Bank of Montreal Can Acquires 10,422 Shares of Eastgroup Properties Inc (NYSE:EGP)

Bank of Montreal Can increased its holdings in Eastgroup Properties Inc (NYSE:EGP) by 42.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,832 shares of the real estate investment trust’s stock after purchasing an additional 10,422 shares during the period. Bank of Montreal Can owned approximately 0.10% of Eastgroup Properties worth $3,329,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of EGP. BlackRock Inc. raised its position in Eastgroup Properties by 8.1% in the first quarter. BlackRock Inc. now owns 5,830,140 shares of the real estate investment trust’s stock worth $481,921,000 after purchasing an additional 436,478 shares in the last quarter. Millennium Management LLC grew its stake in Eastgroup Properties by 2,585.8% during the first quarter. Millennium Management LLC now owns 304,143 shares of the real estate investment trust’s stock worth $25,140,000 after buying an additional 292,819 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in Eastgroup Properties during the first quarter worth about $8,313,000. Stifel Financial Corp grew its stake in Eastgroup Properties by 49.2% during the first quarter. Stifel Financial Corp now owns 161,421 shares of the real estate investment trust’s stock worth $13,380,000 after buying an additional 53,204 shares during the last quarter. Finally, Earnest Partners LLC grew its stake in Eastgroup Properties by 6.5% during the first quarter. Earnest Partners LLC now owns 865,634 shares of the real estate investment trust’s stock worth $71,553,000 after buying an additional 53,010 shares during the last quarter. 94.03% of the stock is owned by hedge funds and other institutional investors.

In other news, Director H C. Bailey, Jr. sold 265 shares of the stock in a transaction that occurred on Tuesday, July 3rd. The shares were sold at an average price of $96.44, for a total transaction of $25,556.60. Following the sale, the director now directly owns 3,759 shares of the company’s stock, valued at $362,517.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John F. Coleman sold 5,000 shares of the stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $96.27, for a total transaction of $481,350.00. The disclosure for this sale can be found here. Insiders have sold 9,965 shares of company stock worth $964,687 over the last three months. 2.90% of the stock is owned by insiders.

Several analysts have weighed in on EGP shares. ValuEngine cut shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Thursday, June 7th. Zacks Investment Research raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $107.00 price objective on the stock in a research note on Wednesday, July 4th. Stifel Nicolaus raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating and upped their price objective for the stock from $93.00 to $103.00 in a research note on Thursday, May 31st. Wells Fargo & Co upped their price objective on shares of Eastgroup Properties from $96.00 to $98.00 and gave the stock a “market perform” rating in a research note on Monday, July 30th. Finally, Mizuho reaffirmed a “hold” rating and set a $92.00 price objective on shares of Eastgroup Properties in a research note on Monday, July 30th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $95.09.

Shares of EGP traded up $0.36 during mid-day trading on Friday, hitting $97.27. 192,900 shares of the company traded hands, compared to its average volume of 214,086. Eastgroup Properties Inc has a one year low of $77.74 and a one year high of $99.39. The stock has a market capitalization of $3.50 billion, a P/E ratio of 22.75, a price-to-earnings-growth ratio of 4.47 and a beta of 0.84.

Eastgroup Properties (NYSE:EGP) last released its quarterly earnings results on Thursday, July 19th. The real estate investment trust reported $0.49 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. Eastgroup Properties had a net margin of 28.00% and a return on equity of 10.26%. The business had revenue of $74.90 million for the quarter, compared to analysts’ expectations of $72.60 million. During the same period in the prior year, the firm earned $1.05 earnings per share. Eastgroup Properties’s revenue was up 10.3% compared to the same quarter last year. sell-side analysts anticipate that Eastgroup Properties Inc will post 4.61 EPS for the current fiscal year.

Eastgroup Properties Profile

EastGroup Properties, Inc 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.

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

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