Schwab Charles Investment Management Inc. Acquires 28,303 Shares of Eastgroup Properties Inc (EGP)

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Schwab Charles Investment Management Inc. raised its holdings in shares of Eastgroup Properties Inc (NYSE:EGP) by 6.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 454,818 shares of the real estate investment trust’s stock after purchasing an additional 28,303 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in Eastgroup Properties were worth $43,463,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Nissay Asset Management Corp Japan ADV purchased a new stake in Eastgroup Properties during the second quarter valued at about $207,000. SG Americas Securities LLC lifted its holdings in Eastgroup Properties by 961.1% during the second quarter. SG Americas Securities LLC now owns 60,496 shares of the real estate investment trust’s stock valued at $5,781,000 after purchasing an additional 54,795 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Eastgroup Properties by 1.7% during the second quarter. Bank of New York Mellon Corp now owns 501,377 shares of the real estate investment trust’s stock valued at $47,912,000 after purchasing an additional 8,445 shares during the last quarter. Rhumbline Advisers lifted its holdings in Eastgroup Properties by 1.1% during the second quarter. Rhumbline Advisers now owns 101,084 shares of the real estate investment trust’s stock valued at $9,660,000 after purchasing an additional 1,139 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Eastgroup Properties by 176.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,690 shares of the real estate investment trust’s stock valued at $830,000 after purchasing an additional 5,546 shares during the last quarter. Institutional investors and hedge funds own 94.03% of the company’s stock.

Shares of EGP opened at $97.54 on Thursday. Eastgroup Properties Inc has a twelve month low of $77.74 and a twelve month high of $99.39. The stock has a market cap of $3.46 billion, a PE ratio of 21.48, a P/E/G ratio of 4.43 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 for the quarter, meeting 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 firm had revenue of $74.90 million for the quarter, compared to analysts’ expectations of $72.60 million. During the same period in the prior year, the business posted $1.05 earnings per share. The company’s revenue was up 10.3% on a year-over-year basis. sell-side analysts predict that Eastgroup Properties Inc will post 4.61 EPS for the current year.

Several equities research analysts have commented on the stock. Zacks Investment Research downgraded shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Wednesday, July 11th. ValuEngine downgraded shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Thursday, June 7th. Wells Fargo & Co upped their price objective on shares of Eastgroup Properties from $96.00 to $98.00 and gave the company a “market perform” rating in a report on Monday, July 30th. Bank of America upped their price objective on shares of Eastgroup Properties from $100.00 to $103.00 and gave the company a “buy” rating in a report on Monday, July 16th. Finally, Sandler O’Neill set a $105.00 price objective on shares of Eastgroup Properties and gave the company a “buy” rating in a report on Monday, July 23rd. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $95.09.

In related news, Director H C. Bailey, Jr. sold 265 shares of the company’s stock in a transaction that occurred on Tuesday, July 3rd. The shares were sold at an average price of $96.44, for a total value of $25,556.60. Following the transaction, the director now directly owns 3,759 shares in the company, valued at $362,517.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Brent Wood sold 4,700 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $97.40, for a total transaction of $457,780.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,965 shares of company stock worth $964,687. Company insiders own 2.90% of the company’s stock.

Eastgroup Properties Company 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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Institutional Ownership by Quarter for Eastgroup Properties (NYSE:EGP)

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