Daiwa Securities Group Inc. raised its stake in Eastgroup Properties Inc (NYSE:EGP) by 14.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,400 shares of the real estate investment trust’s stock after acquiring an additional 700 shares during the period. Daiwa Securities Group Inc.’s holdings in Eastgroup Properties were worth $516,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Arizona State Retirement System increased its stake in shares of Eastgroup Properties by 1.9% in the third quarter. Arizona State Retirement System now owns 51,843 shares of the real estate investment trust’s stock worth $4,957,000 after acquiring an additional 979 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Eastgroup Properties by 11.4% in the third quarter. Oppenheimer Asset Management Inc. now owns 21,626 shares of the real estate investment trust’s stock worth $2,068,000 after acquiring an additional 2,221 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Eastgroup Properties by 462.2% in the third quarter. First Trust Advisors LP now owns 30,106 shares of the real estate investment trust’s stock worth $2,879,000 after acquiring an additional 24,751 shares during the last quarter. Mitsubishi UFJ Asset Management UK Ltd. increased its stake in shares of Eastgroup Properties by 27.5% in the third quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 13,900 shares of the real estate investment trust’s stock worth $1,329,000 after acquiring an additional 3,000 shares during the last quarter. Finally, First Hawaiian Bank acquired a new position in shares of Eastgroup Properties in the third quarter worth $492,000. Institutional investors own 93.19% of the company’s stock.

Shares of NYSE:EGP opened at $98.55 on Wednesday. The firm has a market capitalization of $3.56 billion, a P/E ratio of 21.45, a price-to-earnings-growth ratio of 4.08 and a beta of 0.65. Eastgroup Properties Inc has a 1 year low of $77.74 and a 1 year high of $99.99.

Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings data on Thursday, October 18th. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.14. The firm had revenue of $75.30 million during the quarter, compared to analysts’ expectations of $74.65 million. Eastgroup Properties had a net margin of 29.80% and a return on equity of 10.69%. Eastgroup Properties’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.08 earnings per share. On average, analysts anticipate that Eastgroup Properties Inc will post 4.67 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were issued a $0.72 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This is a boost from Eastgroup Properties’s previous quarterly dividend of $0.64. This represents a $2.88 dividend on an annualized basis and a yield of 2.92%. Eastgroup Properties’s dividend payout ratio is currently 67.61%.

In other Eastgroup Properties news, Director H C. Bailey, Jr. sold 264 shares of the company’s stock in a transaction dated Wednesday, October 31st. The shares were sold at an average price of $97.01, for a total transaction of $25,610.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brent Wood sold 4,700 shares of the company’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $97.40, for a total transaction of $457,780.00. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

A number of equities analysts have recently weighed in on EGP shares. SunTrust Banks set a $92.00 price target on shares of Eastgroup Properties and gave the stock a “hold” rating in a research note on Tuesday, October 23rd. Zacks Investment Research raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a research note on Tuesday, October 23rd. Citigroup upped their price objective on shares of Eastgroup Properties from $90.00 to $94.00 and gave the stock a “neutral” rating in a report on Tuesday, October 30th. ValuEngine cut shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. Finally, Wells Fargo & Co upped their price objective on shares of Eastgroup Properties from $96.00 to $98.00 and gave the stock a “market perform” rating in a report on Monday, July 30th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $97.11.

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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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