 7.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock worth $175,359,000 after acquiring an additional 71,614 shares during the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Trading Down 1.8 %

EGP opened at $171.01 on Thursday. EastGroup Properties, Inc. has a 52 week low of $155.23 and a 52 week high of $192.61. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. The business has a fifty day simple moving average of $179.76 and a 200-day simple moving average of $176.83. The firm has a market cap of $8.47 billion, a P/E ratio of 35.33, a P/E/G ratio of 2.26 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The business’s revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.95 earnings per share. On average, equities analysts expect that EastGroup Properties, Inc. will post 8.36 earnings per share for the current year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $1.40 per share. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a yield of 3.27%. The ex-dividend date was Monday, September 30th. EastGroup Properties’s dividend payout ratio is presently 115.70%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EGP. Royal Bank of Canada reissued a “sector perform” rating and issued a $186.00 price target on shares of EastGroup Properties in a research note on Wednesday, October 30th. Truist Financial lowered their target price on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a report on Wednesday, November 13th. KeyCorp upped their price target on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Barclays reduced their price objective on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. Finally, Morgan Stanley raised their target price on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. 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 MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $191.21.

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.