The Manufacturers Life Insurance Company Sells 23,968 Shares of EastGroup Properties, Inc. (NYSE:EGP)

The Manufacturers Life Insurance Company lessened its stake in EastGroup Properties, Inc. (NYSE:EGP) by 8.0% in the third quarter, HoldingsChannel reports. The firm owned 273,839 shares of the real estate investment trust’s stock after selling 23,968 shares during the period. The Manufacturers Life Insurance Company’s holdings in EastGroup Properties were worth $51,159,000 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 stock. Tidal Investments LLC increased its holdings in shares of EastGroup Properties by 30.4% in the first quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust’s stock worth $3,293,000 after acquiring an additional 4,271 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of EastGroup Properties by 30.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 280,759 shares of the real estate investment trust’s stock worth $47,757,000 after acquiring an additional 64,984 shares in the last quarter. Atria Investments Inc increased its holdings in shares of EastGroup Properties by 48.9% in the first quarter. Atria Investments Inc now owns 11,389 shares of the real estate investment trust’s stock worth $2,047,000 after acquiring an additional 3,740 shares in the last quarter. Ausbil Investment Management Ltd increased its holdings in shares of 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 acquiring an additional 4,874 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of EastGroup Properties by 808.7% in the second quarter. SG Americas Securities LLC now owns 23,789 shares of the real estate investment trust’s stock worth $4,047,000 after acquiring an additional 21,171 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on EGP shares. Evercore ISI increased their price target on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Wedbush restated an “outperform” rating and issued a $209.00 price target on shares of EastGroup Properties in a report on Friday, October 25th. Wells Fargo & Company reduced their price objective on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Truist Financial reduced 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. Finally, Mizuho raised 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 report on Thursday, September 5th. 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. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $191.21.

EastGroup Properties Stock Performance

Shares of NYSE EGP opened at $173.84 on Friday. The stock has a 50 day moving average price of $178.13 and a 200 day moving average price of $177.17. EastGroup Properties, Inc. has a 52 week low of $155.23 and a 52 week high of $192.61. 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 capitalization of $8.61 billion, a PE ratio of 35.92, a price-to-earnings-growth ratio of 2.25 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The company had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. During the same period last year, the company posted $1.95 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. Analysts predict that EastGroup Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

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.