Sumitomo Mitsui Trust Group Inc. Has $9.89 Million Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 0.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 52,926 shares of the real estate investment trust’s stock after selling 261 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.11% of EastGroup Properties worth $9,888,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. WCM Investment Management LLC boosted its holdings in EastGroup Properties by 16.1% during the third quarter. WCM Investment Management LLC now owns 97,262 shares of the real estate investment trust’s stock valued at $18,254,000 after purchasing an additional 13,486 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in shares of EastGroup Properties by 182.5% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 34,829 shares of the real estate investment trust’s stock worth $6,507,000 after acquiring an additional 22,500 shares in the last quarter. Crossmark Global Holdings Inc. boosted its holdings in shares of EastGroup Properties by 50.3% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 4,892 shares of the real estate investment trust’s stock worth $914,000 after acquiring an additional 1,638 shares in the last quarter. Atria Investments Inc boosted its holdings in shares of EastGroup Properties by 6.1% in the 3rd quarter. Atria Investments Inc now owns 13,351 shares of the real estate investment trust’s stock worth $2,494,000 after acquiring an additional 763 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of EastGroup Properties by 13.8% in the 3rd quarter. Van ECK Associates Corp now owns 20,448 shares of the real estate investment trust’s stock worth $3,705,000 after acquiring an additional 2,481 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

Shares of EGP stock opened at $171.99 on Monday. EastGroup Properties, Inc. has a 12-month low of $155.23 and a 12-month high of $192.61. The firm has a market capitalization of $8.52 billion, a price-to-earnings ratio of 35.54, a price-to-earnings-growth ratio of 2.56 and a beta of 1.00. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. The firm has a fifty day moving average of $180.51 and a 200-day moving average of $176.67.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $161.52 million. During the same period last year, the firm earned $1.95 EPS. EastGroup Properties’s quarterly revenue was up 11.2% on a year-over-year basis. On average, equities research analysts forecast that EastGroup Properties, Inc. will post 8.36 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $1.40 dividend. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Monday, September 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.26%. EastGroup Properties’s dividend payout ratio (DPR) is currently 115.70%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wedbush restated an “outperform” rating and issued a $209.00 price objective on shares of EastGroup Properties in a research report on Friday, October 25th. Evercore ISI boosted their price objective on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Barclays dropped their price objective on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. Wells Fargo & Company dropped their price objective on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Finally, Morgan Stanley boosted their price objective on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, EastGroup Properties presently has an average rating of “Hold” and a consensus price target of $191.21.

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.