Geode Capital Management LLC Purchases 6,130 Shares of Eastgroup Properties Inc (EGP)

Geode Capital Management LLC raised its position in Eastgroup Properties Inc (NYSE:EGP) by 1.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 334,109 shares of the real estate investment trust’s stock after buying an additional 6,130 shares during the period. Geode Capital Management LLC owned about 0.97% of Eastgroup Properties worth $29,528,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. BlackRock Inc. boosted its position in Eastgroup Properties by 3.0% in the 4th quarter. BlackRock Inc. now owns 5,393,662 shares of the real estate investment trust’s stock valued at $476,693,000 after buying an additional 154,784 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Eastgroup Properties by 10.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,715,422 shares of the real estate investment trust’s stock valued at $239,934,000 after buying an additional 265,123 shares during the last quarter. Uniplan Investment Counsel Inc. boosted its position in Eastgroup Properties by 2.1% in the 3rd quarter. Uniplan Investment Counsel Inc. now owns 564,657 shares of the real estate investment trust’s stock valued at $49,757,000 after buying an additional 11,566 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Eastgroup Properties by 3.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 497,119 shares of the real estate investment trust’s stock valued at $43,806,000 after buying an additional 17,999 shares during the last quarter. Finally, Earnest Partners LLC bought a new position in Eastgroup Properties in the 3rd quarter valued at $41,107,000. Hedge funds and other institutional investors own 96.08% of the company’s stock.

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A number of brokerages have commented on EGP. ValuEngine upgraded Eastgroup Properties from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Sandler O’Neill reiterated a “buy” rating and issued a $95.00 price objective on shares of Eastgroup Properties in a research report on Wednesday, February 7th. Mizuho reiterated a “hold” rating and issued a $90.00 price objective on shares of Eastgroup Properties in a research report on Sunday, February 4th. Zacks Investment Research lowered Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, January 31st. Finally, SunTrust Banks upgraded Eastgroup Properties from a “sell” rating to a “hold” rating in a research report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. Eastgroup Properties presently has an average rating of “Hold” and an average target price of $89.00.

In related news, Director Fredric H. Gould purchased 3,000 shares of Eastgroup Properties stock in a transaction dated Thursday, February 8th. The shares were acquired at an average cost of $80.05 per share, for a total transaction of $240,150.00. Following the transaction, the director now directly owns 13,688 shares of the company’s stock, valued at $1,095,724.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.90% of the stock is owned by company insiders.

EGP stock opened at $79.79 on Friday. Eastgroup Properties Inc has a 12-month low of $70.94 and a 12-month high of $95.03. The stock has a market capitalization of $2,832.61, a price-to-earnings ratio of 19.14, a PEG ratio of 4.20 and a beta of 0.95.

Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, January 31st. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. Eastgroup Properties had a return on equity of 11.58% and a net margin of 30.34%. The business had revenue of $71.36 million for the quarter, compared to analyst estimates of $69.66 million. During the same period last year, the company earned $1.08 EPS. The firm’s revenue was up 7.6% on a year-over-year basis. equities analysts forecast that Eastgroup Properties Inc will post 4.51 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Wednesday, March 21st will be given a $0.64 dividend. The ex-dividend date of this dividend is Tuesday, March 20th. This represents a $2.56 annualized dividend and a dividend yield of 3.21%. Eastgroup Properties’s dividend payout ratio is currently 105.35%.

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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.

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

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