EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by Adelante Capital Management LLC

Adelante Capital Management LLC decreased its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 0.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 176,535 shares of the real estate investment trust’s stock after selling 626 shares during the quarter. EastGroup Properties comprises 1.5% of Adelante Capital Management LLC’s holdings, making the stock its 12th largest position. Adelante Capital Management LLC owned 0.36% of EastGroup Properties worth $32,980,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Gradient Investments LLC acquired a new position in shares of EastGroup Properties during the 2nd quarter valued at about $32,000. V Square Quantitative Management LLC boosted its holdings in EastGroup Properties by 47.7% in the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 61 shares during the last quarter. Quest Partners LLC boosted its holdings in EastGroup Properties by 10,400.0% in the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 208 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of EastGroup Properties by 30.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 80 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of EastGroup Properties during the 2nd quarter worth approximately $66,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

Analysts Set New Price Targets

EGP has been the subject of several analyst reports. Barclays lowered their price objective on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. Morgan Stanley increased their price target on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $175.00 to $200.00 in a report on Thursday, September 5th. Wells Fargo & Company decreased their target price on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $186.00 price target on shares of EastGroup Properties in a research 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 assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $191.21.

EastGroup Properties Stock Performance

Shares of EGP stock opened at $172.21 on Friday. EastGroup Properties, Inc. has a 52 week low of $155.23 and a 52 week high of $192.61. The firm has a 50 day moving average of $177.48 and a two-hundred day moving average of $177.21. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $8.53 billion, a PE ratio of 35.58, a P/E/G ratio of 2.24 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last released its earnings results 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 company had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. During the same quarter last year, the business posted $1.95 earnings per share. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, research analysts predict that EastGroup Properties, Inc. will post 8.36 EPS for the current fiscal year.

About EastGroup Properties

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.