Susquehanna Fundamental Investments LLC Lowers Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Susquehanna Fundamental Investments LLC trimmed its stake in EastGroup Properties, Inc. (NYSE:EGP) by 7.3% during the second quarter, Holdings Channel.com reports. The fund owned 28,703 shares of the real estate investment trust’s stock after selling 2,269 shares during the period. Susquehanna Fundamental Investments LLC’s holdings in EastGroup Properties were worth $4,882,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. raised its position in EastGroup Properties by 3.2% in the first quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock valued at $1,233,785,000 after purchasing an additional 210,207 shares during the period. Ceredex Value Advisors LLC acquired a new position in EastGroup Properties during the 2nd quarter worth about $35,131,000. Boston Partners boosted its holdings in EastGroup Properties by 26.1% during the 1st quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock valued at $171,399,000 after acquiring an additional 197,427 shares during the period. Zimmer Partners LP grew its position in EastGroup Properties by 465.6% in the 1st quarter. Zimmer Partners LP now owns 200,558 shares of the real estate investment trust’s stock valued at $36,054,000 after acquiring an additional 165,100 shares in the last quarter. Finally, Millennium Management LLC increased its stake in EastGroup Properties by 202.1% during the second quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock worth $32,036,000 after purchasing an additional 125,991 shares during the period. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Up 0.0 %

EastGroup Properties stock opened at $187.68 on Monday. The stock has a market capitalization of $9.04 billion, a price-to-earnings ratio of 40.71, a PEG ratio of 2.83 and a beta of 0.99. 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 stock has a 50 day moving average of $185.78 and a two-hundred day moving average of $175.00. EastGroup Properties, Inc. has a twelve month low of $154.75 and a twelve month high of $192.61.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The firm had revenue of $159.09 million during the quarter, compared to analysts’ expectations of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The business’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter last year, the business earned $1.89 earnings per share. As a group, research analysts expect that EastGroup Properties, Inc. will post 8.32 earnings per share 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 paid 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 positive change from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Monday, September 30th. EastGroup Properties’s payout ratio is 121.48%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. BNP Paribas assumed coverage on shares of EastGroup Properties in a report on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 price objective for the company. KeyCorp upped their price objective on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Evercore ISI upgraded shares of EastGroup Properties from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $192.00 to $204.00 in a research note on Monday, September 16th. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Finally, Morgan Stanley increased their price objective on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, EastGroup Properties has an average rating of “Moderate Buy” and a consensus price target of $192.00.

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.