Peddock Capital Advisors LLC Takes Position in Eastgroup Properties Inc (NYSE:EGP)

Peddock Capital Advisors LLC purchased a new stake in shares of Eastgroup Properties Inc (NYSE:EGP) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 1,091 shares of the real estate investment trust’s stock, valued at approximately $145,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Retirement Systems of Alabama increased its stake in shares of Eastgroup Properties by 2.1% in the 3rd quarter. Retirement Systems of Alabama now owns 48,823 shares of the real estate investment trust’s stock worth $6,104,000 after purchasing an additional 1,019 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Eastgroup Properties by 3.4% during the third quarter. California State Teachers Retirement System now owns 57,836 shares of the real estate investment trust’s stock worth $7,231,000 after acquiring an additional 1,920 shares during the period. Carillon Tower Advisers Inc. purchased a new position in shares of Eastgroup Properties during the third quarter worth approximately $19,430,000. Mason Street Advisors LLC increased its position in shares of Eastgroup Properties by 0.5% during the third quarter. Mason Street Advisors LLC now owns 19,697 shares of the real estate investment trust’s stock worth $2,463,000 after acquiring an additional 107 shares during the period. Finally, Campbell & CO Investment Adviser LLC increased its position in shares of Eastgroup Properties by 165.9% during the third quarter. Campbell & CO Investment Adviser LLC now owns 5,026 shares of the real estate investment trust’s stock worth $628,000 after acquiring an additional 3,136 shares during the period. 89.61% of the stock is currently owned by hedge funds and other institutional investors.

EGP traded down $0.65 during trading on Friday, hitting $136.90. The company had a trading volume of 39,591 shares, compared to its average volume of 138,926. The company has a market cap of $5.29 billion, a PE ratio of 55.65, a P/E/G ratio of 5.83 and a beta of 0.74. The business has a 50-day moving average of $133.13 and a 200-day moving average of $127.81. Eastgroup Properties Inc has a 1-year low of $97.68 and a 1-year high of $138.15.

Eastgroup Properties (NYSE:EGP) last released its earnings results on Wednesday, October 23rd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.65). Eastgroup Properties had a net margin of 28.07% and a return on equity of 9.16%. The business had revenue of $83.94 million for the quarter, compared to the consensus estimate of $83.24 million. During the same quarter in the previous year, the firm earned $1.17 EPS. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. Sell-side analysts predict that Eastgroup Properties Inc will post 4.96 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were given a $0.75 dividend. This is a boost from Eastgroup Properties’s previous quarterly dividend of $0.72. This represents a $3.00 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Friday, December 27th. Eastgroup Properties’s dividend payout ratio (DPR) is 64.24%.

In related news, Director David H. Hoster II sold 6,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $132.84, for a total value of $797,040.00. Following the completion of the transaction, the director now directly owns 167,646 shares of the company’s stock, valued at $22,270,094.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.00% of the stock is owned by company insiders.

A number of research analysts have weighed in on the stock. Stifel Nicolaus set a $145.00 price objective on shares of Eastgroup Properties and gave the company a “buy” rating in a report on Friday, October 25th. Zacks Investment Research lowered shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Wednesday. Morgan Stanley increased their target price on shares of Eastgroup Properties from $120.00 to $130.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 10th. Finally, ValuEngine lowered shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $134.00.

Eastgroup Properties Company 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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