Oppenheimer Asset Management Inc. trimmed its holdings in shares of Eastgroup Properties Inc (NYSE:EGP) by 72.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,595 shares of the real estate investment trust’s stock after selling 14,401 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Eastgroup Properties were worth $649,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Connable Office Inc. raised its holdings in Eastgroup Properties by 3.1% in the first quarter. Connable Office Inc. now owns 3,400 shares of the real estate investment trust’s stock worth $380,000 after purchasing an additional 103 shares during the period. Eii Capital Management Inc. raised its stake in Eastgroup Properties by 3.0% during the 2nd quarter. Eii Capital Management Inc. now owns 4,893 shares of the real estate investment trust’s stock worth $567,000 after buying an additional 142 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Eastgroup Properties by 1.3% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,520 shares of the real estate investment trust’s stock worth $1,398,000 after acquiring an additional 162 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its stake in Eastgroup Properties by 8.3% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 2,492 shares of the real estate investment trust’s stock valued at $278,000 after acquiring an additional 191 shares during the period. Finally, Aperio Group LLC grew its stake in Eastgroup Properties by 2.1% in the second quarter. Aperio Group LLC now owns 10,565 shares of the real estate investment trust’s stock valued at $1,225,000 after acquiring an additional 215 shares during the period. Institutional investors and hedge funds own 90.74% of the company’s stock.
EGP traded up $0.03 during trading on Wednesday, hitting $122.92. The company had a trading volume of 45,015 shares, compared to its average volume of 257,791. The company has a market capitalization of $4.68 billion, a PE ratio of 26.32, a PEG ratio of 5.20 and a beta of 0.79. Eastgroup Properties Inc has a one year low of $87.69 and a one year high of $127.97. The firm’s 50-day moving average price is $122.52 and its 200 day moving average price is $115.22.
The company also recently announced a 0.72000 dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.75 per share. This represents a yield of 2.4%. The ex-dividend date is Friday, September 27th. Eastgroup Properties’s dividend payout ratio (DPR) is presently 61.67%.
EGP has been the subject of several recent analyst reports. Zacks Investment Research upgraded Eastgroup Properties from a “hold” rating to a “buy” rating and set a $134.00 price target for the company in a report on Monday, August 5th. Morgan Stanley boosted their price objective on Eastgroup Properties from $105.00 to $110.00 and gave the company an “equal weight” rating in a research report on Monday, June 3rd. Finally, SunTrust Banks increased their target price on Eastgroup Properties from $105.00 to $115.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Eastgroup Properties currently has a consensus rating of “Hold” and an average price target of $110.65.
In other Eastgroup Properties news, Director H C. Bailey, Jr. sold 490 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $124.48, for a total transaction of $60,995.20. Following the completion of the transaction, the director now owns 3,803 shares of the company’s stock, valued at approximately $473,397.44. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Brent Wood sold 3,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $122.56, for a total value of $398,320.00. Following the transaction, the insider now directly owns 93,248 shares of the company’s stock, valued at approximately $11,428,474.88. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
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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