Parametric Portfolio Associates LLC raised its stake in shares of Eastgroup Properties Inc (NYSE:EGP) by 1.1% during the 1st quarter, HoldingsChannel reports. The fund owned 112,360 shares of the real estate investment trust’s stock after purchasing an additional 1,277 shares during the period. Parametric Portfolio Associates LLC’s holdings in Eastgroup Properties were worth $12,544,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Huntington National Bank grew its stake in Eastgroup Properties by 84.1% in the first quarter. Huntington National Bank now owns 766 shares of the real estate investment trust’s stock worth $85,000 after purchasing an additional 350 shares during the period. Stifel Financial Corp increased its position in Eastgroup Properties by 36.3% during the fourth quarter. Stifel Financial Corp now owns 184,198 shares of the real estate investment trust’s stock valued at $16,935,000 after acquiring an additional 49,056 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Eastgroup Properties during the fourth quarter valued at $247,000. Castleark Management LLC purchased a new stake in Eastgroup Properties in the fourth quarter worth about $1,667,000. Finally, California State Teachers Retirement System increased its position in Eastgroup Properties by 2.4% in the fourth quarter. California State Teachers Retirement System now owns 55,142 shares of the real estate investment trust’s stock worth $5,058,000 after buying an additional 1,306 shares in the last quarter. 94.38% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have commented on EGP shares. SunTrust Banks upped their price target on Eastgroup Properties from $92.00 to $98.00 and gave the stock a “hold” rating in a research report on Tuesday, February 19th. Morgan Stanley upped their price target on Eastgroup Properties from $105.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Monday, June 3rd. Finally, Zacks Investment Research upgraded Eastgroup Properties from a “hold” rating to a “buy” rating and set a $125.00 price target for the company in a research report on Tuesday, April 9th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Eastgroup Properties presently has a consensus rating of “Hold” and a consensus price target of $103.14.
In related news, insider John F. Coleman sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $111.09, for a total transaction of $1,110,900.00. Following the completion of the sale, the insider now directly owns 99,657 shares of the company’s stock, valued at approximately $11,070,896.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David H. Hoster II sold 942 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $110.83, for a total value of $104,401.86. Following the transaction, the director now owns 174,588 shares in the company, valued at $19,349,588.04. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.
Shares of NYSE:EGP traded up $0.15 during trading on Wednesday, hitting $114.63. The company had a trading volume of 1,580 shares, compared to its average volume of 283,697. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 4.54 and a beta of 0.82. Eastgroup Properties Inc has a one year low of $87.69 and a one year high of $116.45. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.02 and a quick ratio of 0.02.
Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings data on Monday, April 22nd. The real estate investment trust reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.02. Eastgroup Properties had a return on equity of 9.19% and a net margin of 26.82%. The business had revenue of $78.79 million during the quarter, compared to analyst estimates of $78.83 million. During the same period last year, the company earned $1.16 EPS. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, analysts expect that Eastgroup Properties Inc will post 4.89 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Thursday, June 27th. Eastgroup Properties’s dividend payout ratio is currently 61.67%.
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About Eastgroup Properties
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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