Millennium Management LLC lifted its position in shares of Eastgroup Properties Inc (NYSE:EGP) by 2,585.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 304,143 shares of the real estate investment trust’s stock after buying an additional 292,819 shares during the period. Millennium Management LLC owned approximately 0.87% of Eastgroup Properties worth $25,140,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Assetmark Inc. increased its holdings in shares of Eastgroup Properties by 312.7% during the 1st quarter. Assetmark Inc. now owns 1,465 shares of the real estate investment trust’s stock worth $121,000 after buying an additional 1,110 shares during the last quarter. MML Investors Services LLC acquired a new stake in shares of Eastgroup Properties during the 4th quarter worth approximately $218,000. Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Eastgroup Properties during the 1st quarter worth approximately $207,000. Vident Investment Advisory LLC acquired a new stake in shares of Eastgroup Properties during the 4th quarter worth approximately $229,000. Finally, Signition LP acquired a new stake in shares of Eastgroup Properties during the 1st quarter worth approximately $242,000. Institutional investors and hedge funds own 93.83% of the company’s stock.
Eastgroup Properties opened at $95.56 on Friday, MarketBeat Ratings reports. The company has a market cap of $3.33 billion, a P/E ratio of 21.52, a P/E/G ratio of 3.99 and a beta of 0.92. Eastgroup Properties Inc has a fifty-two week low of $77.74 and a fifty-two week high of $96.30.
Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, April 19th. The real estate investment trust reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.05. The firm had revenue of $72.20 million during the quarter, compared to analysts’ expectations of $71.62 million. Eastgroup Properties had a net margin of 35.36% and a return on equity of 13.33%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter last year, the company posted $0.99 EPS. analysts expect that Eastgroup Properties Inc will post 4.56 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 29th. Investors of record on Wednesday, June 20th were given a dividend of $0.64 per share. The ex-dividend date was Tuesday, June 19th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.68%. Eastgroup Properties’s payout ratio is currently 60.09%.
A number of brokerages have recently issued reports on EGP. ValuEngine downgraded shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Thursday, June 7th. Zacks Investment Research downgraded shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Friday, April 13th. Finally, Stifel Nicolaus upgraded shares of Eastgroup Properties from a “hold” rating to a “buy” rating and raised their price target for the stock from $93.00 to $103.00 in a report on Thursday, May 31st. Nine equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $92.00.
In related news, insider John F. Coleman sold 6,000 shares of the stock in a transaction that occurred on Tuesday, April 24th. The shares were sold at an average price of $85.42, for a total transaction of $512,520.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David H. Hoster II sold 1,032 shares of the stock in a transaction that occurred on Wednesday, May 30th. The stock was sold at an average price of $93.38, for a total transaction of $96,368.16. The disclosure for this sale can be found here. Company insiders own 2.90% of the company’s stock.
Eastgroup Properties Profile
EastGroup Properties, Inc is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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