Papp L Roy & Associates maintained its position in EastGroup Properties Inc. (NYSE:EGP) during the second quarter, Holdings Channel reports. The fund owned 5,652 shares of the company’s stock at the end of the second quarter. Papp L Roy & Associates’ holdings in EastGroup Properties were worth $390,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BB&T Securities LLC boosted 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 acquired a new position in EastGroup Properties during the first quarter worth approximately $241,000. Landscape Capital Management L.L.C. boosted 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. boosted 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 boosted 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 currently owned by hedge funds and other institutional investors.
Shares of EastGroup Properties Inc. (NYSE:EGP) traded down 0.86% during mid-day trading on Tuesday, hitting $71.52. The stock had a trading volume of 156,639 shares. EastGroup Properties Inc. has a 12 month low of $49.31 and a 12 month high of $76.00. The stock’s 50-day moving average is $72.62 and its 200 day moving average is $67.28. The firm has a market cap of $2.34 billion, a PE ratio of 25.89 and a beta of 1.00.
EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, July 20th. The company reported $0.99 EPS for the quarter, meeting analysts’ consensus estimates of $0.99. The company had revenue of $61.92 million for the quarter, compared to analyst estimates of $61.53 million. EastGroup Properties had a net margin of 36.63% and a return on equity of 15.59%. EastGroup Properties’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.92 earnings per share. Equities research analysts predict that EastGroup Properties Inc. will post $3.99 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Monday, September 19th were paid a $0.62 dividend. The ex-dividend date was Thursday, September 15th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $0.60. This represents a $2.48 dividend on an annualized basis and a yield of 3.47%. EastGroup Properties’s payout ratio is currently 90.51%.
A number of analysts recently issued reports on EGP shares. Morgan Stanley started coverage on EastGroup Properties in a report on Tuesday, September 6th. They issued an “underweight” rating and a $65.00 price target for the company. Mizuho started coverage on EastGroup Properties in a report on Wednesday, September 28th. They issued a “buy” rating and a $83.00 price target for the company. Zacks Investment Research upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a report on Wednesday, September 21st. BTIG Research started coverage on EastGroup Properties in a 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 price target on shares of EastGroup Properties in a report on Thursday, July 28th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. EastGroup Properties has a consensus rating of “Hold” and a consensus price target of $67.64.
In other EastGroup Properties news, insider Bruce Corkern sold 2,475 shares of EastGroup Properties stock in a transaction on Monday, July 25th. The shares were sold at an average price of $71.40, for a total value of $176,715.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director David H. Hoster II sold 10,000 shares of EastGroup Properties stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $73.01, for a total transaction of $730,100.00. Following the completion of the transaction, the director now owns 192,037 shares in the company, valued at $14,020,621.37. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by company 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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