Todays Report: Today: Wells Fargo & Company MN Raises its position in EastGroup Properties Inc. (EGP) as a favorable investment target.

Today: Wells Fargo & Company MN Raises its position in EastGroup Properties Inc. (EGP) as a favorable investment target.

Wells Fargo & Company MN increased its stake in shares of EastGroup Properties Inc. (NYSE:EGP) by 1.0% during the third quarter, Holdings Channel reports. The firm owned 187,896 shares of the company’s stock after buying an additional 1,873 shares during the period. Wells Fargo & Company MN’s holdings in EastGroup Properties were worth $13,822,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. IronBridge Capital Management LP boosted its stake in EastGroup Properties by 78.8% in the second quarter. IronBridge Capital Management LP now owns 253,457 shares of the company’s stock valued at $17,468,000 after buying an additional 111,677 shares during the last quarter. Macquarie Group Ltd. boosted its stake in EastGroup Properties by 28.2% in the second quarter. Macquarie Group Ltd. now owns 303,788 shares of the company’s stock valued at $20,938,000 after buying an additional 66,758 shares during the last quarter. Shinko Asset Management Co. Ltd. boosted its stake in 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 during the last quarter. Barclays PLC boosted its stake in 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 during the last quarter. Finally, Geode Capital Management LLC boosted its stake in EastGroup Properties by 2.5% in the first quarter. Geode Capital Management LLC now owns 257,634 shares of the company’s stock valued at $15,553,000 after buying an additional 6,203 shares during the last quarter. 95.56% of the stock is owned by hedge funds and other institutional investors.

Shares of EastGroup Properties Inc. (NYSE:EGP) traded up 0.24% during trading on Monday, hitting $68.16. The stock had a trading volume of 153,422 shares. The firm’s 50 day moving average is $67.37 and its 200 day moving average is $69.24. EastGroup Properties Inc. has a 1-year low of $49.31 and a 1-year high of $76.00. The company has a market cap of $2.23 billion, a PE ratio of 24.07 and a beta of 0.97.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 19th. The company reported $1.04 EPS for the quarter, meeting the consensus estimate of $1.04. EastGroup Properties had a return on equity of 15.76% and a net margin of 37.03%. The business had revenue of $63.19 million for the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the prior year, the business earned $0.94 earnings per share. EastGroup Properties’s revenue for the quarter was up 8.0% on a year-over-year basis. Equities research analysts anticipate that EastGroup Properties Inc. will post $4.01 EPS for the current fiscal year.

Several research firms recently weighed in on EGP. Zacks Investment Research cut EastGroup Properties from a “buy” rating to a “hold” rating in a report on Tuesday, November 15th. Morgan Stanley assumed coverage on EastGroup Properties in a research note on Tuesday, September 6th. They set an “underweight” rating and a $65.00 price objective on the stock. Mizuho assumed coverage on EastGroup Properties in a research note on Wednesday, September 28th. They set a “buy” rating and a $83.00 price objective on the stock. BTIG Research assumed coverage on EastGroup Properties in a research note on Thursday, August 25th. They set a “neutral” rating on the stock. Finally, Cantor Fitzgerald upgraded EastGroup Properties from a “sell” rating to a “hold” rating and raised their price objective for the stock from $63.00 to $71.00 in a research note on Friday, October 21st. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $68.91.

About EastGroup Properties

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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