Eastgroup Properties Inc (EGP) Shares Bought by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC raised its position in Eastgroup Properties Inc (NYSE:EGP) by 75.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,528 shares of the real estate investment trust’s stock after purchasing an additional 1,948 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Eastgroup Properties were worth $399,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Integrated Investment Consultants LLC purchased a new stake in shares of Eastgroup Properties during the third quarter worth $115,000. Everence Capital Management Inc. purchased a new stake in shares of Eastgroup Properties during the third quarter worth $202,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Eastgroup Properties by 10.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,454 shares of the real estate investment trust’s stock worth $206,000 after acquiring an additional 234 shares during the period. Riverhead Capital Management LLC increased its position in shares of Eastgroup Properties by 25.0% during the second quarter. Riverhead Capital Management LLC now owns 2,500 shares of the real estate investment trust’s stock worth $210,000 after acquiring an additional 500 shares during the period. Finally, AE Wealth Management LLC purchased a new stake in shares of Eastgroup Properties during the third quarter worth $239,000. 96.08% of the stock is currently owned by institutional investors.

Eastgroup Properties Inc (NYSE EGP) opened at $88.38 on Monday. The company has a market cap of $3,042.48, a price-to-earnings ratio of 37.13, a P/E/G ratio of 4.86 and a beta of 0.98. Eastgroup Properties Inc has a 12 month low of $67.69 and a 12 month high of $95.03.

Eastgroup Properties (NYSE:EGP) last issued its earnings results on Thursday, October 19th. The real estate investment trust reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.61. The firm had revenue of $68.75 million during the quarter, compared to the consensus estimate of $68.74 million. Eastgroup Properties had a net margin of 30.03% and a return on equity of 11.70%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.04 earnings per share. research analysts expect that Eastgroup Properties Inc will post 4.23 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 15th were paid a dividend of $0.64 per share. The ex-dividend date was Thursday, December 14th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.90%. Eastgroup Properties’s payout ratio is currently 107.56%.

A number of research firms have recently weighed in on EGP. ValuEngine raised Eastgroup Properties from a “hold” rating to a “buy” rating in a research report on Sunday. Zacks Investment Research lowered Eastgroup Properties from a “hold” rating to a “sell” rating in a research report on Wednesday, December 27th. Morgan Stanley reaffirmed an “equal weight” rating and set a $82.00 price objective on shares of Eastgroup Properties in a research report on Thursday, December 14th. Bank of America upped their price objective on Eastgroup Properties from $100.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. Finally, Citigroup upped their price objective on Eastgroup Properties from $84.00 to $87.00 and gave the stock a “neutral” rating in a research report on Monday, October 30th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $88.33.

In related news, CFO Brent Wood sold 3,300 shares of the business’s stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $90.26, for a total transaction of $297,858.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bruce Corkern sold 3,586 shares of the business’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $91.75, for a total transaction of $329,015.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,668 shares of company stock valued at $2,105,037. Insiders own 2.90% of the company’s stock.

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Eastgroup Properties Company 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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