EastGroup Properties, Inc. (EGP) Stake Decreased by AQR Capital Management LLC

AQR Capital Management LLC reduced its stake in EastGroup Properties, Inc. (NYSE:EGP) by 30.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,225 shares of the real estate investment trust’s stock after selling 10,850 shares during the period. AQR Capital Management LLC owned about 0.07% of EastGroup Properties worth $1,781,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of EGP. BKD Wealth Advisors LLC increased its stake in EastGroup Properties by 0.4% in the first quarter. BKD Wealth Advisors LLC now owns 3,654 shares of the real estate investment trust’s stock valued at $269,000 after buying an additional 15 shares in the last quarter. Glen Harbor Capital Management LLC increased its stake in EastGroup Properties by 5.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,760 shares of the real estate investment trust’s stock valued at $129,000 after buying an additional 88 shares in the last quarter. Elkfork Partners LLC boosted its position in EastGroup Properties by 5.3% in the first quarter. Elkfork Partners LLC now owns 2,240 shares of the real estate investment trust’s stock valued at $165,000 after buying an additional 112 shares during the last quarter. Meadow Creek Investment Management LLC boosted its position in EastGroup Properties by 5.3% in the first quarter. Meadow Creek Investment Management LLC now owns 2,720 shares of the real estate investment trust’s stock valued at $200,000 after buying an additional 136 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in EastGroup Properties by 8.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,220 shares of the real estate investment trust’s stock valued at $163,000 after buying an additional 168 shares during the last quarter. 95.05% of the stock is owned by institutional investors.

EastGroup Properties, Inc. (NYSE:EGP) opened at 85.24 on Friday. The company has a 50 day moving average of $84.44 and a 200 day moving average of $78.91. The company has a market capitalization of $2.91 billion, a PE ratio of 35.73 and a beta of 0.98. EastGroup Properties, Inc. has a 1-year low of $63.99 and a 1-year high of $88.12.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.60. EastGroup Properties had a return on equity of 12.05% and a net margin of 30.20%. The business had revenue of $67.90 million during the quarter, compared to analyst estimates of $67.16 million. During the same quarter in the previous year, the company posted $0.99 earnings per share. EastGroup Properties’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, analysts predict that EastGroup Properties, Inc. will post $2.42 earnings per share for the current fiscal year.

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EGP has been the subject of a number of recent research reports. Bank of America Corporation upgraded shares of EastGroup Properties from a “neutral” rating to a “buy” rating and increased their price objective for the company from $91.00 to $96.00 in a research note on Wednesday. Stifel Nicolaus reiterated a “hold” rating and set a $85.00 target price on shares of EastGroup Properties in a research report on Friday, July 28th. Zacks Investment Research cut shares of EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Cantor Fitzgerald reissued a “hold” rating and set a $75.00 price objective on shares of EastGroup Properties in a report on Tuesday, July 25th. Finally, Mizuho raised their target price on shares of EastGroup Properties from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Monday, April 24th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $80.78.

In other news, insider John F. Coleman sold 5,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $80.56, for a total value of $402,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David H. Hoster II sold 1,259 shares of the company’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $84.00, for a total value of $105,756.00. Following the completion of the transaction, the director now directly owns 186,130 shares of the company’s stock, valued at approximately $15,634,920. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,109 shares of company stock valued at $577,670. Corporate insiders own 2.90% of the company’s stock.

EastGroup Properties Company Profile

EastGroup Properties, Inc is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.

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

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