Geode Capital Management LLC Increases Stake in Eastgroup Properties Inc (EGP)
Geode Capital Management LLC grew its position in Eastgroup Properties Inc (NYSE:EGP) by 11.4% in the fourth quarter, Holdings Channel reports. The fund owned 480,444 shares of the real estate investment trust’s stock after acquiring an additional 49,158 shares during the quarter. Geode Capital Management LLC’s holdings in Eastgroup Properties were worth $44,071,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. We Are One Seven LLC bought a new position in shares of Eastgroup Properties in the 4th quarter valued at $48,000. Rehmann Capital Advisory Group lifted its stake in shares of Eastgroup Properties by 23.5% in the 4th quarter. Rehmann Capital Advisory Group now owns 766 shares of the real estate investment trust’s stock valued at $70,000 after acquiring an additional 146 shares during the last quarter. Exane Derivatives lifted its stake in shares of Eastgroup Properties by 16,841.7% in the 4th quarter. Exane Derivatives now owns 2,033 shares of the real estate investment trust’s stock valued at $186,000 after acquiring an additional 2,021 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Eastgroup Properties by 20.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,444 shares of the real estate investment trust’s stock valued at $224,000 after acquiring an additional 414 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of Eastgroup Properties in the 4th quarter valued at $247,000. Institutional investors own 95.69% of the company’s stock.
A number of brokerages have recently commented on EGP. SunTrust Banks increased their price target on Eastgroup Properties from $92.00 to $98.00 and gave the company a “hold” rating in a research note on Tuesday, February 19th. Zacks Investment Research lowered Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Friday, January 11th. Morgan Stanley raised their target price on Eastgroup Properties from $90.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Monday, December 17th. Finally, Jefferies Financial Group started coverage on Eastgroup Properties in a research report on Sunday, December 9th. They set a “hold” rating and a $100.23 target price for the company. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $98.92.
Eastgroup Properties (NYSE:EGP) last announced its earnings results on Wednesday, February 6th. The real estate investment trust reported $1.18 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.18. The business had revenue of $77.97 million during the quarter, compared to analyst estimates of $76.80 million. Eastgroup Properties had a return on equity of 10.32% and a net margin of 29.46%. Eastgroup Properties’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period last year, the company earned $1.14 EPS. On average, equities research analysts anticipate that Eastgroup Properties Inc will post 4.84 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 29th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 2.62%. The ex-dividend date is Thursday, March 28th. Eastgroup Properties’s dividend payout ratio is currently 61.67%.
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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