Foster & Motley Inc. trimmed its position in shares of Eastgroup Properties Inc (NYSE:EGP) by 13.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,801 shares of the real estate investment trust’s stock after selling 1,517 shares during the quarter. Foster & Motley Inc.’s holdings in Eastgroup Properties were worth $937,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Cubist Systematic Strategies LLC bought a new stake in shares of Eastgroup Properties in the 2nd quarter worth approximately $245,000. BlackRock Inc. boosted its position in shares of Eastgroup Properties by 15.5% in the 2nd quarter. BlackRock Inc. now owns 6,732,435 shares of the real estate investment trust’s stock worth $643,352,000 after purchasing an additional 902,295 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of Eastgroup Properties by 12.4% in the 2nd quarter. Macquarie Group Ltd. now owns 446,856 shares of the real estate investment trust’s stock worth $42,702,000 after purchasing an additional 49,353 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Eastgroup Properties in the 2nd quarter worth approximately $791,000. Finally, Principal Financial Group Inc. boosted its position in shares of Eastgroup Properties by 1.7% in the 1st quarter. Principal Financial Group Inc. now owns 620,473 shares of the real estate investment trust’s stock worth $51,288,000 after purchasing an additional 10,402 shares in the last quarter. 93.14% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director H C. Bailey, Jr. sold 264 shares of the business’s stock in a transaction that occurred on Wednesday, October 31st. The shares were sold at an average price of $97.01, for a total value of $25,610.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brent Wood sold 4,700 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $97.40, for a total transaction of $457,780.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by insiders.
A number of brokerages have recently commented on EGP. Zacks Investment Research cut Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, July 11th. Sandler O’Neill set a $105.00 price target on Eastgroup Properties and gave the stock a “buy” rating in a research report on Monday, July 23rd. Bank of America boosted their price target on Eastgroup Properties from $100.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, July 16th. Citigroup boosted their price target on Eastgroup Properties from $90.00 to $94.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Mizuho reissued a “hold” rating and issued a $92.00 price target on shares of Eastgroup Properties in a research report on Monday, July 30th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $97.11.
Shares of NYSE EGP opened at $96.38 on Friday. Eastgroup Properties Inc has a twelve month low of $77.74 and a twelve month high of $99.39. The company has a market capitalization of $3.51 billion, a P/E ratio of 22.62, a PEG ratio of 4.02 and a beta of 0.76.
Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, October 18th. The real estate investment trust reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.14. Eastgroup Properties had a net margin of 29.80% and a return on equity of 10.69%. The company had revenue of $75.30 million during the quarter, compared to analyst estimates of $74.65 million. During the same period in the previous year, the business earned $1.08 EPS. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, analysts anticipate that Eastgroup Properties Inc will post 4.67 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were issued a $0.72 dividend. This is a positive change from Eastgroup Properties’s previous quarterly dividend of $0.64. This represents a $2.88 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date was Thursday, September 27th. Eastgroup Properties’s payout ratio is presently 67.61%.
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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