Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Eastgroup Properties Inc (NYSE:EGP) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 8,275 shares of the real estate investment trust’s stock, valued at approximately $791,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Millennium Management LLC acquired a new position in shares of Eastgroup Properties during the fourth quarter worth approximately $1,001,000. Fort Washington Investment Advisors Inc. OH acquired a new position in shares of Eastgroup Properties during the first quarter worth approximately $207,000. Daiwa Securities Group Inc. raised its position in shares of Eastgroup Properties by 21.1% during the first quarter. Daiwa Securities Group Inc. now owns 4,600 shares of the real estate investment trust’s stock worth $380,000 after purchasing an additional 800 shares during the period. Rhumbline Advisers raised its position in shares of Eastgroup Properties by 4.6% during the first quarter. Rhumbline Advisers now owns 99,945 shares of the real estate investment trust’s stock worth $8,261,000 after purchasing an additional 4,385 shares during the period. Finally, Comerica Bank raised its position in shares of Eastgroup Properties by 2.3% during the first quarter. Comerica Bank now owns 49,737 shares of the real estate investment trust’s stock worth $4,194,000 after purchasing an additional 1,117 shares during the period. 91.33% of the stock is currently owned by institutional investors and hedge funds.
EGP has been the topic of a number of research reports. ValuEngine lowered Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Thursday, June 7th. Zacks Investment Research raised Eastgroup Properties from a “hold” rating to a “buy” rating and set a $107.00 target price on the stock in a research report on Wednesday, July 4th. Stifel Nicolaus raised Eastgroup Properties from a “hold” rating to a “buy” rating and upped their target price for the stock from $93.00 to $103.00 in a research report on Thursday, May 31st. Wells Fargo & Co upped their target price on Eastgroup Properties from $96.00 to $98.00 and gave the stock a “market perform” rating in a research report on Monday, July 30th. Finally, Mizuho reiterated a “hold” rating and set a $92.00 price target on shares of Eastgroup Properties in a report on Monday, July 30th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Eastgroup Properties currently has an average rating of “Hold” and a consensus target price of $95.09.
Shares of Eastgroup Properties stock opened at $98.97 on Friday. Eastgroup Properties Inc has a 12-month low of $77.74 and a 12-month high of $99.01. The firm has a market cap of $3.44 billion, a P/E ratio of 23.23, a P/E/G ratio of 4.40 and a beta of 0.84.
Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings results on Thursday, July 19th. The real estate investment trust reported $0.49 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.49. Eastgroup Properties had a return on equity of 10.26% and a net margin of 28.00%. The business had revenue of $74.90 million during the quarter, compared to the consensus estimate of $72.60 million. During the same quarter in the prior year, the company posted $1.05 earnings per share. Eastgroup Properties’s revenue was up 10.3% compared to the same quarter last year. analysts forecast that Eastgroup Properties Inc will post 4.61 EPS for the current fiscal year.
In other Eastgroup Properties news, Director David H. Hoster II sold 1,032 shares of the company’s stock in a transaction on Wednesday, May 30th. The stock was sold at an average price of $93.38, for a total value of $96,368.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Brent Wood sold 4,700 shares of the company’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $97.40, for a total value of $457,780.00. The disclosure for this sale can be found here. Insiders have sold 10,997 shares of company stock valued at $1,061,055 in the last quarter. 2.30% of the stock is currently owned by corporate insiders.
About Eastgroup Properties
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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