Waterfront Capital Partners LLC Has $10.29 Million Position in EastGroup Properties, Inc. (NYSE:EGP)

Waterfront Capital Partners LLC reduced its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 79.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 55,069 shares of the real estate investment trust’s stock after selling 214,584 shares during the quarter. EastGroup Properties makes up approximately 1.4% of Waterfront Capital Partners LLC’s portfolio, making the stock its 24th largest position. Waterfront Capital Partners LLC owned about 0.11% of EastGroup Properties worth $10,288,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Gradient Investments LLC acquired a new stake in EastGroup Properties in the second quarter valued at approximately $32,000. V Square Quantitative Management LLC lifted its stake in EastGroup Properties by 47.7% in 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 acquiring an additional 61 shares during the last quarter. Quest Partners LLC lifted its stake in EastGroup Properties by 10,400.0% in the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 208 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in EastGroup Properties by 30.2% in the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after acquiring an additional 80 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in EastGroup Properties in the second quarter valued at approximately $66,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on EGP shares. Morgan Stanley lifted their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. Truist Financial decreased their price objective on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a report on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and set a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $186.00 price objective on shares of EastGroup Properties in a report on Wednesday, October 30th. Finally, Mizuho raised shares of 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 report on Thursday, September 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, EastGroup Properties has a consensus rating of “Hold” and an average target price of $191.21.

EastGroup Properties Price Performance

NYSE:EGP opened at $173.84 on Friday. The stock has a market cap of $8.61 billion, a P/E ratio of 35.92, a PEG ratio of 2.26 and a beta of 1.00. EastGroup Properties, Inc. has a one year low of $155.23 and a one year high of $192.61. The company has a fifty day moving average price of $178.13 and a 200 day moving average price of $177.17. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08.

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