Mitsubishi UFJ Asset Management UK Ltd. Purchases Shares of 18,900 EastGroup Properties, Inc. (NYSE:EGP)
Mitsubishi UFJ Asset Management UK Ltd. purchased a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 18,900 shares of the real estate investment trust’s stock, valued at approximately $1,584,000. Mitsubishi UFJ Asset Management UK Ltd. owned approximately 0.06% of EastGroup Properties as of its most recent SEC filing.
Several other large investors have also modified their holdings of the stock. Glen Harbor Capital Management LLC increased its stake in shares of EastGroup Properties by 5.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,760 shares of the real estate investment trust’s stock valued at $129,000 after buying an additional 88 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of EastGroup Properties by 8.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,220 shares of the real estate investment trust’s stock valued at $163,000 after buying an additional 168 shares in the last quarter. Elkfork Partners LLC increased its stake in EastGroup Properties by 5.3% in the first quarter. Elkfork Partners LLC now owns 2,240 shares of the real estate investment trust’s stock worth $165,000 after buying an additional 112 shares during the period. Daiwa Securities Group Inc. increased its stake in EastGroup Properties by 31.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,500 shares of the real estate investment trust’s stock worth $184,000 after buying an additional 600 shares during the period. Finally, Heritage Trust Co purchased a new stake in EastGroup Properties during the first quarter worth $184,000. 95.83% of the stock is currently owned by institutional investors.
EastGroup Properties, Inc. (NYSE:EGP) traded up 0.44% during midday trading on Monday, reaching $84.23. The company had a trading volume of 19,705 shares. The stock’s 50 day moving average price is $83.80 and its 200-day moving average price is $77.26. EastGroup Properties, Inc. has a one year low of $63.99 and a one year high of $87.40. The firm has a market capitalization of $2.84 billion, a P/E ratio of 31.99 and a beta of 0.97.
EastGroup Properties (NYSE:EGP) last announced its earnings results on Thursday, April 20th. The real estate investment trust reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.64. EastGroup Properties had a net margin of 33.62% and a return on equity of 13.70%. The firm had revenue of $66.15 million for the quarter, compared to analyst estimates of $66.76 million. During the same quarter in the prior year, the business posted $0.91 EPS. The business’s revenue was up 7.4% compared to the same quarter last year. On average, equities research analysts anticipate that EastGroup Properties, Inc. will post $1.77 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Tuesday, May 16th were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Wednesday, June 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.96%. EastGroup Properties’s payout ratio is presently 93.94%.
EGP has been the topic of a number of recent research reports. Evercore ISI reissued an “underperform” rating and set a $73.00 target price (up from $69.00) on shares of EastGroup Properties in a research report on Sunday, April 23rd. Morgan Stanley raised EastGroup Properties from an “underweight” rating to an “equal weight” rating and set a $76.00 target price on the stock in a research report on Wednesday, April 12th. Stifel Nicolaus lifted their target price on EastGroup Properties from $73.00 to $78.00 and gave the stock a “hold” rating in a research report on Monday, April 24th. Zacks Investment Research raised EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 target price on the stock in a research report on Tuesday, July 11th. Finally, BidaskClub downgraded EastGroup Properties from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. EastGroup Properties presently has an average rating of “Hold” and an average price target of $77.38.
In other EastGroup Properties news, insider John F. Coleman sold 5,000 shares of the stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.56, for a total transaction of $402,800.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brent Wood sold 4,000 shares of the stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $78.72, for a total transaction of $314,880.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,109 shares of company stock worth $1,601,930. Company insiders own 2.90% of the company’s stock.
About EastGroup Properties
EastGroup Properties, Inc is an equity real estate investment trust (REIT). 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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