Renaissance Technologies LLC Has $4.56 Million Stake in EastGroup Properties, Inc. (NYSE:EGP)

Renaissance Technologies LLC reduced its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 56.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,800 shares of the real estate investment trust’s stock after selling 34,200 shares during the quarter. Renaissance Technologies LLC’s holdings in EastGroup Properties were worth $4,559,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co lifted its holdings in EastGroup Properties by 5.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 95,952 shares of the real estate investment trust’s stock valued at $17,242,000 after purchasing an additional 5,342 shares during the last quarter. Pinebridge Investments L.P. bought a new position in shares of EastGroup Properties in the fourth quarter valued at approximately $2,289,000. Tidal Investments LLC boosted its holdings in shares of EastGroup Properties by 30.4% in the 1st quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust’s stock worth $3,293,000 after acquiring an additional 4,271 shares in the last quarter. Atria Investments Inc grew its position in EastGroup Properties by 48.9% during the 1st quarter. Atria Investments Inc now owns 11,389 shares of the real estate investment trust’s stock worth $2,047,000 after acquiring an additional 3,740 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its position in EastGroup Properties by 30.1% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 280,759 shares of the real estate investment trust’s stock worth $47,757,000 after acquiring an additional 64,984 shares during the last quarter. 92.14% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Morgan Stanley boosted their price objective on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. Barclays upped their price target on shares of EastGroup Properties from $175.00 to $198.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. BNP Paribas initiated coverage on shares of EastGroup Properties in a research report on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 price objective for the company. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Finally, Wedbush increased their price target on shares of EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.00.

EastGroup Properties Trading Up 0.0 %

NYSE EGP opened at $187.70 on Friday. EastGroup Properties, Inc. has a 12 month low of $154.75 and a 12 month high of $192.61. The stock has a 50-day simple moving average of $185.78 and a 200 day simple moving average of $175.08. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $9.04 billion, a PE ratio of 40.72, a P/E/G ratio of 2.83 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The company had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. During the same period last year, the company earned $1.89 earnings per share. The business’s revenue was up 13.7% compared to the same quarter last year. Research analysts forecast that EastGroup Properties, Inc. will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.98%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Monday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is currently 121.48%.

EastGroup Properties Company Profile

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.