EastGroup Properties, Inc. (NYSE:EGP) Stake Raised by Fmr LLC

FMR LLC raised its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 1.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 188,828 shares of the real estate investment trust’s stock after buying an additional 3,328 shares during the period. FMR LLC owned approximately 0.56% of EastGroup Properties worth $13,885,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Norges Bank bought a new stake in shares of EastGroup Properties during the fourth quarter worth about $24,983,000. JPMorgan Chase & Co. boosted its stake in shares of EastGroup Properties by 3.0% in the first quarter. JPMorgan Chase & Co. now owns 2,383,441 shares of the real estate investment trust’s stock worth $175,254,000 after buying an additional 69,964 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of EastGroup Properties by 8.1% in the first quarter. Principal Financial Group Inc. now owns 531,852 shares of the real estate investment trust’s stock worth $39,107,000 after buying an additional 39,707 shares during the last quarter. Macquarie Group Ltd. raised its position in shares of EastGroup Properties by 7.6% in the fourth quarter. Macquarie Group Ltd. now owns 348,535 shares of the real estate investment trust’s stock worth $25,736,000 after buying an additional 24,514 shares during the period. Finally, Wells Fargo & Company MN raised its position in shares of EastGroup Properties by 9.2% in the first quarter. Wells Fargo & Company MN now owns 223,032 shares of the real estate investment trust’s stock worth $16,400,000 after buying an additional 18,844 shares during the period. Institutional investors own 95.05% of the company’s stock.

Shares of EastGroup Properties, Inc. (NYSE:EGP) traded up 0.79% on Wednesday, hitting $86.25. The stock had a trading volume of 355,579 shares. The company has a 50-day moving average of $84.29 and a 200 day moving average of $78.70. EastGroup Properties, Inc. has a 52 week low of $63.99 and a 52 week high of $88.12. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 36.15 and a beta of 0.98.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.05 EPS for the quarter, beating the consensus estimate of $0.45 by $0.60. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.05%. The business 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 firm earned $0.99 EPS. The business’s revenue was up 9.7% on a year-over-year basis. On average, equities research analysts predict that EastGroup Properties, Inc. will post $2.42 EPS for the current year.

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A number of research analysts have recently commented on EGP shares. Evercore ISI reiterated an “underperform” rating and set a $73.00 price target (up from $69.00) on shares of EastGroup Properties in a report on Sunday, April 23rd. Stifel Nicolaus restated a “hold” rating and issued a $85.00 target price on shares of EastGroup Properties in a research note on Friday, July 28th. Zacks Investment Research upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 price objective for the company in a research note on Tuesday, July 11th. BidaskClub cut EastGroup Properties from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 21st. Finally, Cantor Fitzgerald reiterated a “hold” rating and issued a $75.00 price target on shares of EastGroup Properties in a report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $80.78.

In other EastGroup Properties news, insider John F. Coleman sold 5,000 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.56, for a total transaction of $402,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director H C. Bailey, Jr. sold 850 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $81.31, for a total transaction of $69,113.50. Following the transaction, the director now directly owns 3,082 shares of the company’s stock, valued at approximately $250,597.42. The disclosure for this sale can be found here. Insiders have sold a total of 7,109 shares of company stock valued at $577,670 in the last three months. 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.