ProShare Advisors LLC lessened its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP – Free Report) by 3.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 127,135 shares of the real estate investment trust’s stock after selling 5,080 shares during the period. ProShare Advisors LLC owned about 0.24% of EastGroup Properties worth $25,103,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of EGP. BlackRock Inc. bought a new position in shares of EastGroup Properties during the second quarter valued at approximately $1,553,186,000. Principal Financial Group Inc. raised its holdings in EastGroup Properties by 1.1% in the 1st 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. Dimensional Fund Advisors LP lifted its position in shares of EastGroup Properties by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 799,996 shares of the real estate investment trust’s stock worth $148,070,000 after purchasing an additional 26,727 shares during the period. Deutsche Bank AG purchased a new stake in shares of EastGroup Properties in the 2nd quarter worth about $114,775,000. Finally, Quantinno Capital Management LP boosted its stake in shares of EastGroup Properties by 38.8% during the 1st quarter. Quantinno Capital Management LP now owns 501,286 shares of the real estate investment trust’s stock valued at $92,783,000 after purchasing an additional 140,166 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on EGP. Piper Sandler decreased their price target on shares of EastGroup Properties from $268.00 to $246.00 and set an “overweight” rating for the company in a research note on Monday, October 12th. JPMorgan Chase & Co. reduced their target price on EastGroup Properties from $231.00 to $220.00 and set an “overweight” rating on the stock in a report on Thursday, October 29th. Barclays increased their target price on EastGroup Properties from $210.00 to $228.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. KeyCorp raised their target price on EastGroup Properties from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. Finally, Weiss Ratings cut EastGroup Properties from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 9th. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $219.94.
Check Out Our Latest Report on EGP
Insider Buying and Selling
In other EastGroup Properties news, CFO Staci Tyler sold 1,600 shares of the business’s stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $201.69, for a total value of $322,704.00. Following the sale, the chief financial officer directly owned 13,584 shares of the company’s stock, valued at approximately $2,739,756.96. The trade was a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.00% of the company’s stock.
EastGroup Properties Stock Performance
Shares of NYSE EGP opened at $200.66 on Tuesday. EastGroup Properties, Inc. has a fifty-two week low of $172.17 and a fifty-two week high of $226.71. The company has a 50 day simple moving average of $198.78 and a two-hundred day simple moving average of $198.13. The company has a market capitalization of $10.79 billion, a price-to-earnings ratio of 34.01, a P/E/G ratio of 3.90 and a beta of 1.00.
EastGroup Properties (NYSE:EGP – Get Free Report) last released its earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.97). The business had revenue of $199.44 million for the quarter, compared to analysts’ expectations of $197.51 million. EastGroup Properties had a net margin of 41.05% and a return on equity of 8.90%. EastGroup Properties’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.27 earnings per share. On average, analysts forecast that EastGroup Properties, Inc. will post 9.64 earnings per share for the current fiscal year.
EastGroup Properties Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a dividend of $1.75 per share. The ex-dividend date was Wednesday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.55. This represents a $7.00 dividend on an annualized basis and a yield of 3.5%. EastGroup Properties’s dividend payout ratio (DPR) is presently 118.64%.
EastGroup Properties Company Profile
EastGroup Properties, Inc (NYSE: EGP) is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.
Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.
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