Amalgamated Bank Decreases Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Amalgamated Bank lowered its stake in EastGroup Properties, Inc. (NYSE:EGP) by 4.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 23,119 shares of the real estate investment trust’s stock after selling 1,131 shares during the period. Amalgamated Bank’s holdings in EastGroup Properties were worth $4,319,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of EastGroup Properties by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock worth $1,233,785,000 after buying an additional 210,207 shares during the last quarter. Ceredex Value Advisors LLC bought a new stake in shares of EastGroup Properties during the 2nd quarter valued at about $35,131,000. Boston Partners increased its position in shares of EastGroup Properties by 26.1% during the 1st quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock valued at $171,399,000 after purchasing an additional 197,427 shares during the last quarter. Zimmer Partners LP increased its position in shares of EastGroup Properties by 465.6% during the 1st quarter. Zimmer Partners LP now owns 200,558 shares of the real estate investment trust’s stock valued at $36,054,000 after purchasing an additional 165,100 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of EastGroup Properties by 202.1% in the 2nd quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock worth $32,036,000 after purchasing an additional 125,991 shares during the period. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock opened at $175.94 on Friday. The firm has a market cap of $8.71 billion, a PE ratio of 36.35, a PEG ratio of 2.61 and a beta of 1.00. The stock has a 50 day moving average of $181.74 and a 200 day moving average of $175.87. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties, Inc. has a 12 month low of $155.23 and a 12 month high of $192.61.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The business had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the business posted $1.95 earnings per share. On average, research analysts expect that EastGroup Properties, Inc. will post 8.35 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.18%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Monday, September 30th. EastGroup Properties’s dividend payout ratio is currently 115.70%.

Analyst Ratings Changes

EGP has been the subject of a number of research reports. KeyCorp upped their target price on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Barclays decreased their target price on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a report on Thursday, October 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $186.00 price target on shares of EastGroup Properties in a report on Wednesday, October 30th. Wells Fargo & Company decreased their price objective on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Finally, Evercore ISI boosted their price objective on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $191.50.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.