Eastgroup Properties Inc (EGP) Shares Bought by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. grew its stake in shares of Eastgroup Properties Inc (NYSE:EGP) by 14.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 5,400 shares of the real estate investment trust’s stock after buying an additional 700 shares during the period. Daiwa Securities Group Inc.’s holdings in Eastgroup Properties were worth $516,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in EGP. BlackRock Inc. raised its position in shares of Eastgroup Properties by 15.5% during the second quarter. BlackRock Inc. now owns 6,732,435 shares of the real estate investment trust’s stock valued at $643,352,000 after buying an additional 902,295 shares during the last quarter. Bank of America Corp DE raised its position in Eastgroup Properties by 47.3% in the second quarter. Bank of America Corp DE now owns 308,766 shares of the real estate investment trust’s stock worth $29,506,000 after purchasing an additional 99,100 shares in the last quarter. Voya Investment Management LLC raised its position in Eastgroup Properties by 14.6% in the second quarter. Voya Investment Management LLC now owns 557,654 shares of the real estate investment trust’s stock worth $53,289,000 after purchasing an additional 71,192 shares in the last quarter. SG Americas Securities LLC raised its position in Eastgroup Properties by 961.1% in the second quarter. SG Americas Securities LLC now owns 60,496 shares of the real estate investment trust’s stock worth $5,781,000 after purchasing an additional 54,795 shares in the last quarter. Finally, Macquarie Group Ltd. raised its position in Eastgroup Properties by 12.4% in the second quarter. Macquarie Group Ltd. now owns 446,856 shares of the real estate investment trust’s stock worth $42,702,000 after purchasing an additional 49,353 shares in the last quarter. 93.19% of the stock is owned by institutional investors and hedge funds.

Several research analysts recently issued reports on the stock. Citigroup increased their price target on shares of Eastgroup Properties from $90.00 to $94.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 30th. Zacks Investment Research raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a research report on Tuesday, September 18th. ValuEngine raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating in a research report on Tuesday, October 23rd. SunTrust Banks set a $92.00 price target on shares of Eastgroup Properties and gave the stock a “hold” rating in a research report on Tuesday, October 23rd. Finally, Mizuho reissued a “hold” rating and issued a $92.00 price target on shares of Eastgroup Properties in a research report on Monday, July 30th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $97.11.

NYSE:EGP opened at $98.55 on Wednesday. Eastgroup Properties Inc has a 12-month low of $77.74 and a 12-month high of $99.99. The stock has a market capitalization of $3.56 billion, a P/E ratio of 21.45, a price-to-earnings-growth ratio of 4.08 and a beta of 0.65.

Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, October 18th. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.14. The company had revenue of $75.30 million during the quarter, compared to analyst estimates of $74.65 million. Eastgroup Properties had a net margin of 29.80% and a return on equity of 10.69%. The company’s revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the business posted $1.08 earnings per share. Analysts expect that Eastgroup Properties Inc will post 4.67 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were issued a dividend of $0.72 per share. This is a positive change from Eastgroup Properties’s previous quarterly dividend of $0.64. The ex-dividend date was Thursday, September 27th. This represents a $2.88 annualized dividend and a dividend yield of 2.92%. Eastgroup Properties’s dividend payout ratio (DPR) is presently 67.61%.

In other news, EVP Brent Wood sold 4,700 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $97.40, for a total transaction of $457,780.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director H C. Bailey, Jr. sold 264 shares of the firm’s stock in a transaction that occurred on Wednesday, October 31st. The stock was sold at an average price of $97.01, for a total transaction of $25,610.64. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This article was originally posted by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are accessing this article on another site, it was illegally stolen and republished in violation of U.S. & international copyright and trademark laws. The legal version of this article can be accessed at https://www.chaffeybreeze.com/2018/11/14/eastgroup-properties-inc-egp-shares-bought-by-daiwa-securities-group-inc.html.

About Eastgroup Properties

EastGroup Properties, Inc 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.

Featured Story: Conference Calls

Want to see what other hedge funds are holding EGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastgroup Properties Inc (NYSE:EGP).

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

Receive News & Ratings for Eastgroup Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastgroup Properties and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply