Vident Investment Advisory LLC Boosts Stake in Eastgroup Properties Inc (NYSE:EGP)

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Vident Investment Advisory LLC lifted its stake in shares of Eastgroup Properties Inc (NYSE:EGP) by 24.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,011 shares of the real estate investment trust’s stock after purchasing an additional 1,361 shares during the quarter. Vident Investment Advisory LLC’s holdings in Eastgroup Properties were worth $670,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Federated Investors Inc. PA purchased a new position in Eastgroup Properties in the second quarter worth $115,000. Assetmark Inc. boosted its stake in shares of Eastgroup Properties by 312.7% during the first quarter. Assetmark Inc. now owns 1,465 shares of the real estate investment trust’s stock valued at $121,000 after acquiring an additional 1,110 shares during the last quarter. NumerixS Investment Technologies Inc acquired a new stake in shares of Eastgroup Properties during the second quarter valued at $133,000. Lido Advisors LLC acquired a new stake in shares of Eastgroup Properties during the second quarter valued at $203,000. Finally, Nissay Asset Management Corp Japan ADV acquired a new stake in shares of Eastgroup Properties during the second quarter valued at $207,000. Institutional investors and hedge funds own 93.97% of the company’s stock.

In other news, EVP Brent Wood sold 4,700 shares of Eastgroup Properties stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $97.40, for a total value of $457,780.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John F. Coleman sold 5,000 shares of Eastgroup Properties stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $96.27, for a total value of $481,350.00. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.

EGP has been the topic of a number of analyst reports. Zacks Investment Research raised Eastgroup Properties from a “hold” rating to a “buy” rating and set a $110.00 price objective on the stock in a research note on Tuesday, September 18th. ValuEngine raised Eastgroup Properties from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. Sandler O’Neill set a $105.00 price target on Eastgroup Properties and gave the stock a “buy” rating in a research note on Monday, July 23rd. Bank of America raised their price target on Eastgroup Properties from $100.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, July 16th. Finally, Mizuho reissued a “hold” rating and issued a $92.00 price target on shares of Eastgroup Properties in a research note on Monday, July 30th. Nine equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $95.09.

NYSE EGP traded down $0.59 during mid-day trading on Friday, reaching $90.04. 187,079 shares of the company’s stock traded hands, compared to its average volume of 210,402. Eastgroup Properties Inc has a 1-year low of $77.74 and a 1-year high of $99.39. The firm has a market cap of $3.42 billion, a PE ratio of 21.14, a price-to-earnings-growth ratio of 4.17 and a beta of 0.76.

Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings data on Thursday, July 19th. The real estate investment trust reported $0.49 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.49. Eastgroup Properties had a return on equity of 10.26% and a net margin of 28.00%. The firm had revenue of $74.90 million during the quarter, compared to analyst estimates of $72.60 million. During the same quarter last year, the firm earned $1.05 EPS. Eastgroup Properties’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, equities analysts anticipate that Eastgroup Properties Inc will post 4.62 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be given a $0.72 dividend. This is a positive change from Eastgroup Properties’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, September 27th. This represents a $2.88 annualized dividend and a dividend yield of 3.20%. Eastgroup Properties’s dividend payout ratio (DPR) is presently 67.61%.

Eastgroup Properties Profile

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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