Prudential Financial Inc. raised its position in shares of EastGroup Properties Inc. (NYSE:EGP) by 1.4% during the second quarter, Holdings Channel reports. The firm owned 78,925 shares of the company’s stock after buying an additional 1,090 shares during the period. Prudential Financial Inc. owned about 0.24% of EastGroup Properties worth $5,440,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Hancock Holding Co. raised its stake in shares of EastGroup Properties by 1.1% in the second quarter. Hancock Holding Co. now owns 150,819 shares of the company’s stock worth $10,394,000 after buying an additional 1,709 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of EastGroup Properties by 2.2% in the second quarter. Dimensional Fund Advisors LP now owns 432,495 shares of the company’s stock worth $29,808,000 after buying an additional 9,157 shares during the period. Teacher Retirement System of Texas raised its stake in shares of EastGroup Properties by 824.0% in the second quarter. Teacher Retirement System of Texas now owns 36,822 shares of the company’s stock worth $2,538,000 after buying an additional 32,837 shares during the period. Edge Asset Management Inc. increased its position in EastGroup Properties by 6.5% in the second quarter. Edge Asset Management Inc. now owns 345,605 shares of the company’s stock worth $23,819,000 after buying an additional 20,948 shares in the last quarter. Finally, Eaton Vance Management increased its position in EastGroup Properties by 9.2% in the second quarter. Eaton Vance Management now owns 14,246 shares of the company’s stock worth $982,000 after buying an additional 1,203 shares in the last quarter. Hedge funds and other institutional investors own 94.42% of the company’s stock.
EastGroup Properties Inc. (NYSE:EGP) traded up 0.04% during mid-day trading on Thursday, reaching $68.82. The company had a trading volume of 13,686 shares. EastGroup Properties Inc. has a 52-week low of $49.31 and a 52-week high of $76.00. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 24.92 and a beta of 1.00. The company’s 50 day moving average is $71.94 and its 200 day moving average is $67.73.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.99 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.99. EastGroup Properties had a return on equity of 15.59% and a net margin of 36.63%. The firm had revenue of $61.92 million for the quarter, compared to analyst estimates of $61.53 million. During the same period in the previous year, the company posted $0.92 earnings per share. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. Equities analysts predict that EastGroup Properties Inc. will post $3.99 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Monday, September 19th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.61%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Thursday, September 15th. EastGroup Properties’s payout ratio is currently 90.51%.
A number of research analysts have commented on EGP shares. Zacks Investment Research raised EastGroup Properties from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a report on Wednesday, September 21st. Mizuho started coverage on EastGroup Properties in a report on Wednesday, September 28th. They set a “buy” rating and a $83.00 target price on the stock. Sandler O’Neill downgraded EastGroup Properties from a “buy” rating to a “hold” rating in a report on Friday, July 22nd. BTIG Research started coverage on EastGroup Properties in a report on Thursday, August 25th. They set a “neutral” rating on the stock. Finally, Citigroup Inc. increased their target price on EastGroup Properties from $67.00 to $78.00 and gave the stock a “buy” rating in a report on Thursday, July 7th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $67.64.
In other news, Director David H. Hoster II sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $73.01, for a total value of $730,100.00. Following the transaction, the director now directly owns 192,037 shares of the company’s stock, valued at approximately $14,020,621.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bruce Corkern sold 2,475 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $71.40, for a total value of $176,715.00. The disclosure for this sale can be found here. Corporate insiders own 3.60% of the company’s stock.
EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust. The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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