Fmr LLC Acquires 629,827 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Fmr LLC raised its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 67.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,558,083 shares of the real estate investment trust’s stock after acquiring an additional 629,827 shares during the period. Fmr LLC’s holdings in EastGroup Properties were worth $291,081,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of EGP. V Square Quantitative Management LLC grew its holdings in shares of EastGroup Properties by 47.7% during 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. EverSource Wealth Advisors LLC grew its stake in shares of EastGroup Properties by 30.2% during the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after buying an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of EastGroup Properties by 7.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock worth $252,000 after buying an additional 90 shares in the last quarter. Azzad Asset Management Inc. ADV lifted its stake in shares of EastGroup Properties by 4.9% in the 3rd quarter. Azzad Asset Management Inc. ADV now owns 2,085 shares of the real estate investment trust’s stock valued at $389,000 after acquiring an additional 98 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of EastGroup Properties by 0.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock valued at $5,328,000 after acquiring an additional 103 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on EGP. Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their target price for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. Wedbush reiterated an “outperform” rating and issued a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. Wells Fargo & Company reduced their target price on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Truist Financial cut their price target on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Finally, Barclays decreased their price objective on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties has an average rating of “Hold” and an average price target of $191.21.

EastGroup Properties Trading Down 0.9 %

NYSE EGP opened at $172.21 on Monday. The stock has a market capitalization of $8.53 billion, a P/E ratio of 35.58, a P/E/G ratio of 2.24 and a beta of 1.00. The business has a 50 day simple moving average of $177.48 and a 200 day simple moving average of $177.30. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. EastGroup Properties, Inc. has a one year low of $155.23 and a one year high of $192.61.

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

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.