Eastgroup Properties Inc (NYSE:EGP) Stock Position Reduced by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its stake in shares of Eastgroup Properties Inc (NYSE:EGP) by 31.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,726 shares of the real estate investment trust’s stock after selling 4,389 shares during the period. State of Alaska Department of Revenue’s holdings in Eastgroup Properties were worth $1,215,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Point72 Hong Kong Ltd purchased a new position in Eastgroup Properties during the second quarter valued at approximately $37,000. Tower Research Capital LLC TRC grew its position in Eastgroup Properties by 1,773.3% during the second quarter. Tower Research Capital LLC TRC now owns 562 shares of the real estate investment trust’s stock valued at $65,000 after purchasing an additional 532 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new position in Eastgroup Properties during the second quarter valued at approximately $81,000. HM Payson & Co. purchased a new position in Eastgroup Properties during the second quarter valued at approximately $151,000. Finally, CWM LLC purchased a new position in Eastgroup Properties during the second quarter valued at approximately $155,000. 90.74% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director H C. Bailey, Jr. sold 490 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $124.48, for a total transaction of $60,995.20. Following the completion of the transaction, the director now directly owns 3,803 shares in the company, valued at approximately $473,397.44. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Brent Wood sold 3,250 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $122.56, for a total transaction of $398,320.00. Following the transaction, the insider now owns 93,248 shares of the company’s stock, valued at $11,428,474.88. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

A number of brokerages recently commented on EGP. Morgan Stanley boosted their price objective on shares of Eastgroup Properties from $110.00 to $120.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. SunTrust Banks boosted their price objective on shares of Eastgroup Properties from $105.00 to $115.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. Zacks Investment Research raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $134.00 price objective on the stock in a research report on Monday, August 5th. ValuEngine downgraded shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Citigroup boosted their price objective on shares of Eastgroup Properties from $109.00 to $129.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $119.65.

EGP stock opened at $126.21 on Friday. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of 26.38, a P/E/G ratio of 5.23 and a beta of 0.77. Eastgroup Properties Inc has a 12 month low of $87.69 and a 12 month high of $128.30. The firm has a 50 day moving average of $125.07 and a two-hundred day moving average of $117.90.

The company also recently disclosed a 0.72000 dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.75 per share. This represents a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, September 27th. Eastgroup Properties’s dividend payout ratio is currently 64.24%.

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.

Further Reading: What is a stock buyback?

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

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