EastGroup Properties, Inc. (EGP) Stake Lowered by Russell Investments Group Ltd.
Russell Investments Group Ltd. decreased its position in EastGroup Properties, Inc. (NYSE:EGP) by 6.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,301 shares of the real estate investment trust’s stock after selling 2,845 shares during the period. Russell Investments Group Ltd. owned about 0.13% of EastGroup Properties worth $3,629,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of EGP. Glen Harbor Capital Management LLC raised its position in EastGroup Properties by 5.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,760 shares of the real estate investment trust’s stock worth $129,000 after buying an additional 88 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in EastGroup Properties by 8.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,220 shares of the real estate investment trust’s stock worth $163,000 after buying an additional 168 shares during the last quarter. Elkfork Partners LLC raised its position in EastGroup Properties by 5.3% in the first quarter. Elkfork Partners LLC now owns 2,240 shares of the real estate investment trust’s stock worth $165,000 after buying an additional 112 shares during the last quarter. Daiwa Securities Group Inc. raised its position in EastGroup Properties by 31.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,500 shares of the real estate investment trust’s stock worth $184,000 after buying an additional 600 shares during the last quarter. Finally, Heritage Trust Co acquired a new position in EastGroup Properties during the first quarter worth $184,000. 97.98% of the stock is currently owned by institutional investors and hedge funds.
EastGroup Properties, Inc. (NYSE EGP) traded down 1.34% during mid-day trading on Monday, reaching $85.39. The company had a trading volume of 48,675 shares. The stock has a 50-day moving average of $84.88 and a 200 day moving average of $79.48. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of 35.79 and a beta of 0.98. EastGroup Properties, Inc. has a 12-month low of $63.99 and a 12-month high of $88.12.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.60. EastGroup Properties had a return on equity of 12.05% and a net margin of 30.20%. The business had revenue of $67.90 million during the quarter, compared to analyst estimates of $67.16 million. During the same quarter in the prior year, the business posted $0.99 EPS. EastGroup Properties’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, analysts expect that EastGroup Properties, Inc. will post $2.42 EPS for the current year.
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A number of research analysts recently weighed in on the company. KeyCorp reissued a “neutral” rating on shares of EastGroup Properties in a report on Friday. Zacks Investment Research lowered EastGroup Properties from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Bank of America Corporation raised EastGroup Properties from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $91.00 to $96.00 in a report on Wednesday, August 16th. Cantor Fitzgerald reissued a “hold” rating and set a $75.00 target price on shares of EastGroup Properties in a report on Tuesday, July 25th. Finally, BidaskClub lowered EastGroup Properties from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. EastGroup Properties currently has a consensus rating of “Hold” and an average price target of $80.78.
In other EastGroup Properties news, Director David H. Hoster II sold 1,259 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $84.00, for a total value of $105,756.00. Following the completion of the sale, the director now owns 186,130 shares in the company, valued at approximately $15,634,920. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.90% of the company’s stock.
EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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