Fmr LLC Acquires 629,827 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Fmr LLC lifted its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 67.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,558,083 shares of the real estate investment trust’s stock after buying an additional 629,827 shares during the period. Fmr LLC owned about 3.15% of EastGroup Properties worth $291,081,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. V Square Quantitative Management LLC increased its holdings in EastGroup Properties by 47.7% during the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 61 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of EastGroup Properties by 30.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in EastGroup Properties by 7.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock valued at $252,000 after purchasing an additional 90 shares during the last quarter. Azzad Asset Management Inc. ADV grew its holdings in EastGroup Properties by 4.9% during the third quarter. Azzad Asset Management Inc. ADV now owns 2,085 shares of the real estate investment trust’s stock worth $389,000 after purchasing an additional 98 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in EastGroup Properties by 0.3% during the second quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock worth $5,328,000 after buying an additional 103 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $172.21 on Monday. The stock has a market capitalization of $8.53 billion, a PE ratio of 35.58, a P/E/G ratio of 2.24 and a beta of 1.00. EastGroup Properties, Inc. has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. The business has a fifty day moving average price of $177.48 and a two-hundred day moving average price of $177.30.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to the consensus estimate of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.95 EPS. As a group, equities analysts predict that EastGroup Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on EGP. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. Wells Fargo & Company reduced their price objective on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Wedbush reissued an “outperform” rating and issued a $209.00 price objective on shares of EastGroup Properties in a research report on Friday, October 25th. StockNews.com downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Finally, Barclays decreased their price target on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $191.21.

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.