OneAscent Wealth Management LLC Makes New Investment in EastGroup Properties, Inc. (NYSE:EGP)

OneAscent Wealth Management LLC acquired a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP) during the third quarter, according to its most recent disclosure with the SEC. The fund acquired 2,120 shares of the real estate investment trust’s stock, valued at approximately $399,000.

Other large investors have also recently made changes to their positions in the company. Gradient Investments LLC bought a new position in EastGroup Properties in the 2nd quarter worth $32,000. V Square Quantitative Management LLC raised its position in shares of EastGroup Properties by 47.7% during the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 61 shares during the last quarter. Quest Partners LLC grew its holdings in EastGroup Properties by 10,400.0% during the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 208 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in EastGroup Properties by 30.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after acquiring an additional 80 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of EastGroup Properties during the 2nd quarter worth approximately $66,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Trading Up 0.4 %

NYSE EGP opened at $172.66 on Tuesday. The stock has a market cap of $8.55 billion, a PE ratio of 35.67, a PEG ratio of 2.56 and a beta of 1.00. The company’s 50-day moving average price is $180.24 and its 200-day moving average price is $176.77. EastGroup Properties, Inc. has a 12 month low of $155.23 and a 12 month high of $192.61. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate 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 return on equity of 8.56% and a net margin of 37.19%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.95 earnings per share. Equities research analysts forecast that EastGroup Properties, Inc. will post 8.36 earnings per share for the current year.

EastGroup Properties Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 3.24%. The ex-dividend date was Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s payout ratio is 115.70%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Evercore ISI boosted their price target on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. KeyCorp increased their price target on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Barclays decreased 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. Wells Fargo & Company dropped their target price on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Finally, StockNews.com lowered EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $191.21.

EastGroup Properties 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.