Tidal Investments LLC Purchases 5,811 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Tidal Investments LLC grew its position in EastGroup Properties, Inc. (NYSE:EGP) by 23.2% in the third quarter, HoldingsChannel.com reports. The firm owned 30,905 shares of the real estate investment trust’s stock after acquiring an additional 5,811 shares during the period. Tidal Investments LLC’s holdings in EastGroup Properties were worth $5,774,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Gradient Investments LLC bought a new position in EastGroup Properties in the 2nd quarter worth $32,000. V Square Quantitative Management LLC lifted 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 valued at $35,000 after acquiring an additional 61 shares in the last quarter. Quest Partners LLC boosted its stake in shares of 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 worth $36,000 after acquiring an additional 208 shares during the period. Headlands Technologies LLC purchased a new stake in shares of EastGroup Properties during the second quarter worth about $66,000. Finally, GAMMA Investing LLC raised its stake 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 valued at $100,000 after purchasing an additional 255 shares during the period. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Stock Performance

NYSE EGP opened at $171.25 on Friday. The company has a market cap of $8.48 billion, a P/E ratio of 35.38, a P/E/G ratio of 2.22 and a beta of 0.99. The business’s 50 day moving average price is $174.43 and its 200-day moving average price is $177.63. EastGroup Properties, Inc. has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. 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 (NYSE:EGP) last announced its 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 firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. During the same period in the prior year, the company posted $1.95 EPS. The company’s revenue was up 11.2% compared to the same quarter last year. Sell-side analysts predict that EastGroup Properties, Inc. will post 8.36 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $1.40 per share. 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 is 115.70%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on EGP shares. Raymond James raised shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $185.00 to $200.00 in a report on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $209.00 target price on shares of EastGroup Properties in a research note on Friday, October 25th. StockNews.com cut shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Wells Fargo & Company cut their price objective on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Finally, Morgan Stanley lifted their target price on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.