EastGroup Properties, Inc. $EGP Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 6.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 53,869 shares of the real estate investment trust’s stock after selling 3,438 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.10% of EastGroup Properties worth $10,636,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. bought a new position in EastGroup Properties in the third quarter valued at about $296,000. MGO One Seven LLC raised its holdings in EastGroup Properties by 9.1% during the 3rd quarter. MGO One Seven LLC now owns 1,225 shares of the real estate investment trust’s stock worth $242,000 after purchasing an additional 102 shares during the last quarter. United Asset Strategies Inc. bought a new stake in EastGroup Properties during the 3rd quarter worth about $212,000. Choreo LLC raised its holdings in EastGroup Properties by 11.5% during the 3rd quarter. Choreo LLC now owns 2,587 shares of the real estate investment trust’s stock worth $511,000 after purchasing an additional 266 shares during the last quarter. Finally, Interchange Capital Partners LLC lifted its position in EastGroup Properties by 8.7% during the 3rd quarter. Interchange Capital Partners LLC now owns 1,776 shares of the real estate investment trust’s stock valued at $351,000 after purchasing an additional 142 shares during the period. Institutional investors and hedge funds own 92.14% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on EGP shares. Barclays raised their target price on shares of EastGroup Properties from $210.00 to $228.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Cantor Fitzgerald dropped their price target on shares of EastGroup Properties from $235.00 to $220.00 and set an “overweight” rating for the company in a research note on Monday, October 26th. Truist Financial dropped their price target on shares of EastGroup Properties from $230.00 to $215.00 and set a “buy” rating for the company in a research note on Friday, October 30th. Robert W. Baird set a $221.00 price objective on shares of EastGroup Properties in a report on Friday, July 31st. Finally, Citigroup raised their price objective on shares of EastGroup Properties from $235.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties presently has a consensus rating of “Moderate Buy” and an average price target of $219.94.

EastGroup Properties Stock Performance

NYSE:EGP traded up $0.01 during trading hours on Friday, hitting $193.87. The stock had a trading volume of 547,014 shares, compared to its average volume of 563,197. EastGroup Properties, Inc. has a one year low of $174.57 and a one year high of $226.71. The company has a market cap of $10.43 billion, a price-to-earnings ratio of 32.86, a P/E/G ratio of 4.02 and a beta of 0.94. The business’s 50 day moving average is $198.45 and its 200-day moving average is $198.34.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.97). EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. The firm had revenue of $199.44 million for the quarter, compared to the consensus estimate of $197.51 million. During the same period in the prior year, the business earned $2.27 earnings per share. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, sell-side analysts anticipate that EastGroup Properties, Inc. will post 9.64 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a dividend of $1.75 per share. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.55. This represents a $7.00 annualized dividend and a yield of 3.6%. The ex-dividend date was Wednesday, September 30th. EastGroup Properties’s dividend payout ratio is presently 118.64%.

Insider Transactions at EastGroup Properties

In other EastGroup Properties news, CFO Staci Tyler sold 1,600 shares of the business’s stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $201.69, for a total value of $322,704.00. Following the completion of the transaction, the chief financial officer directly owned 13,584 shares of the company’s stock, valued at approximately $2,739,756.96. The trade was a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.

EastGroup Properties Profile

EastGroup Properties, Inc (NYSE: EGP) is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.

Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.