Dupont Capital Management Corp grew its stake in Eastgroup Properties Inc (NYSE:EGP) by 89.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,418 shares of the real estate investment trust’s stock after acquiring an additional 1,618 shares during the quarter. Dupont Capital Management Corp’s holdings in Eastgroup Properties were worth $427,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Nuveen Asset Management LLC bought a new stake in Eastgroup Properties during the 2nd quarter worth approximately $106,211,000. Citadel Advisors LLC boosted its position in Eastgroup Properties by 508.3% during the 2nd quarter. Citadel Advisors LLC now owns 134,120 shares of the real estate investment trust’s stock worth $15,556,000 after acquiring an additional 112,071 shares during the last quarter. Northern Trust Corp boosted its position in Eastgroup Properties by 18.1% during the 2nd quarter. Northern Trust Corp now owns 729,681 shares of the real estate investment trust’s stock worth $84,628,000 after acquiring an additional 112,046 shares during the last quarter. Balyasny Asset Management LLC boosted its position in Eastgroup Properties by 854.6% during the 2nd quarter. Balyasny Asset Management LLC now owns 115,666 shares of the real estate investment trust’s stock worth $13,415,000 after acquiring an additional 103,549 shares during the last quarter. Finally, Eagle Asset Management Inc. acquired a new position in Eastgroup Properties during the 2nd quarter worth approximately $11,904,000. 90.86% of the stock is owned by institutional investors.
In related news, Director David H. Hoster II sold 6,000 shares of the 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 sale, the director now owns 167,646 shares in the company, valued at approximately $22,270,094.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is currently owned by corporate insiders.
Shares of NYSE EGP traded down $1.43 during trading hours on Friday, hitting $136.19. The company had a trading volume of 133,462 shares, compared to its average volume of 215,111. The stock has a market capitalization of $5.23 billion, a P/E ratio of 29.16, a price-to-earnings-growth ratio of 6.20 and a beta of 0.76. Eastgroup Properties Inc has a 1-year low of $87.69 and a 1-year high of $137.68. The firm’s 50 day moving average is $131.31 and its 200-day moving average is $122.59.
Eastgroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $0.60 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.65). The company had revenue of $83.94 million during the quarter, compared to analyst estimates of $83.24 million. Eastgroup Properties had a net margin of 28.07% and a return on equity of 9.16%. The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.17 EPS. Equities research analysts expect that Eastgroup Properties Inc will post 4.96 EPS for the current year.
A number of research firms have weighed in on EGP. Morgan Stanley upped their price target on Eastgroup Properties from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. SunTrust Banks upped their price target on Eastgroup Properties from $115.00 to $125.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Zacks Investment Research raised Eastgroup Properties from a “hold” rating to a “buy” rating and set a $134.00 price target for the company in a research report on Monday, August 5th. ValuEngine downgraded Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Citigroup increased their price objective on Eastgroup Properties from $109.00 to $129.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $125.54.
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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