EastGroup Properties, Inc. (NYSE:EGP) Shares Bought by Louisiana State Employees Retirement System
Louisiana State Employees Retirement System boosted its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 1.5% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,800 shares of the real estate investment trust’s stock after buying an additional 200 shares during the period. Louisiana State Employees Retirement System’s holdings in EastGroup Properties were worth $1,156,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in EastGroup Properties by 4,751.2% in the first quarter. BlackRock Inc. now owns 4,837,264 shares of the real estate investment trust’s stock valued at $355,684,000 after buying an additional 4,737,552 shares in the last quarter. Norges Bank bought a new stake in EastGroup Properties during the fourth quarter valued at approximately $24,983,000. Vanguard Group Inc. boosted its stake in EastGroup Properties by 4.4% in the first quarter. Vanguard Group Inc. now owns 5,407,964 shares of the real estate investment trust’s stock valued at $397,648,000 after buying an additional 229,011 shares in the last quarter. State Street Corp boosted its stake in EastGroup Properties by 6.0% in the first quarter. State Street Corp now owns 1,251,740 shares of the real estate investment trust’s stock valued at $92,041,000 after buying an additional 71,139 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in EastGroup Properties by 3.0% in the first quarter. JPMorgan Chase & Co. now owns 2,383,441 shares of the real estate investment trust’s stock valued at $175,254,000 after buying an additional 69,964 shares in the last quarter. 95.83% of the stock is owned by institutional investors and hedge funds.
Shares of EastGroup Properties, Inc. (NYSE EGP) opened at 84.93 on Wednesday. EastGroup Properties, Inc. has a one year low of $63.99 and a one year high of $87.40. The stock has a market capitalization of $2.87 billion, a P/E ratio of 32.26 and a beta of 0.97. The firm’s 50-day moving average price is $83.85 and its 200-day moving average price is $77.41.
EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.60. The company had revenue of $67.90 million during the quarter, compared to analysts’ expectations of $67.16 million. EastGroup Properties had a net margin of 33.62% and a return on equity of 13.70%. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.99 EPS. Equities research analysts anticipate that EastGroup Properties, Inc. will post $1.77 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 30th. Stockholders 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 annualized dividend and a dividend yield of 2.92%. EastGroup Properties’s payout ratio is 93.94%.
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Several equities research analysts recently commented on EGP shares. Morgan Stanley raised EastGroup Properties from an “underweight” rating to an “equal weight” rating and set a $76.00 price target for the company in a report on Wednesday, April 12th. Evercore ISI reissued an “underperform” rating and set a $73.00 target price (up previously from $69.00) on shares of EastGroup Properties in a research note on Sunday, April 23rd. Stifel Nicolaus raised their target price on EastGroup Properties from $73.00 to $78.00 and gave the stock a “hold” rating in a research note on Monday, April 24th. Mizuho raised their target price on EastGroup Properties from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Monday, April 24th. Finally, BidaskClub cut EastGroup Properties from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $78.00.
In other news, Director H C. Bailey, Jr. sold 850 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $81.31, for a total transaction of $69,113.50. Following the transaction, the director now owns 3,082 shares of the company’s stock, valued at $250,597.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John F. Coleman sold 5,000 shares of the stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $80.56, for a total transaction of $402,800.00. The disclosure for this sale can be found here. Insiders have sold 7,109 shares of company stock worth $577,670 in the last ninety days. Corporate insiders own 2.90% of the company’s stock.
EastGroup Properties Company Profile
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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