Legal & General Group Plc Grows Holdings in EastGroup Properties, Inc. (EGP)

Legal & General Group Plc raised its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 7.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 149,134 shares of the real estate investment trust’s stock after purchasing an additional 10,906 shares during the period. Legal & General Group Plc owned 0.43% of EastGroup Properties worth $13,143,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. First Mercantile Trust Co. boosted its holdings in shares of EastGroup Properties by 1.8% during the 2nd quarter. First Mercantile Trust Co. now owns 1,720 shares of the real estate investment trust’s stock valued at $144,000 after purchasing an additional 30 shares during the last quarter. BB&T Securities LLC boosted its holdings in shares of EastGroup Properties by 0.8% during the 2nd quarter. BB&T Securities LLC now owns 5,438 shares of the real estate investment trust’s stock valued at $455,000 after purchasing an additional 44 shares during the last quarter. GAM Holding AG boosted its holdings in shares of EastGroup Properties by 4.6% during the 2nd quarter. GAM Holding AG now owns 2,820 shares of the real estate investment trust’s stock valued at $236,000 after purchasing an additional 125 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of EastGroup Properties by 6.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,915 shares of the real estate investment trust’s stock valued at $244,000 after purchasing an additional 186 shares during the last quarter. Finally, Aperio Group LLC boosted its holdings in shares of EastGroup Properties by 2.5% during the 2nd quarter. Aperio Group LLC now owns 7,934 shares of the real estate investment trust’s stock valued at $665,000 after purchasing an additional 195 shares during the last quarter. 96.26% of the stock is owned by institutional investors and hedge funds.

Shares of EastGroup Properties, Inc. (EGP) opened at $90.69 on Tuesday. EastGroup Properties, Inc. has a 1 year low of $67.69 and a 1 year high of $95.03. The firm has a market cap of $3,144.00, a PE ratio of 21.75, a P/E/G ratio of 5.02 and a beta of 0.98.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.61. EastGroup Properties had a net margin of 30.03% and a return on equity of 11.70%. The company had revenue of $68.75 million for the quarter, compared to analyst estimates of $68.74 million. During the same period in the prior year, the company posted $1.04 EPS. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. analysts anticipate that EastGroup Properties, Inc. will post 4.23 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend is Thursday, December 14th. EastGroup Properties’s dividend payout ratio (DPR) is currently 107.56%.

In related news, insider Bruce Corkern sold 3,586 shares of the stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $91.75, for a total value of $329,015.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David H. Hoster II sold 12,250 shares of the stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $94.10, for a total transaction of $1,152,725.00. Following the completion of the sale, the director now directly owns 173,880 shares in the company, valued at $16,362,108. The disclosure for this sale can be found here. Insiders sold a total of 22,668 shares of company stock worth $2,105,037 over the last three months. 2.90% of the stock is currently owned by corporate insiders.

A number of brokerages recently commented on EGP. KeyCorp reaffirmed a “neutral” rating on shares of EastGroup Properties in a report on Friday, August 25th. ValuEngine raised shares of EastGroup Properties from a “hold” rating to a “buy” rating in a report on Monday, September 11th. DA Davidson set a $100.00 price target on shares of EastGroup Properties and gave the company a “hold” rating in a report on Friday, October 20th. Bank of America increased their price target on shares of EastGroup Properties from $100.00 to $103.00 and gave the company a “buy” rating in a report on Monday, November 6th. Finally, Zacks Investment Research downgraded shares of EastGroup Properties from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $87.83.

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EastGroup Properties Profile

EastGroup Properties, Inc is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.

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Institutional Ownership by Quarter for EastGroup Properties (NYSE:EGP)

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