Intech Investment Management LLC Sells 3,274 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Intech Investment Management LLC lessened its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 52.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,019 shares of the real estate investment trust’s stock after selling 3,274 shares during the quarter. Intech Investment Management LLC’s holdings in EastGroup Properties were worth $564,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Gradient Investments LLC purchased a new position in EastGroup Properties during the 2nd quarter valued at $32,000. V Square Quantitative Management LLC boosted its stake in shares of EastGroup Properties by 47.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 61 shares in the last quarter. Quest Partners LLC increased its position in shares of EastGroup Properties by 10,400.0% during the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 208 shares during the period. EverSource Wealth Advisors LLC raised its stake in EastGroup Properties by 30.2% in the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after buying an additional 80 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in EastGroup Properties in the second quarter worth about $66,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

Shares of EGP opened at $172.21 on Monday. EastGroup Properties, Inc. has a twelve month low of $155.23 and a twelve month high of $192.61. The company has a market capitalization of $8.53 billion, a P/E ratio of 35.58, a price-to-earnings-growth ratio of 2.24 and a beta of 1.00. The firm has a 50 day moving average of $177.48 and a 200 day moving average of $177.30. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57.

EastGroup Properties (NYSE:EGP) last posted its 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 business had revenue of $162.88 million during the quarter, compared to the consensus estimate of $161.52 million. During the same period in the previous year, the business posted $1.95 EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, equities research analysts anticipate that EastGroup Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on EGP. StockNews.com downgraded EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Wedbush reiterated an “outperform” rating and issued a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. Truist Financial lowered their price objective on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $186.00 target price on shares of EastGroup Properties in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company lowered their price target 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $191.21.

About EastGroup Properties

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.