Amalgamated Bank Sells 1,710 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Amalgamated Bank lowered its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 6.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,250 shares of the real estate investment trust’s stock after selling 1,710 shares during the quarter. Amalgamated Bank owned 0.05% of EastGroup Properties worth $4,125,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. SYSTM Wealth Solutions LLC increased its stake in EastGroup Properties by 24.2% in the first quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after acquiring an additional 65 shares during the period. EverSource Wealth Advisors LLC increased 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 valued at $62,000 after acquiring an additional 80 shares during the period. Nisa Investment Advisors LLC increased its stake in EastGroup Properties by 0.3% in the second quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock valued at $5,328,000 after acquiring an additional 103 shares during the period. Azzad Asset Management Inc. ADV grew its stake in EastGroup Properties by 4.8% during the first quarter. Azzad Asset Management Inc. ADV now owns 2,730 shares of the real estate investment trust’s stock worth $491,000 after buying an additional 124 shares during the last quarter. Finally, American Capital Advisory LLC grew its stake in EastGroup Properties by 15.0% during the second quarter. American Capital Advisory LLC now owns 1,035 shares of the real estate investment trust’s stock worth $190,000 after buying an additional 135 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

Wall Street Analyst Weigh In

EGP has been the topic of several research analyst reports. Morgan Stanley upped their price objective on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. Wells Fargo & Company raised shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $179.00 to $214.00 in a research note on Wednesday, August 28th. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Wedbush upped their price objective on shares of EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Finally, KeyCorp upped their price objective on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $192.00.

EastGroup Properties Trading Down 2.6 %

Shares of NYSE EGP opened at $186.83 on Friday. The company’s 50 day simple moving average is $185.48 and its 200 day simple moving average is $174.76. EastGroup Properties, Inc. has a fifty-two week low of $154.75 and a fifty-two week high of $192.61. The firm has a market capitalization of $8.99 billion, a P/E ratio of 40.53, a P/E/G ratio of 2.74 and a beta of 0.99. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The business had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. During the same quarter in the prior year, the company earned $1.89 earnings per share. The company’s quarterly revenue was up 13.7% on a year-over-year basis. On average, analysts predict that EastGroup Properties, Inc. will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $1.40 dividend. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a yield of 3.00%. The ex-dividend date is Monday, September 30th. EastGroup Properties’s dividend payout ratio is currently 121.48%.

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.