Sowell Financial Services LLC Buys New Holdings in EastGroup Properties, Inc. (EGP)
Sowell Financial Services LLC acquired a new position in shares of EastGroup Properties, Inc. (NYSE:EGP) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,924 shares of the real estate investment trust’s stock, valued at approximately $447,000.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in EastGroup Properties by 1.4% during the second quarter. Vanguard Group Inc. now owns 5,481,319 shares of the real estate investment trust’s stock worth $459,334,000 after buying an additional 73,355 shares in the last quarter. BlackRock Inc. raised its position in EastGroup Properties by 2.6% during the second quarter. BlackRock Inc. now owns 4,961,740 shares of the real estate investment trust’s stock worth $415,793,000 after acquiring an additional 124,476 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of EastGroup Properties by 2.8% in the second quarter. JPMorgan Chase & Co. now owns 2,450,299 shares of the real estate investment trust’s stock valued at $205,335,000 after buying an additional 66,858 shares during the last quarter. State Street Corp raised its position in shares of EastGroup Properties by 3.8% in the second quarter. State Street Corp now owns 1,299,564 shares of the real estate investment trust’s stock valued at $108,905,000 after buying an additional 47,824 shares during the last quarter. Finally, Uniplan Investment Counsel Inc. raised its position in shares of EastGroup Properties by 42.9% in the second quarter. Uniplan Investment Counsel Inc. now owns 779,163 shares of the real estate investment trust’s stock valued at $46,349,000 after buying an additional 233,802 shares during the last quarter. 96.02% of the stock is currently owned by hedge funds and other institutional investors.
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A number of equities analysts have recently weighed in on EGP shares. ValuEngine raised shares of EastGroup Properties from a “hold” rating to a “buy” rating in a research report on Monday, September 11th. Sandler O’Neill raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and boosted their price objective for the company from $90.00 to $104.00 in a research report on Tuesday, September 5th. Zacks Investment Research raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $99.00 price objective for the company in a research report on Monday, October 2nd. Bank of America Corporation raised shares of EastGroup Properties from a “neutral” rating to a “buy” rating and upped their price target for the stock from $91.00 to $96.00 in a research report on Wednesday, August 16th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $85.00 price objective on shares of EastGroup Properties in a research note on Friday, July 28th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $87.83.
EastGroup Properties, Inc. (NYSE:EGP) traded up $2.10 during midday trading on Friday, reaching $93.27. 140,400 shares of the company’s stock were exchanged, compared to its average volume of 199,236. EastGroup Properties, Inc. has a 12-month low of $65.62 and a 12-month high of $93.61. The company has a market cap of $3,138.50, a P/E ratio of 21.71, a price-to-earnings-growth ratio of 5.01 and a beta of 0.98.
EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.61. EastGroup Properties had a net margin of 30.03% and a return on equity of 11.70%. The firm had revenue of $68.75 million for the quarter, compared to the consensus estimate of $68.74 million. During the same period in the prior year, the firm posted $1.04 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. sell-side analysts expect that EastGroup Properties, Inc. will post 4.23 EPS for the current fiscal year.
In other EastGroup Properties news, Director Hayden C. Eaves III sold 3,532 shares of the stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $92.14, for a total transaction of $325,438.48. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.90% of the company’s stock.
About EastGroup Properties
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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