EastGroup Properties, Inc. (EGP) Shares Sold by Citadel Advisors LLC
Citadel Advisors LLC lowered its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 96.8% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 5,094 shares of the real estate investment trust’s stock after selling 154,412 shares during the quarter. Citadel Advisors LLC’s holdings in EastGroup Properties were worth $449,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in EastGroup Properties by 1.4% in 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 period. BlackRock Inc. boosted its holdings in EastGroup Properties by 2.6% in 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 period. JPMorgan Chase & Co. boosted its holdings 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 worth $239,934,000 after acquiring an additional 265,123 shares during the period. State Street Corp boosted its stake in shares of EastGroup Properties by 3.8% during the 2nd quarter. State Street Corp now owns 1,299,564 shares of the real estate investment trust’s stock valued at $108,905,000 after buying an additional 47,824 shares during the last quarter. Finally, Uniplan Investment Counsel Inc. boosted its stake 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 valued at $46,349,000 after buying an additional 233,802 shares during the last quarter. Institutional investors and hedge funds own 96.26% of the company’s stock.
In related news, Director Hayden C. Eaves III sold 3,532 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $92.14, for a total transaction of $325,438.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bruce Corkern sold 3,586 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $91.75, for a total value of $329,015.50. The disclosure for this sale can be found here. Insiders have sold 22,668 shares of company stock worth $2,105,037 over the last three months. Corporate insiders own 2.90% of the company’s stock.
Several research firms have recently commented on EGP. Bank of America upgraded EastGroup Properties from a “neutral” rating to a “buy” rating and increased their target price for the company from $91.00 to $96.00 in a research note 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 upped their price target for the company 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 lowered EastGroup Properties from a “buy” rating to a “neutral” rating in a research report on Monday, October 23rd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. EastGroup Properties presently has an average rating of “Hold” and a consensus target price of $87.83.
EastGroup Properties, Inc. (NYSE EGP) opened at $90.75 on Wednesday. The company has a market capitalization of $3,121.97, a price-to-earnings ratio of 21.59, a PEG ratio of 4.98 and a beta of 0.98. EastGroup Properties, Inc. has a fifty-two week low of $67.69 and a fifty-two week high of $95.03.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Thursday, October 19th. The real estate investment trust reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.61. The company had revenue of $68.75 million for the quarter, compared to analyst estimates of $68.74 million. EastGroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company earned $1.04 earnings per share. research analysts anticipate that EastGroup Properties, Inc. will post 4.23 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Thursday, December 14th. EastGroup Properties’s dividend payout ratio (DPR) is 107.56%.
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About EastGroup Properties
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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