Eventide Asset Management LLC Increases Position in EastGroup Properties, Inc. (NYSE:EGP)

Eventide Asset Management LLC lifted its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 20.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 188,661 shares of the real estate investment trust’s stock after buying an additional 31,790 shares during the period. Eventide Asset Management LLC’s holdings in EastGroup Properties were worth $35,246,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Tidal Investments LLC lifted its stake in shares of EastGroup Properties by 30.4% during the first quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust’s stock valued at $3,293,000 after buying an additional 4,271 shares during the period. Vaughan Nelson Investment Management L.P. increased its position in EastGroup Properties by 30.1% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 280,759 shares of the real estate investment trust’s stock worth $47,757,000 after purchasing an additional 64,984 shares during the last quarter. Atria Investments Inc increased its position in EastGroup Properties by 48.9% during the first quarter. Atria Investments Inc now owns 11,389 shares of the real estate investment trust’s stock worth $2,047,000 after purchasing an additional 3,740 shares during the last quarter. Ausbil Investment Management Ltd increased its position in EastGroup Properties by 261.6% during the third quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust’s stock worth $1,259,000 after purchasing an additional 4,874 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in shares of EastGroup Properties by 808.7% in the second quarter. SG Americas Securities LLC now owns 23,789 shares of the real estate investment trust’s stock worth $4,047,000 after acquiring an additional 21,171 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

Shares of EGP stock opened at $173.84 on Friday. The firm has a market cap of $8.61 billion, a P/E ratio of 35.92, a P/E/G ratio of 2.26 and a beta of 1.00. The firm has a fifty day moving average of $177.77 and a two-hundred day moving average of $177.15. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. EastGroup Properties, Inc. has a 1-year low of $155.23 and a 1-year high of $192.61.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The firm had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. During the same quarter last year, the business posted $1.95 earnings per share. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, research analysts anticipate that EastGroup Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on EGP. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Evercore ISI increased 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $186.00 price objective on shares of EastGroup Properties in a research report on Wednesday, October 30th. 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, 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, EastGroup Properties presently has an average rating of “Hold” and a consensus target price of $191.21.

EastGroup Properties 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.