Cubist Systematic Strategies LLC Buys New Holdings in EastGroup Properties, Inc. (EGP)

Cubist Systematic Strategies LLC bought a new position in shares of EastGroup Properties, Inc. (NYSE:EGP) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 2,580 shares of the real estate investment trust’s stock, valued at approximately $216,000.

Several other hedge funds have also bought and sold shares of EGP. Uniplan Investment Counsel Inc. increased its holdings in shares of EastGroup Properties by 42.9% during the 2nd quarter. Uniplan Investment Counsel Inc. now owns 779,163 shares of the real estate investment trust’s stock worth $46,349,000 after acquiring an additional 233,802 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of EastGroup Properties by 25.9% during the 2nd quarter. Principal Financial Group Inc. now owns 669,443 shares of the real estate investment trust’s stock worth $56,099,000 after acquiring an additional 137,591 shares during the last quarter. Citadel Advisors LLC increased its holdings in shares of EastGroup Properties by 357.2% during the 2nd quarter. Citadel Advisors LLC now owns 159,506 shares of the real estate investment trust’s stock worth $13,367,000 after acquiring an additional 124,621 shares during the last quarter. BlackRock Inc. increased its holdings in shares of EastGroup Properties by 2.6% during the 2nd quarter. BlackRock Inc. now owns 4,961,740 shares of the real estate investment trust’s stock worth $415,793,000 after acquiring an additional 124,476 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of EastGroup Properties by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 5,481,319 shares of the real estate investment trust’s stock worth $459,334,000 after acquiring an additional 73,355 shares during the last quarter. 95.99% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties (NYSE:EGP) last released its earnings results on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.61. EastGroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The business had revenue of $68.75 million during the quarter, compared to the consensus estimate of $68.74 million. During the same period last year, the business posted $1.04 earnings per share. The business’s revenue for the quarter was up 8.8% on a year-over-year basis.

A number of research firms recently weighed in on EGP. Bank of America Corporation raised EastGroup Properties from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $91.00 to $96.00 in a report on Wednesday, August 16th. KeyCorp reissued a “neutral” rating on shares of EastGroup Properties in a report on Friday, August 25th. Zacks Investment Research lowered EastGroup Properties from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Cantor Fitzgerald reissued a “hold” rating and set a $75.00 target price on shares of EastGroup Properties in a report on Tuesday, July 25th. Finally, Citigroup Inc. boosted their target price on EastGroup Properties from $84.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the stock. EastGroup Properties currently has an average rating of “Hold” and an average price target of $87.25.

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EastGroup Properties 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.

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

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