Jupiter Topco LLC Invests $8.80 Million in EastGroup Properties, Inc. $EGP

Jupiter Topco LLC acquired a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP) during the second quarter, HoldingsChannel reports. The fund acquired 43,412 shares of the real estate investment trust’s stock, valued at approximately $8,796,000.

A number of other hedge funds also recently made changes to their positions in EGP. BlackRock Inc. bought a new stake in EastGroup Properties during the 2nd quarter worth approximately $1,553,186,000. Cohen & Steers Inc. boosted its position in shares of EastGroup Properties by 7.0% in 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 purchasing an additional 200,617 shares during the period. State Street Corp increased its stake in shares of EastGroup Properties by 0.6% in the third quarter. State Street Corp now owns 2,683,711 shares of the real estate investment trust’s stock worth $458,320,000 after purchasing an additional 15,918 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of EastGroup Properties by 1.1% in the first quarter. Principal Financial Group Inc. now owns 2,328,714 shares of the real estate investment trust’s stock worth $431,028,000 after purchasing an additional 24,910 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of EastGroup Properties during the 4th quarter valued at $281,054,000. 92.14% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on EGP shares. Truist Financial lifted their target price on shares of EastGroup Properties from $215.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. JPMorgan Chase & Co. increased their price target on EastGroup Properties from $210.00 to $231.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Raymond James Financial assumed coverage on EastGroup Properties in a report on Wednesday, June 17th. They set an “outperform” rating and a $241.00 price target on the stock. Weiss Ratings restated a “buy (b)” rating on shares of EastGroup Properties in a research report on Tuesday, July 21st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $235.00 price objective on shares of EastGroup Properties in a research note on Monday, July 27th. Twelve equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, EastGroup Properties presently has an average rating of “Moderate Buy” and an average price target of $221.11.

EastGroup Properties Trading Down 0.0%

Shares of EastGroup Properties stock opened at $199.90 on Monday. EastGroup Properties, Inc. has a twelve month low of $163.10 and a twelve month high of $226.71. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $207.62 and a 200-day moving average price of $199.91. The firm has a market cap of $10.75 billion, a price-to-earnings ratio of 35.07, a PEG ratio of 2.91 and a beta of 1.02.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.09. EastGroup Properties had a return on equity of 8.61% and a net margin of 40.47%.The company had revenue of $193.33 million for the quarter, compared to the consensus estimate of $193.61 million. During the same period in the previous year, the business earned $2.21 earnings per share. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. Equities research analysts anticipate that EastGroup Properties, Inc. will post 9.6 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $1.75 per share. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $7.00 annualized dividend and a dividend yield of 3.5%. EastGroup Properties’s payout ratio is currently 108.77%.

Insider Activity

In other news, Director David Michael Fields sold 504 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $195.77, for a total transaction of $98,668.08. Following the completion of the transaction, the director directly owned 3,531 shares in the company, valued at approximately $691,263.87. This represents a 12.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is owned by company insiders.

EastGroup Properties Company 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.