Oppenheimer Asset Management Inc. reduced its holdings in shares of Eastgroup Properties Inc (NYSE:EGP) by 3.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,420 shares of the real estate investment trust’s stock after selling 175 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Eastgroup Properties were worth $678,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in EGP. Strategic Blueprint LLC purchased a new stake in Eastgroup Properties during the third quarter worth approximately $25,000. Point72 Hong Kong Ltd purchased a new stake in Eastgroup Properties during the second quarter worth approximately $37,000. Quest Capital Management Inc. ADV purchased a new stake in Eastgroup Properties during the third quarter worth approximately $49,000. Tower Research Capital LLC TRC grew its stake in Eastgroup Properties by 1,773.3% during the second quarter. Tower Research Capital LLC TRC now owns 562 shares of the real estate investment trust’s stock worth $65,000 after buying an additional 532 shares during the period. Finally, Steward Partners Investment Advisory LLC purchased a new stake in Eastgroup Properties during the second quarter worth approximately $81,000. Institutional investors own 88.77% of the company’s stock.
Several equities research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $134.00 price objective for the company in a research note on Monday, August 5th. SunTrust Banks boosted their target price on shares of Eastgroup Properties from $115.00 to $125.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Stifel Nicolaus set a $145.00 target price on shares of Eastgroup Properties and gave the stock a “buy” rating in a research report on Friday, October 25th. ValuEngine cut shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Morgan Stanley boosted their target price on shares of Eastgroup Properties from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $125.54.
Eastgroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.65). Eastgroup Properties had a return on equity of 9.16% and a net margin of 28.07%. The firm had revenue of $83.94 million for the quarter, compared to analyst estimates of $83.24 million. During the same period in the previous year, the firm posted $1.17 earnings per share. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. On average, equities analysts forecast that Eastgroup Properties Inc will post 4.95 earnings per share for the current fiscal year.
The company also recently announced a 0.72000 dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a dividend yield of 2.4%. Eastgroup Properties’s payout ratio is currently 64.24%.
In other news, Director David H. Hoster II sold 6,000 shares of the business’s 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 transaction, the director now directly owns 167,646 shares of the company’s stock, valued at $22,270,094.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Brent Wood sold 3,250 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $122.56, for a total transaction of $398,320.00. Following the completion of the sale, the insider now directly owns 93,248 shares in the company, valued at $11,428,474.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,740 shares of company stock worth $1,256,355. Corporate insiders own 2.00% 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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