Pacer Advisors Inc. Raises Position in Eastgroup Properties Inc (NYSE:EGP)

Pacer Advisors Inc. increased its holdings in Eastgroup Properties Inc (NYSE:EGP) by 33.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,206 shares of the real estate investment trust’s stock after purchasing an additional 5,789 shares during the quarter. Pacer Advisors Inc. owned 0.06% of Eastgroup Properties worth $2,752,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Royal Bank of Canada raised its position in Eastgroup Properties by 1.4% in the 1st quarter. Royal Bank of Canada now owns 87,291 shares of the real estate investment trust’s stock worth $9,120,000 after purchasing an additional 1,188 shares during the period. Wells Fargo & Company MN increased its position in shares of Eastgroup Properties by 0.6% in the first quarter. Wells Fargo & Company MN now owns 203,671 shares of the real estate investment trust’s stock valued at $21,279,000 after acquiring an additional 1,310 shares during the period. Louisiana State Employees Retirement System increased its position in shares of Eastgroup Properties by 4.3% in the second quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the real estate investment trust’s stock valued at $1,151,000 after acquiring an additional 400 shares during the period. US Bancorp DE increased its position in shares of Eastgroup Properties by 8.9% in the first quarter. US Bancorp DE now owns 10,196 shares of the real estate investment trust’s stock valued at $1,065,000 after acquiring an additional 835 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of Eastgroup Properties by 1.5% in the first quarter. Alliancebernstein L.P. now owns 120,644 shares of the real estate investment trust’s stock valued at $12,605,000 after acquiring an additional 1,810 shares during the period. Institutional investors own 92.32% of the company’s stock.

In related news, Director H C. Bailey, Jr. sold 500 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $117.08, for a total transaction of $58,540.00. Following the sale, the director now owns 4,332 shares of the company’s stock, valued at $507,190.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.00% of the company’s stock.

Shares of EGP opened at $132.66 on Friday. The firm’s 50-day moving average price is $120.03 and its 200-day moving average price is $118.56. The firm has a market capitalization of $5.22 billion, a price-to-earnings ratio of 43.07, a PEG ratio of 6.22 and a beta of 0.82. Eastgroup Properties Inc has a 1-year low of $83.40 and a 1-year high of $142.69.

Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $0.60 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.67). Eastgroup Properties had a return on equity of 10.07% and a net margin of 34.10%. The business had revenue of $89.72 million for the quarter, compared to the consensus estimate of $88.63 million. During the same period in the previous year, the firm earned $1.22 EPS. The company’s revenue was up 9.3% on a year-over-year basis. As a group, sell-side analysts expect that Eastgroup Properties Inc will post 5.28 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Monday, June 29th. Eastgroup Properties’s payout ratio is currently 60.24%.

EGP has been the topic of a number of analyst reports. Zacks Investment Research cut shares of Eastgroup Properties from a “hold” rating to a “sell” rating in a research report on Wednesday, July 15th. Royal Bank of Canada boosted their price objective on shares of Eastgroup Properties from $102.00 to $108.00 and gave the company a “sector perform” rating in a research report on Friday, May 8th. Piper Sandler decreased their price objective on shares of Eastgroup Properties from $150.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 14th. Finally, Citigroup cut their target price on shares of Eastgroup Properties from $133.00 to $98.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $125.25.

About Eastgroup Properties

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.

See Also: Options Trading

Want to see what other hedge funds are holding EGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastgroup Properties Inc (NYSE:EGP).

Institutional Ownership by Quarter for Eastgroup Properties (NYSE:EGP)

Receive News & Ratings for Eastgroup Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastgroup Properties and related companies with MarketBeat.com's FREE daily email newsletter.