US Bancorp DE Sells 363 Shares of EastGroup Properties, Inc. (EGP)
US Bancorp DE cut its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 3.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,305 shares of the real estate investment trust’s stock after selling 363 shares during the period. US Bancorp DE’s holdings in EastGroup Properties were worth $947,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Glen Harbor Capital Management LLC increased its stake in EastGroup Properties by 5.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,760 shares of the real estate investment trust’s stock worth $129,000 after buying an additional 88 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in EastGroup Properties by 8.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,220 shares of the real estate investment trust’s stock worth $163,000 after buying an additional 168 shares during the last quarter. Elkfork Partners LLC increased its stake in EastGroup Properties by 5.3% in the first quarter. Elkfork Partners LLC now owns 2,240 shares of the real estate investment trust’s stock worth $165,000 after buying an additional 112 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in EastGroup Properties by 31.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,500 shares of the real estate investment trust’s stock worth $184,000 after buying an additional 600 shares during the last quarter. Finally, Heritage Trust Co acquired a new stake in EastGroup Properties during the first quarter worth approximately $184,000. Institutional investors own 94.75% of the company’s stock.
Shares of EastGroup Properties, Inc. (EGP) traded up 0.21% during trading on Thursday, reaching $84.34. 106,649 shares of the company’s stock traded hands. EastGroup Properties, Inc. has a 1-year low of $63.99 and a 1-year high of $88.12. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 35.35 and a beta of 0.98. The stock has a 50-day moving average of $84.24 and a 200-day moving average of $78.35.
EastGroup Properties (NYSE:EGP) last released its quarterly earnings data 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. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.05%. The business had revenue of $67.90 million for the quarter, compared to analysts’ expectations of $67.16 million. During the same quarter last year, the company earned $0.99 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, equities analysts predict that EastGroup Properties, Inc. will post $2.42 EPS for the current fiscal year.
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A number of analysts have commented on the stock. Evercore ISI reiterated an “underperform” rating and issued a $73.00 price objective (up previously from $69.00) on shares of EastGroup Properties in a report on Sunday, April 23rd. Morgan Stanley raised shares of EastGroup Properties from an “underweight” rating to an “equal weight” rating and set a $76.00 price target for the company in a research note on Wednesday, April 12th. Zacks Investment Research cut shares of EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Cantor Fitzgerald reissued a “hold” rating and issued a $75.00 price target on shares of EastGroup Properties in a research note on Tuesday, July 25th. Finally, 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. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $78.88.
In related news, Director David H. Hoster II sold 1,259 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $84.00, for a total value of $105,756.00. Following the sale, the director now owns 186,130 shares of the company’s stock, valued at approximately $15,634,920. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John F. Coleman sold 5,000 shares of the stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $80.56, for a total transaction of $402,800.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,109 shares of company stock worth $577,670. Corporate insiders own 2.90% of the company’s stock.
EastGroup Properties Company 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.
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