Verition Fund Management LLC Sells 43,565 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Verition Fund Management LLC decreased its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 42.7% during the third quarter, HoldingsChannel reports. The fund owned 58,565 shares of the real estate investment trust’s stock after selling 43,565 shares during the quarter. Verition Fund Management LLC’s holdings in EastGroup Properties were worth $10,941,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Gradient Investments LLC bought a new position in EastGroup Properties during the 2nd quarter valued at about $32,000. V Square Quantitative Management LLC raised its holdings in shares of 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 worth $35,000 after buying an additional 61 shares during the period. Quest Partners LLC raised its holdings in shares of 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 worth $36,000 after buying an additional 208 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of EastGroup Properties by 30.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after acquiring an additional 80 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in EastGroup Properties during the 2nd quarter valued at $66,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.

Analyst Upgrades and Downgrades

EGP has been the subject of several research analyst reports. Evercore ISI lifted their target price on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Barclays decreased their price objective on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Wells Fargo & Company decreased their price target on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $186.00 price objective on shares of EastGroup Properties in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties has an average rating of “Hold” and an average price target of $191.21.

EastGroup Properties Price Performance

Shares of EGP stock opened at $172.21 on Friday. The stock’s 50-day moving average is $177.48 and its 200 day moving average is $177.21. EastGroup Properties, Inc. has a 1-year low of $155.23 and a 1-year high of $192.61. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. The company has a market cap of $8.53 billion, a P/E ratio of 35.58, a PEG ratio of 2.26 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share 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 firm had revenue of $162.88 million during the quarter, compared to the consensus estimate of $161.52 million. During the same quarter in the prior year, the business posted $1.95 earnings per share. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. Research analysts predict 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.