M&T Bank Corp Buys 1,801 Shares of EastGroup Properties, Inc. (NYSE:EGP)

M&T Bank Corp increased its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 15.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,414 shares of the real estate investment trust’s stock after purchasing an additional 1,801 shares during the quarter. M&T Bank Corp’s holdings in EastGroup Properties were worth $2,506,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of EGP. Gradient Investments LLC bought a new position in EastGroup Properties in the 2nd quarter valued at $32,000. V Square Quantitative Management LLC lifted its stake 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 acquiring an additional 61 shares during the period. Quest Partners LLC boosted its holdings in EastGroup Properties by 10,400.0% in the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 208 shares during the last quarter. Headlands Technologies LLC acquired a new stake in EastGroup Properties in the second quarter worth about $66,000. Finally, GAMMA Investing LLC raised its holdings in EastGroup Properties by 90.7% during the 3rd quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust’s stock worth $100,000 after purchasing an additional 255 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Price Performance

Shares of EGP opened at $171.25 on Friday. 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 52-week low of $155.23 and a 52-week high of $192.61. The stock has a 50 day simple moving average of $174.43 and a 200 day simple moving average of $177.63. The firm has a market capitalization of $8.48 billion, a PE ratio of 35.38, a P/E/G ratio of 2.22 and a beta of 0.99.

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

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.27%. EastGroup Properties’s dividend payout ratio (DPR) is 115.70%.

Wall Street Analyst Weigh In

EGP has been the topic of several recent research reports. Raymond James raised shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $185.00 to $200.00 in a research note on Wednesday. Barclays lowered their target price on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. Truist Financial cut their price target on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. StockNews.com cut EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Finally, Wedbush reissued an “outperform” rating and issued a $209.00 target price on shares of EastGroup Properties in a research note on Friday, October 25th. One 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $191.80.

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.