Goldman Sachs Group Inc. increased its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 7.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 759,307 shares of the real estate investment trust’s stock after purchasing an additional 53,112 shares during the quarter. Goldman Sachs Group Inc. owned 2.21% of EastGroup Properties worth $67,108,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SeaCrest Wealth Management LLC purchased a new stake in EastGroup Properties during the 4th quarter worth approximately $148,000. MML Investors Services LLC purchased a new stake in shares of EastGroup Properties in the fourth quarter valued at approximately $218,000. AE Wealth Management LLC purchased a new stake in shares of EastGroup Properties in the third quarter valued at approximately $239,000. Connable Office Inc. purchased a new stake in shares of EastGroup Properties in the fourth quarter valued at approximately $258,000. Finally, Capital Fund Management S.A. purchased a new stake in shares of EastGroup Properties in the fourth quarter valued at approximately $274,000. 96.08% of the stock is owned by institutional investors.
A number of research firms have recently issued reports on EGP. Zacks Investment Research lowered EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, January 31st. SunTrust Banks upgraded EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Monday, January 22nd. Morgan Stanley reiterated an “equal weight” rating and issued a $82.00 price objective on shares of EastGroup Properties in a research report on Thursday, December 14th. ValuEngine upgraded EastGroup Properties from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Finally, Mizuho reiterated a “hold” rating and issued a $90.00 price objective on shares of EastGroup Properties in a research report on Sunday, February 4th. One analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $88.64.
In other EastGroup Properties news, Director Fredric H. Gould purchased 3,000 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were bought at an average cost of $80.05 per share, for a total transaction of $240,150.00. Following the completion of the purchase, the director now directly owns 13,688 shares in the company, valued at $1,095,724.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.90% of the stock is owned by company insiders.
Shares of NYSE EGP traded down $0.69 during mid-day trading on Friday, hitting $81.52. The company had a trading volume of 109,056 shares, compared to its average volume of 186,573. The stock has a market cap of $2,831.92, a P/E ratio of 19.14, a PEG ratio of 4.20 and a beta of 0.92. EastGroup Properties, Inc. has a 1-year low of $75.21 and a 1-year high of $95.03.
EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, January 31st. The real estate investment trust reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. EastGroup Properties had a return on equity of 11.58% and a net margin of 30.34%. The company had revenue of $71.36 million for the quarter, compared to analysts’ expectations of $69.66 million. During the same period last year, the firm earned $1.08 earnings per share. EastGroup Properties’s quarterly revenue was up 7.6% on a year-over-year basis. sell-side analysts expect that EastGroup Properties, Inc. will post 4.51 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Wednesday, March 21st were paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date was Tuesday, March 20th. EastGroup Properties’s dividend payout ratio is presently 60.09%.
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EastGroup Properties Company Profile
EastGroup Properties, Inc 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.
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