The Bank of Montreal Can Buys Shares of 59,575 EastGroup Properties Inc. (EGP)

The Bank of Montreal Can Buys Shares of 59,575 EastGroup Properties Inc. (EGP)

Bank of Montreal Can bought a new stake in shares of EastGroup Properties Inc. (NYSE:EGP) during the second quarter, Holdings Channel reports. The institutional investor bought 59,575 shares of the company’s stock, valued at approximately $4,106,000.

Other large investors have also recently modified their holdings of the company. BB&T Securities LLC increased its stake in shares of EastGroup Properties by 13.9% in the first quarter. BB&T Securities LLC now owns 5,165 shares of the company’s stock valued at $311,000 after buying an additional 629 shares in the last quarter. State Street Corp increased its stake in shares of EastGroup Properties by 3.0% in the first quarter. State Street Corp now owns 1,061,560 shares of the company’s stock valued at $64,083,000 after buying an additional 30,795 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of EastGroup Properties by 587.9% in the first quarter. Goldman Sachs Group Inc. now owns 598,391 shares of the company’s stock valued at $36,125,000 after buying an additional 511,398 shares in the last quarter. Barclays PLC increased its stake in shares of EastGroup Properties by 19.5% in the first quarter. Barclays PLC now owns 25,103 shares of the company’s stock valued at $1,505,000 after buying an additional 4,097 shares in the last quarter. Finally, Shinko Asset Management Co. Ltd. increased its stake in shares of EastGroup Properties by 19.8% in the second quarter. Shinko Asset Management Co. Ltd. now owns 1,253,128 shares of the company’s stock valued at $86,366,000 after buying an additional 207,132 shares in the last quarter. Institutional investors own 94.42% of the company’s stock.

Shares of EastGroup Properties Inc. (NYSE:EGP) traded down 0.14% during mid-day trading on Friday, hitting $69.07. The stock had a trading volume of 190,695 shares. EastGroup Properties Inc. has a 1-year low of $49.31 and a 1-year high of $76.00. The firm has a market capitalization of $2.26 billion, a PE ratio of 25.01 and a beta of 1.00. The stock’s 50-day moving average is $71.74 and its 200-day moving average is $67.81.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.99 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.99. EastGroup Properties had a return on equity of 15.59% and a net margin of 36.63%. The company had revenue of $61.92 million for the quarter, compared to analysts’ expectations of $61.53 million. During the same quarter last year, the business earned $0.92 earnings per share. EastGroup Properties’s revenue was up 7.0% on a year-over-year basis. Equities analysts expect that EastGroup Properties Inc. will post $3.99 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Monday, September 19th were paid a $0.62 dividend. The ex-dividend date of this dividend was Thursday, September 15th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $0.60. This represents a $2.48 annualized dividend and a yield of 3.59%. EastGroup Properties’s dividend payout ratio (DPR) is 90.51%.

Several equities research analysts have recently commented on EGP shares. BTIG Research started coverage on shares of EastGroup Properties in a research note on Thursday, August 25th. They issued a “neutral” rating on the stock. Mizuho assumed coverage on shares of EastGroup Properties in a research report on Wednesday, September 28th. They set a “buy” rating and a $83.00 price target on the stock. Citigroup Inc. upped their price target on shares of EastGroup Properties from $67.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, July 7th. Zacks Investment Research downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Wednesday, June 22nd. Finally, Morgan Stanley assumed coverage on shares of EastGroup Properties in a research report on Tuesday, September 6th. They set an “underweight” rating and a $65.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $67.64.

In related news, insider Brent Wood sold 3,400 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $72.22, for a total value of $245,548.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David H. Hoster II sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $73.01, for a total value of $730,100.00. Following the completion of the sale, the director now directly owns 192,037 shares in the company, valued at $14,020,621.37. The disclosure for this sale can be found here. 3.60% of the stock is owned by corporate insiders.

EastGroup Properties Company Profile

EastGroup Properties, Inc is an equity real estate investment trust. 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.

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