EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lowered its stake in EastGroup Properties, Inc. (NYSE:EGP) by 4.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 57,730 shares of the real estate investment trust’s stock after selling 2,400 shares during the quarter. New York State Teachers Retirement System’s holdings in EastGroup Properties were worth $10,785,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Gradient Investments LLC purchased a new stake in EastGroup Properties in the 2nd quarter valued at about $32,000. V Square Quantitative Management LLC increased its stake 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 purchasing an additional 61 shares during the period. Quest Partners LLC increased its stake in EastGroup Properties by 10,400.0% during the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 208 shares during the period. EverSource Wealth Advisors LLC increased its stake in EastGroup Properties by 30.2% during the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 80 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in EastGroup Properties during the second quarter worth about $66,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Price Performance

EGP stock opened at $171.20 on Monday. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties, Inc. has a 52-week low of $155.23 and a 52-week high of $192.61. The stock’s 50 day moving average is $182.93 and its two-hundred day moving average is $175.52. The company has a market capitalization of $8.48 billion, a PE ratio of 35.37, a P/E/G ratio of 2.55 and a beta of 1.00.

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 (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The business had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $161.52 million. During the same quarter in the prior year, the firm earned $1.95 earnings per share. EastGroup Properties’s revenue for the quarter was up 11.2% compared to the same quarter last year. Analysts predict that EastGroup Properties, Inc. will post 8.34 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $1.40 per share. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a dividend yield of 3.27%. The ex-dividend date was Monday, September 30th. EastGroup Properties’s dividend payout ratio is currently 115.70%.

Analysts Set New Price Targets

EGP has been the topic of a number of recent research reports. Morgan Stanley upped their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. KeyCorp upped their price target on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Barclays cut their price objective on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Finally, StockNews.com cut EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $192.57.

EastGroup Properties Profile

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.