Cynosure Group LLC Sells 13,689 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Cynosure Group LLC cut its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 87.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,942 shares of the real estate investment trust’s stock after selling 13,689 shares during the quarter. Cynosure Group LLC’s holdings in EastGroup Properties were worth $363,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Tidal Investments LLC grew its position in EastGroup Properties by 30.4% during the first quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust’s stock valued at $3,293,000 after acquiring an additional 4,271 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in shares of EastGroup Properties by 30.1% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 280,759 shares of the real estate investment trust’s stock valued at $47,757,000 after purchasing an additional 64,984 shares during the last quarter. Atria Investments Inc raised its position in EastGroup Properties by 48.9% in the 1st quarter. Atria Investments Inc now owns 11,389 shares of the real estate investment trust’s stock worth $2,047,000 after purchasing an additional 3,740 shares during the period. Ausbil Investment Management Ltd lifted its stake in EastGroup Properties by 261.6% in the third quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust’s stock worth $1,259,000 after purchasing an additional 4,874 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in EastGroup Properties by 808.7% during the second quarter. SG Americas Securities LLC now owns 23,789 shares of the real estate investment trust’s stock valued at $4,047,000 after buying an additional 21,171 shares during the period. 92.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. StockNews.com downgraded EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Wells Fargo & Company decreased their price target on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Barclays dropped their price objective on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research note on Thursday, October 10th. Wedbush reaffirmed an “outperform” rating and issued a $209.00 target price on shares of EastGroup Properties in a research note on Friday, October 25th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $186.00 price target on shares of EastGroup Properties in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $191.21.

EastGroup Properties Stock Performance

EastGroup Properties stock opened at $173.84 on Friday. EastGroup Properties, Inc. has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. The stock’s 50 day simple moving average is $178.13 and its two-hundred day simple moving average is $177.17. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08. The stock has a market cap of $8.61 billion, a price-to-earnings ratio of 35.92, a PEG ratio of 2.25 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to the consensus estimate of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.95 earnings per share. As a group, analysts expect that EastGroup Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

EastGroup Properties 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.