SummitTX Capital L.P. Has $3.99 Million Stock Position in EastGroup Properties, Inc. $EGP

SummitTX Capital L.P. boosted its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 28.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 21,577 shares of the real estate investment trust’s stock after acquiring an additional 4,758 shares during the period. SummitTX Capital L.P.’s holdings in EastGroup Properties were worth $3,994,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of EGP. Norges Bank bought a new position in shares of EastGroup Properties during the fourth quarter worth approximately $281,054,000. Principal Financial Group Inc. boosted its stake in shares of EastGroup Properties by 16.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,303,804 shares of the real estate investment trust’s stock valued at $410,404,000 after buying an additional 318,261 shares during the period. Alyeska Investment Group L.P. boosted its stake in shares of EastGroup Properties by 98.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 566,295 shares of the real estate investment trust’s stock valued at $100,880,000 after buying an additional 280,819 shares during the period. Cohen & Steers Inc. grew its position in EastGroup Properties by 7.0% during the fourth quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust’s stock worth $545,746,000 after buying an additional 200,617 shares in the last quarter. Finally, Corient Private Wealth LLC grew its position in EastGroup Properties by 623.9% during the fourth quarter. Corient Private Wealth LLC now owns 174,997 shares of the real estate investment trust’s stock worth $31,174,000 after buying an additional 150,822 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $210.67 on Tuesday. EastGroup Properties, Inc. has a one year low of $159.37 and a one year high of $226.71. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.16 and a quick ratio of 0.16. The company has a market cap of $11.33 billion, a price-to-earnings ratio of 36.96, a PEG ratio of 3.20 and a beta of 1.03. The firm has a 50 day simple moving average of $206.76 and a 200 day simple moving average of $196.54.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.09. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%. The company had revenue of $193.33 million during the quarter, compared to the consensus estimate of $193.61 million. During the same period in the prior year, the business earned $2.21 earnings per share. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. Research analysts predict that EastGroup Properties, Inc. will post 9.59 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $1.55 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $6.20 annualized dividend and a yield of 2.9%. EastGroup Properties’s dividend payout ratio (DPR) is currently 108.77%.

Insider Activity at EastGroup Properties

In other news, Director David Michael Fields sold 504 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $195.77, for a total transaction of $98,668.08. Following the sale, the director directly owned 3,531 shares in the company, valued at approximately $691,263.87. The trade was a 12.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their price objective on EastGroup Properties from $210.00 to $231.00 and gave the company a “neutral” rating in a report on Friday. Robert W. Baird boosted their price target on EastGroup Properties from $208.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Barclays upped their price objective on shares of EastGroup Properties from $210.00 to $228.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Truist Financial increased their price objective on shares of EastGroup Properties from $205.00 to $215.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Finally, Piper Sandler raised their target price on shares of EastGroup Properties from $240.00 to $268.00 and gave the company an “overweight” rating in a report on Tuesday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $219.11.

EastGroup Properties Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.