Karpas Strategies LLC Has $1.14 Million Stake in Eastgroup Properties Inc (EGP)

Karpas Strategies LLC decreased its holdings in shares of Eastgroup Properties Inc (NYSE:EGP) by 2.6% during the first quarter, Holdings Channel reports. The institutional investor owned 10,200 shares of the real estate investment trust’s stock after selling 275 shares during the period. Karpas Strategies LLC’s holdings in Eastgroup Properties were worth $1,139,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its stake in shares of Eastgroup Properties by 16.9% during the first quarter. Nisa Investment Advisors LLC now owns 11,890 shares of the real estate investment trust’s stock valued at $1,327,000 after buying an additional 1,720 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Eastgroup Properties during the first quarter valued at approximately $211,000. Triangle Securities Wealth Management bought a new position in shares of Eastgroup Properties during the first quarter valued at approximately $1,954,000. State of Alaska Department of Revenue grew its stake in shares of Eastgroup Properties by 1.4% during the first quarter. State of Alaska Department of Revenue now owns 23,843 shares of the real estate investment trust’s stock valued at $2,660,000 after buying an additional 318 shares during the last quarter. Finally, Huntington National Bank grew its stake in shares of Eastgroup Properties by 84.1% during the first quarter. Huntington National Bank now owns 766 shares of the real estate investment trust’s stock valued at $85,000 after buying an additional 350 shares during the last quarter. 95.67% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:EGP traded up $1.51 during midday trading on Thursday, hitting $110.69. The stock had a trading volume of 166,600 shares, compared to its average volume of 190,713. Eastgroup Properties Inc has a one year low of $83.84 and a one year high of $114.32. The stock has a market cap of $4.04 billion, a P/E ratio of 23.70, a price-to-earnings-growth ratio of 4.73 and a beta of 0.84.

Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, February 6th. The real estate investment trust reported $1.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.18. Eastgroup Properties had a return on equity of 10.32% and a net margin of 29.46%. The company had revenue of $77.97 million for the quarter, compared to analysts’ expectations of $76.80 million. During the same quarter in the prior year, the firm earned $1.14 earnings per share. Eastgroup Properties’s revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Eastgroup Properties Inc will post 4.85 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a $0.72 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.88 annualized dividend and a yield of 2.60%. Eastgroup Properties’s dividend payout ratio (DPR) is currently 61.67%.

A number of research analysts have recently commented on the company. Zacks Investment Research raised Eastgroup Properties from a “hold” rating to a “buy” rating and set a $125.00 target price on the stock in a research note on Tuesday, April 9th. SunTrust Banks increased their price objective on Eastgroup Properties from $92.00 to $98.00 and gave the stock a “hold” rating in a research note on Tuesday, February 19th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Eastgroup Properties has an average rating of “Hold” and a consensus target price of $101.52.

In related news, insider John F. Coleman sold 10,000 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $111.09, for a total value of $1,110,900.00. Following the transaction, the insider now owns 99,657 shares of the company’s stock, valued at $11,070,896.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.

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

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