Legacy Wealth Management LLC MS Invests $296,000 in EastGroup Properties, Inc. (NYSE:EGP)

Legacy Wealth Management LLC MS bought a new position in EastGroup Properties, Inc. (NYSE:EGP) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 1,582 shares of the real estate investment trust’s stock, valued at approximately $296,000.

Several other institutional investors have also made changes to their positions in the company. V Square Quantitative Management LLC increased its position in shares of EastGroup Properties by 47.7% in the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 61 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of EastGroup Properties by 7.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock worth $252,000 after acquiring an additional 90 shares in the last quarter. Azzad Asset Management Inc. ADV increased its position in shares of EastGroup Properties by 4.9% in the third quarter. Azzad Asset Management Inc. ADV now owns 2,085 shares of the real estate investment trust’s stock worth $389,000 after acquiring an additional 98 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of EastGroup Properties by 0.3% in the second 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 in the last quarter. Finally, UMB Bank n.a. grew its position in EastGroup Properties by 7.7% during the third quarter. UMB Bank n.a. now owns 1,598 shares of the real estate investment trust’s stock valued at $299,000 after purchasing an additional 114 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on EGP shares. Barclays lowered their price objective on shares of 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. Truist Financial lowered their price objective on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Morgan Stanley boosted their price objective on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company lowered their price objective on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, EastGroup Properties has a consensus rating of “Moderate Buy” and an average target price of $191.80.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock traded up $1.01 on Friday, reaching $170.63. The stock had a trading volume of 33,715 shares, compared to its average volume of 301,032. The business’s 50-day moving average price is $174.60 and its two-hundred day moving average price is $177.55. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08. EastGroup Properties, Inc. has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. The stock has a market cap of $8.45 billion, a P/E ratio of 35.02, a price-to-earnings-growth ratio of 2.22 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The firm had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. During the same quarter in the previous year, the firm posted $1.95 earnings per share. EastGroup Properties’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, sell-side analysts forecast that EastGroup Properties, Inc. will post 8.36 EPS for the current year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Tuesday, December 31st. EastGroup Properties’s dividend payout ratio (DPR) is currently 115.70%.

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.