Bessemer Group Inc. reduced its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 30.5% during the second quarter, Holdings Channel reports. The institutional investor owned 12,300 shares of the real estate investment trust’s stock after selling 5,400 shares during the period. Bessemer Group Inc.’s holdings in EastGroup Properties were worth $1,031,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new stake in shares of EastGroup Properties during the fourth quarter worth approximately $222,000. Teachers Advisors LLC boosted its stake in shares of EastGroup Properties by 2.2% in the fourth quarter. Teachers Advisors LLC now owns 57,247 shares of the real estate investment trust’s stock worth $4,227,000 after buying an additional 1,257 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of EastGroup Properties by 3.0% in the first quarter. Louisiana State Employees Retirement System now owns 13,600 shares of the real estate investment trust’s stock worth $1,000,000 after buying an additional 400 shares in the last quarter. Foster & Motley Inc. boosted its stake in shares of EastGroup Properties by 6.1% in the first quarter. Foster & Motley Inc. now owns 41,463 shares of the real estate investment trust’s stock worth $3,049,000 after buying an additional 2,384 shares in the last quarter. Finally, Fisher Asset Management LLC purchased a new stake in shares of EastGroup Properties during the first quarter worth approximately $662,000. Hedge funds and other institutional investors own 95.05% of the company’s stock.

EastGroup Properties, Inc. (EGP) opened at 86.20 on Tuesday. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of 36.13 and a beta of 0.98. The company’s 50-day moving average is $84.27 and its 200-day moving average is $78.59. EastGroup Properties, Inc. has a 52-week low of $63.99 and a 52-week high of $88.12.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.60. The company had revenue of $67.90 million for the quarter, compared to the consensus estimate of $67.16 million. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.05%. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.99 EPS. On average, analysts expect that EastGroup Properties, Inc. will post $2.42 earnings per share for the current fiscal year.

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EGP has been the subject of a number of recent analyst reports. Evercore ISI reiterated an “underperform” rating and issued a $73.00 price target (up previously from $69.00) on shares of EastGroup Properties in a research note on Sunday, April 23rd. Stifel Nicolaus increased their price target on shares of EastGroup Properties from $73.00 to $78.00 and gave the company a “hold” rating in a research note on Monday, April 24th. Mizuho increased their price target on shares of EastGroup Properties from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Monday, April 24th. BidaskClub cut shares of EastGroup Properties from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 21st. Finally, Zacks Investment Research upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 price target for the company in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $78.88.

In other EastGroup Properties news, insider John F. Coleman sold 5,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.56, for a total transaction of $402,800.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director H C. Bailey, Jr. sold 850 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $81.31, for a total transaction of $69,113.50. Following the sale, the director now directly owns 3,082 shares in the company, valued at $250,597.42. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,109 shares of company stock worth $577,670. Insiders own 2.90% of the company’s stock.

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

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