Mason Street Advisors LLC acquired a new position in EastGroup Properties Inc. (NYSE:EGP) during the second quarter, according to its most recent filing with the SEC. The firm acquired 6,291 shares of the company’s stock, valued at approximately $434,000.
A number of other institutional investors have also recently bought and sold shares of EGP. BB&T Securities LLC raised its position in EastGroup Properties by 13.9% in the first quarter. BB&T Securities LLC now owns 5,165 shares of the company’s stock worth $311,000 after buying an additional 629 shares in the last quarter. Menta Capital LLC purchased a new position in EastGroup Properties during the first quarter worth approximately $241,000. Landscape Capital Management L.L.C. raised its position in EastGroup Properties by 40.7% in the first quarter. Landscape Capital Management L.L.C. now owns 94,202 shares of the company’s stock worth $5,687,000 after buying an additional 27,227 shares in the last quarter. JPMorgan Chase & Co. raised its position in EastGroup Properties by 9.3% in the first quarter. JPMorgan Chase & Co. now owns 2,297,457 shares of the company’s stock worth $138,696,000 after buying an additional 196,037 shares in the last quarter. Finally, BlackRock Japan Co. Ltd raised its position in EastGroup Properties by 2.4% in the first quarter. BlackRock Japan Co. Ltd now owns 1,695 shares of the company’s stock worth $102,000 after buying an additional 40 shares in the last quarter. 94.42% of the stock is owned by hedge funds and other institutional investors.
EastGroup Properties Inc. (NYSE:EGP) opened at 69.00 on Thursday. The company has a market cap of $2.26 billion, a P/E ratio of 24.98 and a beta of 1.00. The company has a 50-day moving average of $72.48 and a 200 day moving average of $67.39. EastGroup Properties Inc. has a one year low of $49.31 and a one year high of $76.00.
EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Wednesday, July 20th. The company reported $0.99 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.99. The company earned $61.92 million during the quarter, compared to analysts’ expectations of $61.53 million. EastGroup Properties had a net margin of 36.63% and a return on equity of 15.59%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.92 earnings per share. Equities research analysts predict that EastGroup Properties Inc. will post $3.99 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Monday, September 19th were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend was Thursday, September 15th. This is a boost from EastGroup Properties’s previous quarterly dividend of $0.60. EastGroup Properties’s dividend payout ratio is 90.51%.
A number of equities analysts recently commented on the stock. Morgan Stanley assumed coverage on shares of EastGroup Properties in a research note on Tuesday, September 6th. They issued an “underweight” rating and a $65.00 price objective for the company. Mizuho assumed coverage on shares of EastGroup Properties in a research report on Wednesday, September 28th. They issued a “buy” rating and a $83.00 target price for the company. Zacks Investment Research upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a research report on Wednesday, September 21st. BTIG Research assumed coverage on shares of EastGroup Properties in a research report on Thursday, August 25th. They issued a “neutral” rating for the company. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $70.00 target price on shares of EastGroup Properties in a research report on Thursday, July 28th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $67.64.
In related news, insider Brent Wood sold 3,400 shares of the stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $72.22, for a total transaction of $245,548.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bruce Corkern sold 2,475 shares of the stock in a transaction on Monday, July 25th. The stock was sold at an average price of $71.40, for a total transaction of $176,715.00. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by insiders.
About EastGroup Properties
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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