Eii Capital Management Inc. lifted its stake in Eastgroup Properties Inc (NYSE:EGP) by 3.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,893 shares of the real estate investment trust’s stock after purchasing an additional 142 shares during the quarter. Eii Capital Management Inc.’s holdings in Eastgroup Properties were worth $567,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently bought and sold shares of the company. Quantamental Technologies LLC purchased a new position in Eastgroup Properties in the 1st quarter worth about $67,000. Private Capital Group LLC raised its position in Eastgroup Properties by 45.1% in the 1st quarter. Private Capital Group LLC now owns 721 shares of the real estate investment trust’s stock worth $81,000 after buying an additional 224 shares during the last quarter. Huntington National Bank raised its position in Eastgroup Properties by 84.1% in the 1st quarter. Huntington National Bank now owns 766 shares of the real estate investment trust’s stock worth $85,000 after buying an additional 350 shares during the last quarter. Quadrant Capital Group LLC raised its position in Eastgroup Properties by 267.7% in the 1st quarter. Quadrant Capital Group LLC now owns 1,059 shares of the real estate investment trust’s stock worth $116,000 after buying an additional 771 shares during the last quarter. Finally, FCA Corp TX purchased a new position in Eastgroup Properties in the 4th quarter worth about $110,000. 94.45% of the stock is owned by hedge funds and other institutional investors.
In other news, Director David H. Hoster II sold 942 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $110.83, for a total transaction of $104,401.86. Following the completion of the sale, the director now owns 174,588 shares of the company’s stock, valued at approximately $19,349,588.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.00% of the stock is owned by corporate insiders.
A number of equities analysts have weighed in on EGP shares. Zacks Investment Research raised Golub Capital BDC from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Tuesday, July 16th. Morgan Stanley lowered Meili from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $14.00 to $4.20 in a research report on Monday, June 3rd. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Eastgroup Properties currently has an average rating of “Hold” and a consensus price target of $103.28.
NYSE:EGP traded up $1.31 during mid-day trading on Tuesday, reaching $118.24. The company’s stock had a trading volume of 245,781 shares, compared to its average volume of 272,889. Eastgroup Properties Inc has a 12-month low of $87.69 and a 12-month high of $120.61. The stock has a market capitalization of $4.28 billion, a PE ratio of 25.32, a P/E/G ratio of 4.58 and a beta of 0.81. The company has a current ratio of 0.02, a quick ratio of 0.02 and a debt-to-equity ratio of 1.22. The firm’s fifty day simple moving average is $116.60.
Eastgroup Properties (NYSE:EGP) last released its quarterly earnings results on Monday, April 22nd. The real estate investment trust reported $1.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.02. Eastgroup Properties had a net margin of 26.82% and a return on equity of 9.19%. The firm had revenue of $78.79 million during the quarter, compared to analyst estimates of $78.83 million. During the same quarter in the prior year, the firm earned $1.16 EPS. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Eastgroup Properties Inc will post 4.89 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend was Thursday, June 27th. Eastgroup Properties’s payout ratio is currently 61.67%.
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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