EastGroup Properties, Inc. $EGP Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lowered its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 31.5% during the second quarter, Holdings Channel reports. The fund owned 26,079 shares of the real estate investment trust’s stock after selling 11,994 shares during the quarter. Mutual of America Capital Management LLC’s holdings in EastGroup Properties were worth $4,358,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. GAMMA Investing LLC boosted its position in EastGroup Properties by 36.3% during the first quarter. GAMMA Investing LLC now owns 556 shares of the real estate investment trust’s stock worth $98,000 after acquiring an additional 148 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in EastGroup Properties by 6.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,800 shares of the real estate investment trust’s stock worth $317,000 after acquiring an additional 116 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in shares of EastGroup Properties by 4.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 17,391 shares of the real estate investment trust’s stock worth $3,063,000 after purchasing an additional 806 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of EastGroup Properties by 11.4% during the first quarter. Asset Management One Co. Ltd. now owns 103,569 shares of the real estate investment trust’s stock worth $18,244,000 after purchasing an additional 10,630 shares during the last quarter. Finally, Moran Wealth Management LLC boosted its holdings in shares of EastGroup Properties by 1.1% during the first quarter. Moran Wealth Management LLC now owns 6,521 shares of the real estate investment trust’s stock worth $1,149,000 after purchasing an additional 73 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wells Fargo & Company set a $215.00 price target on EastGroup Properties and gave the stock an “overweight” rating in a research note 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 on the stock in a research report on Tuesday, July 29th. Evercore ISI decreased their target price on shares of EastGroup Properties from $180.00 to $179.00 and set an “in-line” rating on the stock in a research report on Monday, October 6th. Morgan Stanley raised their target price on shares of EastGroup Properties from $170.00 to $178.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 9th. Finally, Cantor Fitzgerald started 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. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $188.31.

EastGroup Properties Trading Up 0.3%

Shares of EGP stock opened at $180.83 on Thursday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.43. The stock has a market cap of $9.64 billion, a price-to-earnings ratio of 39.06, a price-to-earnings-growth ratio of 3.67 and a beta of 1.02. The firm’s 50 day moving average price is $168.98 and its two-hundred day moving average price is $166.68. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $188.89.

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

EastGroup Properties Increases Dividend

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

EastGroup Properties Company 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.