Cerity Partners LLC Boosts Stake in EastGroup Properties, Inc. (NYSE:EGP)

Cerity Partners LLC lifted its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 35.6% during the third quarter, Holdings Channel reports. The fund owned 13,624 shares of the real estate investment trust’s stock after buying an additional 3,574 shares during the quarter. Cerity Partners LLC’s holdings in EastGroup Properties were worth $2,545,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the stock. Gradient Investments LLC acquired a new stake in shares of EastGroup Properties in the second quarter valued at about $32,000. V Square Quantitative Management LLC lifted its stake in shares of EastGroup Properties by 47.7% in the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 61 shares during the last quarter. Quest Partners LLC lifted its stake in EastGroup Properties by 10,400.0% during the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 208 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in EastGroup Properties by 30.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after acquiring an additional 80 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in EastGroup Properties in the 2nd quarter valued at approximately $66,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Trading Down 0.9 %

NYSE EGP opened at $172.21 on Monday. The company’s 50 day moving average price is $177.48 and its 200 day moving average price is $177.30. The firm has a market capitalization of $8.53 billion, a price-to-earnings ratio of 35.58, a PEG ratio of 2.24 and a beta of 1.00. EastGroup Properties, Inc. has a one year low of $155.23 and a one year high of $192.61. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. During the same period in the previous year, the company earned $1.95 earnings per share. The business’s quarterly revenue was up 11.2% on a year-over-year basis. On average, sell-side analysts predict that EastGroup Properties, Inc. will post 8.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on EGP shares. Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $175.00 to $200.00 in a report on Thursday, September 5th. StockNews.com cut shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $186.00 price target on shares of EastGroup Properties in a report on Wednesday, October 30th. Truist Financial dropped their price target on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Finally, Wedbush reissued an “outperform” rating and issued a $209.00 price target on shares of EastGroup Properties in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $191.21.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.