Eagle Asset Management Inc. lifted its holdings in Eastgroup Properties Inc (NYSE:EGP) by 198.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 305,860 shares of the real estate investment trust’s stock after acquiring an additional 203,213 shares during the quarter. Eagle Asset Management Inc. owned 0.80% of Eastgroup Properties worth $38,238,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Eastgroup Properties by 0.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,979,616 shares of the real estate investment trust’s stock worth $345,576,000 after acquiring an additional 18,209 shares during the period. Nuveen Asset Management LLC acquired a new stake in Eastgroup Properties during the second quarter valued at $106,211,000. Silvercrest Asset Management Group LLC grew its position in Eastgroup Properties by 0.3% during the second quarter. Silvercrest Asset Management Group LLC now owns 795,368 shares of the real estate investment trust’s stock valued at $92,247,000 after buying an additional 2,678 shares during the period. Northern Trust Corp grew its position in Eastgroup Properties by 18.1% during the second quarter. Northern Trust Corp now owns 729,681 shares of the real estate investment trust’s stock valued at $84,628,000 after buying an additional 112,046 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Eastgroup Properties by 3.2% during the second quarter. Charles Schwab Investment Management Inc. now owns 553,644 shares of the real estate investment trust’s stock valued at $64,212,000 after buying an additional 17,083 shares during the period. Hedge funds and other institutional investors own 88.77% of the company’s stock.

In other news, Director H C. Bailey, Jr. sold 490 shares of Eastgroup Properties stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $124.48, for a total value of $60,995.20. Following the sale, the director now owns 3,803 shares in the company, valued at $473,397.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Brent Wood sold 3,250 shares of Eastgroup Properties stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $122.56, for a total transaction of $398,320.00. Following the completion of the sale, the insider now owns 93,248 shares in the company, valued at approximately $11,428,474.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,740 shares of company stock worth $1,256,355. Company insiders own 2.00% of the company’s stock.

Several analysts recently commented on the stock. Citigroup raised their price target on shares of Eastgroup Properties from $109.00 to $129.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. Stifel Nicolaus set a $145.00 price target on shares of Eastgroup Properties and gave the company a “buy” rating in a research report on Friday, October 25th. ValuEngine lowered shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. SunTrust Banks raised their price target on shares of Eastgroup Properties from $115.00 to $125.00 and gave the company a “hold” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley raised their price target on shares of Eastgroup Properties from $110.00 to $120.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $125.54.

Shares of NYSE EGP opened at $130.92 on Friday. The company’s 50-day simple moving average is $128.41 and its 200-day simple moving average is $120.51. Eastgroup Properties Inc has a 52-week low of $87.69 and a 52-week high of $135.45. The firm has a market cap of $5.02 billion, a price-to-earnings ratio of 28.03, a price-to-earnings-growth ratio of 6.05 and a beta of 0.76.

Eastgroup Properties (NYSE:EGP) last announced its earnings results on Wednesday, October 23rd. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.25 by ($0.65). Eastgroup Properties had a net margin of 28.07% and a return on equity of 9.16%. The company had revenue of $83.94 million during the quarter, compared to analyst estimates of $83.24 million. During the same quarter last year, the business earned $1.17 EPS. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. Equities analysts expect that Eastgroup Properties Inc will post 4.95 EPS for the current fiscal year.

The business also recently announced a 0.72000 dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.75 dividend. The ex-dividend date was Friday, September 27th. This represents a dividend yield of 2.4%. Eastgroup Properties’s dividend payout ratio (DPR) is 64.24%.

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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