Millennium Management LLC lessened its position in shares of Eastgroup Properties Inc (NYSE:EGP) by 95.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 65,339 shares of the real estate investment trust’s stock after selling 1,501,420 shares during the period. Millennium Management LLC owned approximately 0.17% of Eastgroup Properties worth $8,168,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently bought and sold shares of the company. First Trust Advisors LP increased its holdings in shares of Eastgroup Properties by 296.1% in the 1st quarter. First Trust Advisors LP now owns 27,179 shares of the real estate investment trust’s stock worth $3,034,000 after buying an additional 20,317 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of Eastgroup Properties in the 2nd quarter worth $81,000. State Treasurer State of Michigan bought a new position in shares of Eastgroup Properties in the 2nd quarter worth $1,264,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Eastgroup Properties by 81.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 43,054 shares of the real estate investment trust’s stock worth $4,993,000 after buying an additional 19,346 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its holdings in shares of Eastgroup Properties by 101.7% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 52,300 shares of the real estate investment trust’s stock worth $6,066,000 after buying an additional 26,375 shares during the last quarter. 90.80% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently commented on EGP. ValuEngine lowered shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Stifel Nicolaus set a $145.00 price target on shares of Eastgroup Properties and gave the stock a “buy” rating in a report on Friday, October 25th. Morgan Stanley increased their price target on shares of Eastgroup Properties from $120.00 to $130.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 10th. Finally, Citigroup upped their price objective on shares of Eastgroup Properties from $109.00 to $129.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Eastgroup Properties presently has an average rating of “Hold” and a consensus price target of $130.60.
Shares of Eastgroup Properties stock traded up $0.64 during trading on Tuesday, reaching $132.67. The company’s stock had a trading volume of 148,518 shares, compared to its average volume of 250,403. Eastgroup Properties Inc has a 52-week low of $87.94 and a 52-week high of $138.15. The company has a market cap of $5.11 billion, a price-to-earnings ratio of 28.41, a PEG ratio of 6.01 and a beta of 0.76. The firm’s 50-day moving average is $133.39 and its two-hundred day moving average is $125.86.
Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.25 by ($0.65). Eastgroup Properties had a net margin of 28.07% and a return on equity of 9.16%. The business had revenue of $83.94 million during the quarter, compared to analysts’ expectations of $83.24 million. During the same period last year, the company posted $1.17 EPS. Eastgroup Properties’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, analysts predict that Eastgroup Properties Inc will post 4.96 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, December 27th. This represents a $3.00 annualized dividend and a yield of 2.26%. This is a boost from Eastgroup Properties’s previous quarterly dividend of $0.72. Eastgroup Properties’s dividend payout ratio is presently 64.24%.
In other Eastgroup Properties news, Director David H. Hoster II sold 6,000 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $132.84, for a total transaction of $797,040.00. Following the completion of the sale, the director now owns 167,646 shares of the company’s stock, valued at approximately $22,270,094.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.00% of the company’s stock.
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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