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

The Manufacturers Life Insurance Company reduced its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 8.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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 owned approximately 0.55% of EastGroup Properties worth $51,159,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Gradient Investments LLC bought a new stake in shares of EastGroup Properties during the second quarter valued at approximately $32,000. V Square Quantitative Management LLC increased its position in shares of EastGroup Properties by 47.7% during the third 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 during the period. 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 purchasing an additional 208 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of EastGroup Properties by 30.2% during the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 80 shares during the period. Finally, Headlands Technologies LLC bought a new stake in shares of EastGroup Properties during the second quarter valued at approximately $66,000. 92.14% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on EGP. Evercore ISI boosted their price objective on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $175.00 to $200.00 in a research note on Thursday, September 5th. StockNews.com lowered EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Morgan Stanley boosted their price target on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $186.00 price target on shares of EastGroup Properties in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $191.21.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $173.84 on Friday. 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 firm has a market cap of $8.61 billion, a P/E ratio of 35.92, a P/E/G ratio of 2.25 and a beta of 1.00. The business’s fifty day moving average is $178.13 and its two-hundred day moving average is $177.17. EastGroup Properties, Inc. has a 52 week low of $155.23 and a 52 week high of $192.61.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data 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). The business had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. EastGroup Properties’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.95 EPS. Equities research analysts forecast 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.