BNP Paribas Arbitrage SA Acquires 6,984 Shares of EastGroup Properties, Inc. (NYSE:EGP)

BNP Paribas Arbitrage SA grew its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 33.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,907 shares of the real estate investment trust’s stock after buying an additional 6,984 shares during the quarter. BNP Paribas Arbitrage SA owned 0.08% of EastGroup Properties worth $2,459,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in EGP. Uniplan Investment Counsel Inc. raised its position in shares of EastGroup Properties by 42.9% during the 2nd quarter. Uniplan Investment Counsel Inc. now owns 779,163 shares of the real estate investment trust’s stock valued at $46,349,000 after buying an additional 233,802 shares in the last quarter. Principal Financial Group Inc. raised its position in EastGroup Properties by 25.9% in the 2nd quarter. Principal Financial Group Inc. now owns 669,443 shares of the real estate investment trust’s stock worth $56,099,000 after purchasing an additional 137,591 shares during the period. Citadel Advisors LLC raised its position in EastGroup Properties by 357.2% in the 2nd quarter. Citadel Advisors LLC now owns 159,506 shares of the real estate investment trust’s stock worth $13,367,000 after purchasing an additional 124,621 shares during the period. BlackRock Inc. raised its position in EastGroup Properties by 2.6% in the 2nd quarter. BlackRock Inc. now owns 4,961,740 shares of the real estate investment trust’s stock worth $415,793,000 after purchasing an additional 124,476 shares during the period. Finally, Vanguard Group Inc. raised its position in EastGroup Properties by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 5,481,319 shares of the real estate investment trust’s stock worth $459,334,000 after purchasing an additional 73,355 shares during the period. Hedge funds and other institutional investors own 96.27% of the company’s stock.

A number of research firms recently weighed in on EGP. Bank of America increased their price objective on shares of EastGroup Properties from $100.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. DA Davidson set a $100.00 price objective on shares of EastGroup Properties and gave the stock a “hold” rating in a research report on Friday, October 20th. Cantor Fitzgerald reissued a “hold” rating and issued a $79.00 price objective on shares of EastGroup Properties in a research report on Friday, October 20th. ValuEngine raised shares of EastGroup Properties from a “hold” rating to a “buy” rating in a research report on Monday, September 11th. Finally, Mizuho lowered shares of EastGroup Properties from a “buy” rating to a “neutral” rating in a research report on Monday, October 23rd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. EastGroup Properties presently has a consensus rating of “Hold” and an average price target of $87.83.

In other EastGroup Properties news, Director Hayden C. Eaves III sold 3,532 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $92.14, for a total value of $325,438.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David H. Hoster II sold 12,250 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $94.10, for a total transaction of $1,152,725.00. Following the completion of the sale, the director now owns 173,880 shares of the company’s stock, valued at $16,362,108. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

EastGroup Properties, Inc. (NYSE:EGP) traded up $0.70 during midday trading on Thursday, hitting $90.98. 181,212 shares of the stock were exchanged, compared to its average volume of 197,609. EastGroup Properties, Inc. has a 1 year low of $67.69 and a 1 year high of $95.03. The company has a market capitalization of $3,129.89, a P/E ratio of 21.65, a PEG ratio of 5.00 and a beta of 0.98.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.61. The firm had revenue of $68.75 million for the quarter, compared to the consensus estimate of $68.74 million. EastGroup Properties had a net margin of 30.03% and a return on equity of 11.70%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the firm earned $1.04 earnings per share. analysts anticipate that EastGroup Properties, Inc. will post 4.23 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a $0.64 dividend. The ex-dividend date is Thursday, December 14th. This represents a $2.56 annualized dividend and a yield of 2.81%. EastGroup Properties’s dividend payout ratio (DPR) is 107.56%.

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EastGroup Properties Profile

EastGroup Properties, Inc is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.

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

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