Vanguard Group Inc. Buys 73,355 Shares of EastGroup Properties, Inc. (EGP)
Vanguard Group Inc. increased its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 1.4% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 5,481,319 shares of the real estate investment trust’s stock after acquiring an additional 73,355 shares during the period. Vanguard Group Inc. owned approximately 16.05% of EastGroup Properties worth $459,334,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Los Angeles Capital Management & Equity Research Inc. acquired a new position in EastGroup Properties during the 1st quarter worth approximately $206,000. JPMorgan Chase & Co. lifted its position in EastGroup Properties by 2.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,450,299 shares of the real estate investment trust’s stock worth $205,335,000 after acquiring an additional 66,858 shares in the last quarter. Foster & Motley Inc. lifted its position in EastGroup Properties by 3.6% during the 2nd quarter. Foster & Motley Inc. now owns 42,960 shares of the real estate investment trust’s stock worth $3,600,000 after acquiring an additional 1,497 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in EastGroup Properties by 11.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 352,151 shares of the real estate investment trust’s stock worth $29,511,000 after acquiring an additional 36,154 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in EastGroup Properties by 25.9% during the 2nd quarter. Principal Financial Group Inc. now owns 669,443 shares of the real estate investment trust’s stock worth $56,099,000 after acquiring an additional 137,591 shares in the last quarter. 96.42% of the stock is currently owned by hedge funds and other institutional investors.
Shares of EastGroup Properties, Inc. (EGP) opened at 88.63 on Thursday. The firm’s 50-day moving average price is $88.41 and its 200 day moving average price is $82.80. The stock has a market capitalization of $3.03 billion, a P/E ratio of 37.15 and a beta of 0.98. EastGroup Properties, Inc. has a 12-month low of $63.99 and a 12-month high of $91.51.
EastGroup Properties (NYSE:EGP) last announced its earnings results on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share for the quarter, beating the 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 firm had revenue of $67.90 million during the quarter, compared to the consensus estimate of $67.16 million. During the same quarter in the prior year, the company earned $0.99 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. Analysts predict that EastGroup Properties, Inc. will post $2.42 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were paid a dividend of $0.64 per share. This is an increase from EastGroup Properties’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $2.56 annualized dividend and a yield of 2.89%. EastGroup Properties’s dividend payout ratio is presently 108.02%.
Several equities analysts recently commented on the company. Bank of America Corporation raised EastGroup Properties from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $91.00 to $96.00 in a research report on Wednesday, August 16th. KeyCorp reissued a “neutral” rating on shares of EastGroup Properties in a research report on Friday, August 25th. BidaskClub lowered EastGroup Properties from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 21st. Zacks Investment Research lowered EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Finally, Cantor Fitzgerald reissued a “hold” rating and set a $75.00 price target on shares of EastGroup Properties in a research report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $83.90.
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EastGroup Properties 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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