Bar Harbor Wealth Management Increases Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Bar Harbor Wealth Management lifted its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 0.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 23,344 shares of the real estate investment trust’s stock after buying an additional 66 shares during the quarter. Bar Harbor Wealth Management’s holdings in EastGroup Properties were worth $4,112,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in EGP. Crowley Wealth Management Inc. purchased a new position in EastGroup Properties during the 4th quarter valued at about $29,000. Canton Hathaway LLC purchased a new position in shares of EastGroup Properties during the 4th quarter worth approximately $30,000. Parallel Advisors LLC increased its stake in shares of EastGroup Properties by 387.4% during the 1st quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust’s stock worth $75,000 after purchasing an additional 337 shares in the last quarter. Principal Securities Inc. raised its position in shares of EastGroup Properties by 18.5% during the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after purchasing an additional 84 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in EastGroup Properties by 36.3% in the 1st quarter. GAMMA Investing LLC now owns 556 shares of the real estate investment trust’s stock valued at $98,000 after buying an additional 148 shares in the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Stock Performance

Shares of EGP stock opened at $172.05 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $9.04 billion, a price-to-earnings ratio of 37.00, a price-to-earnings-growth ratio of 3.35 and a beta of 1.02. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.61. The company has a 50 day moving average price of $164.64 and a 200 day moving average price of $169.02.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $2.11 by $0.01. The firm had revenue of $174.45 million for the quarter, compared to analysts’ expectations of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.98 earnings per share. Sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $5.60 annualized dividend and a yield of 3.25%. EastGroup Properties’s payout ratio is 122.54%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Wall Street Zen raised EastGroup Properties from a “sell” rating to a “hold” rating in a research note on Sunday, April 27th. Piper Sandler reduced their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Truist Financial lowered their price target on shares of EastGroup Properties from $180.00 to $177.00 and set a “buy” rating for the company in a report on Monday, May 5th. Royal Bank of Canada cut their price objective on shares of EastGroup Properties from $189.00 to $183.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 29th. Finally, Evercore ISI raised their target price on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an “in-line” rating in a research report on Thursday, April 24th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, EastGroup Properties presently has a consensus rating of “Moderate Buy” and a consensus target price of $188.00.

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.