EastGroup Properties, Inc. (EGP) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 1.1% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 509,471 shares of the real estate investment trust’s stock after selling 5,476 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.48% of EastGroup Properties worth $44,895,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in EGP. Renaissance Technologies LLC grew its position in shares of EastGroup Properties by 160.0% during the 1st quarter. Renaissance Technologies LLC now owns 7,800 shares of the real estate investment trust’s stock worth $574,000 after buying an additional 4,800 shares in the last quarter. Aperio Group LLC grew its position in shares of EastGroup Properties by 2.5% during the 2nd quarter. Aperio Group LLC now owns 7,934 shares of the real estate investment trust’s stock worth $665,000 after buying an additional 195 shares in the last quarter. Municipal Employees Retirement System of Michigan grew its position in shares of EastGroup Properties by 7.7% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 8,010 shares of the real estate investment trust’s stock worth $671,000 after buying an additional 570 shares in the last quarter. Great West Life Assurance Co. Can grew its position in shares of EastGroup Properties by 4.2% during the 2nd quarter. Great West Life Assurance Co. Can now owns 64,867 shares of the real estate investment trust’s stock worth $5,434,000 after buying an additional 2,618 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its position in shares of EastGroup Properties by 20.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,000 shares of the real estate investment trust’s stock worth $251,000 after buying an additional 500 shares in the last quarter. 96.27% of the stock is currently owned by institutional investors.

Shares of EastGroup Properties, Inc. (NYSE:EGP) opened at $90.92 on Wednesday. EastGroup Properties, Inc. has a 12-month low of $67.69 and a 12-month high of $95.03. The firm has a market capitalization of $3,181.87, a PE ratio of 22.01, a P/E/G ratio of 5.08 and a beta of 0.98.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.61. EastGroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The company had revenue of $68.75 million for the quarter, compared to the consensus estimate of $68.74 million. During the same quarter last year, the company earned $1.04 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. equities analysts predict that EastGroup Properties, Inc. will post 4.23 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date is Thursday, December 14th. EastGroup Properties’s payout ratio is currently 107.56%.

In other EastGroup Properties news, Director Hayden C. Eaves III sold 3,532 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $92.14, for a total value of $325,438.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David H. Hoster II sold 12,250 shares of the stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $94.10, for a total value of $1,152,725.00. Following the completion of the sale, the director now owns 173,880 shares of the company’s stock, valued at $16,362,108. The disclosure for this sale can be found here. Company insiders own 2.90% of the company’s stock.

A number of equities analysts have recently issued reports on the company. Bank of America raised EastGroup Properties from a “neutral” rating to a “buy” rating and increased their price target for the stock from $91.00 to $96.00 in a research report on Wednesday, August 16th. KeyCorp reissued a “neutral” rating on shares of EastGroup Properties in a research report on Friday, August 25th. Sandler O’Neill raised EastGroup Properties from a “hold” rating to a “buy” rating and increased their price target for the stock from $90.00 to $104.00 in a research report on Tuesday, September 5th. Cantor Fitzgerald reissued a “hold” rating and set a $79.00 price target on shares of EastGroup Properties in a research report on Friday, October 20th. Finally, Mizuho downgraded EastGroup Properties from a “buy” rating to a “neutral” rating in a research report on Monday, October 23rd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $87.83.

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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.

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

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