Eastgroup Properties Inc (NYSE:EGP) Position Decreased by SG Americas Securities LLC

SG Americas Securities LLC decreased its holdings in shares of Eastgroup Properties Inc (NYSE:EGP) by 86.1% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 7,578 shares of the real estate investment trust’s stock after selling 47,029 shares during the period. SG Americas Securities LLC’s holdings in Eastgroup Properties were worth $899,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Schnieders Capital Management LLC boosted its position in shares of Eastgroup Properties by 1.6% during the 1st quarter. Schnieders Capital Management LLC now owns 6,532 shares of the real estate investment trust’s stock valued at $683,000 after purchasing an additional 100 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of Eastgroup Properties by 1.9% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 5,478 shares of the real estate investment trust’s stock valued at $572,000 after purchasing an additional 104 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Eastgroup Properties by 6.2% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 2,398 shares of the real estate investment trust’s stock valued at $250,000 after purchasing an additional 140 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Eastgroup Properties by 1.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 14,181 shares of the real estate investment trust’s stock valued at $1,482,000 after purchasing an additional 141 shares in the last quarter. Finally, Redpoint Investment Management Pty Ltd lifted its stake in Eastgroup Properties by 9.3% during the first quarter. Redpoint Investment Management Pty Ltd now owns 2,082 shares of the real estate investment trust’s stock valued at $218,000 after buying an additional 177 shares in the last quarter. Institutional investors own 92.32% of the company’s stock.

A number of analysts have commented on the stock. Royal Bank of Canada upped their price objective on shares of Eastgroup Properties from $102.00 to $108.00 and gave the company a “sector perform” rating in a research note on Friday, May 8th. Piper Sandler reduced their price objective on shares of Eastgroup Properties from $150.00 to $130.00 and set an “overweight” rating for the company in a research note on Tuesday, April 14th. Citigroup reduced their price objective on shares of Eastgroup Properties from $133.00 to $98.00 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Finally, Zacks Investment Research lowered shares of Eastgroup Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, July 15th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $125.25.

NYSE EGP opened at $132.66 on Friday. The company has a 50 day simple moving average of $120.03 and a 200-day simple moving average of $118.56. The firm has a market capitalization of $5.22 billion, a price-to-earnings ratio of 43.07, a price-to-earnings-growth ratio of 6.25 and a beta of 0.82. Eastgroup Properties Inc has a 52-week low of $83.40 and a 52-week high of $142.69.

Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.67). The company had revenue of $89.72 million during the quarter, compared to analysts’ expectations of $88.63 million. Eastgroup Properties had a return on equity of 10.07% and a net margin of 34.10%. Eastgroup Properties’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period last year, the company earned $1.22 earnings per share. As a group, equities research analysts predict that Eastgroup Properties Inc will post 5.19 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Monday, June 29th. Eastgroup Properties’s dividend payout ratio (DPR) is 60.24%.

In related news, Director H C. Bailey, Jr. sold 500 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $117.08, for a total transaction of $58,540.00. Following the transaction, the director now owns 4,332 shares of the company’s stock, valued at $507,190.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.00% of the stock is 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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Institutional Ownership by Quarter for Eastgroup Properties (NYSE:EGP)

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