ProShare Advisors LLC Sells 5,080 Shares of EastGroup Properties, Inc. $EGP

ProShare Advisors LLC cut its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 3.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 127,135 shares of the real estate investment trust’s stock after selling 5,080 shares during the period. ProShare Advisors LLC’s holdings in EastGroup Properties were worth $25,103,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Squarepoint Ops LLC boosted its position in shares of EastGroup Properties by 415.1% during the second quarter. Squarepoint Ops LLC now owns 30,301 shares of the real estate investment trust’s stock valued at $6,137,000 after buying an additional 24,419 shares during the last quarter. California State Teachers Retirement System increased its holdings in EastGroup Properties by 22.7% in the 1st quarter. California State Teachers Retirement System now owns 62,095 shares of the real estate investment trust’s stock worth $11,493,000 after buying an additional 11,504 shares in the last quarter. B. Metzler seel. Sohn & Co. AG purchased a new position in EastGroup Properties in the 2nd quarter worth about $3,753,000. Bank of America Corp DE purchased a new position in EastGroup Properties in the 2nd quarter worth about $94,505,000. Finally, SummitTX Capital L.P. raised its position in EastGroup Properties by 28.3% in the 1st quarter. SummitTX Capital L.P. now owns 21,577 shares of the real estate investment trust’s stock worth $3,994,000 after buying an additional 4,758 shares during the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on EGP shares. Citigroup lifted their price target on shares of EastGroup Properties from $235.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. JPMorgan Chase & Co. lowered their price objective on shares of EastGroup Properties from $231.00 to $220.00 and set an “overweight” rating on the stock in a research report on Thursday, October 29th. Weiss Ratings downgraded shares of EastGroup Properties from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 9th. Barclays boosted their target price on shares of EastGroup Properties from $210.00 to $228.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Finally, Cantor Fitzgerald lowered their price target on EastGroup Properties from $235.00 to $220.00 and set an “overweight” rating on the stock in a report on Monday, October 26th. Twelve research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $219.94.

EastGroup Properties Trading Up 0.9%

Shares of EGP stock opened at $200.66 on Tuesday. EastGroup Properties, Inc. has a 12 month low of $172.17 and a 12 month high of $226.71. The stock has a market cap of $10.79 billion, a P/E ratio of 34.01, a P/E/G ratio of 3.90 and a beta of 1.00. The company has a 50 day simple moving average of $198.78 and a two-hundred day simple moving average of $198.13.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.97). The business had revenue of $199.44 million for the quarter, compared to analysts’ expectations of $197.51 million. EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. The company’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.27 EPS. As a group, equities analysts forecast that EastGroup Properties, Inc. will post 9.64 earnings per share for the current year.

EastGroup Properties Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a yield of 3.5%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.55. The ex-dividend date was Wednesday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is presently 118.64%.

Insider Transactions at EastGroup Properties

In other EastGroup Properties news, CFO Staci Tyler sold 1,600 shares of the business’s stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $201.69, for a total transaction of $322,704.00. Following the completion of the sale, the chief financial officer owned 13,584 shares of the company’s stock, valued at approximately $2,739,756.96. The trade was a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

EastGroup Properties Profile

EastGroup Properties, Inc (NYSE: EGP) is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.

Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.