TD Asset Management Inc Lowers Position in EastGroup Properties, Inc. $EGP

TD Asset Management Inc trimmed its stake in EastGroup Properties, Inc. (NYSE:EGP) by 4.3% in the second quarter, Holdings Channel.com reports. The firm owned 16,088 shares of the real estate investment trust’s stock after selling 728 shares during the quarter. TD Asset Management Inc’s holdings in EastGroup Properties were worth $2,689,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. New York State Teachers Retirement System grew its stake in EastGroup Properties by 0.9% during the first quarter. New York State Teachers Retirement System now owns 53,630 shares of the real estate investment trust’s stock worth $9,447,000 after buying an additional 500 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in EastGroup Properties by 211.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,237 shares of the real estate investment trust’s stock valued at $748,000 after acquiring an additional 2,877 shares in the last quarter. Bessemer Group Inc. raised its holdings in EastGroup Properties by 31.9% in the first quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust’s stock valued at $79,000 after acquiring an additional 108 shares in the last quarter. OneDigital Investment Advisors LLC acquired a new stake in EastGroup Properties in the first quarter valued at $216,000. Finally, Envestnet Asset Management Inc. raised its holdings in EastGroup Properties by 5.8% in the first quarter. Envestnet Asset Management Inc. now owns 159,641 shares of the real estate investment trust’s stock valued at $28,121,000 after acquiring an additional 8,701 shares in the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Cantor Fitzgerald initiated coverage on shares of EastGroup Properties in a report on Wednesday, October 1st. They issued an “overweight” rating and a $190.00 price target on the stock. Wells Fargo & Company set a $215.00 price target on shares of EastGroup Properties and gave the stock an “overweight” rating in a research report on Sunday, July 13th. Royal Bank Of Canada decreased their target price on shares of EastGroup Properties from $183.00 to $182.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of EastGroup Properties in a research report on Wednesday, October 8th. Finally, Morgan Stanley upped their price target on shares of EastGroup Properties from $170.00 to $178.00 and gave the company an “equal weight” rating in a report on Tuesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, EastGroup Properties has an average rating of “Moderate Buy” and a consensus target price of $188.31.

EastGroup Properties Price Performance

EGP stock opened at $180.29 on Wednesday. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.43. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $188.89. The firm has a market capitalization of $9.61 billion, a PE ratio of 38.94, a P/E/G ratio of 3.72 and a beta of 1.02. The firm has a 50-day moving average of $168.65 and a two-hundred day moving average of $166.58.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.01. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The business had revenue of $177.29 million during the quarter, compared to analyst estimates of $175.80 million. During the same period in the prior year, the firm earned $2.05 earnings per share. The firm’s revenue was up 11.4% compared to the same quarter last year. On average, analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a $1.55 dividend. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.40. This represents a $6.20 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Tuesday, September 30th. EastGroup Properties’s dividend payout ratio is currently 133.91%.

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.