JPMorgan Chase & Co. Decreases Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

JPMorgan Chase & Co. lessened its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 8.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,072,790 shares of the real estate investment trust's stock after selling 101,477 shares during the quarter. JPMorgan Chase & Co. owned about 2.17% of EastGroup Properties worth $200,419,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in EGP. V Square Quantitative Management LLC increased its position 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 worth $35,000 after purchasing an additional 61 shares during the last quarter. Quest Partners LLC increased its holdings in shares of 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 worth $36,000 after buying an additional 208 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of EastGroup Properties in the 2nd quarter worth about $66,000. GAMMA Investing LLC lifted its holdings in shares of EastGroup Properties by 90.7% in the 3rd quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust's stock valued at $100,000 after acquiring an additional 255 shares during the last quarter. Finally, Quarry LP purchased a new position in EastGroup Properties in the third quarter worth about $102,000. Institutional investors own 92.14% of the company's stock.

Wall Street Analysts Forecast Growth

EGP has been the topic of several analyst reports. Raymond James raised EastGroup Properties from an "outperform" rating to a "strong-buy" rating and boosted their price objective for the stock from $185.00 to $200.00 in a research note on Wednesday, December 11th. Evercore ISI increased their price target on EastGroup Properties from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, October 7th. Morgan Stanley dropped their price objective on shares of EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating for the company in a research note on Monday. Mizuho upgraded 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 report on Thursday, September 5th. Finally, Wedbush reaffirmed an "outperform" rating and set a $209.00 price target on shares of EastGroup Properties in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $191.40.

EastGroup Properties Trading Down 0.4 %

EGP traded down $0.64 during trading on Tuesday, hitting $160.49. 337,254 shares of the stock were exchanged, compared to its average volume of 303,449. EastGroup Properties, Inc. has a 1 year low of $155.23 and a 1 year high of $192.61. The firm has a market cap of $7.95 billion, a price-to-earnings ratio of 33.16, a P/E/G ratio of 2.23 and a beta of 0.99. The firm has a 50 day simple moving average of $170.72 and a 200 day simple moving average of $177.68. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $161.52 million. During the same quarter in the prior year, the business posted $1.95 EPS. The business's quarterly revenue was up 11.2% on a year-over-year basis. As a group, equities analysts expect that EastGroup Properties, Inc. will post 8.35 EPS for the current year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $1.40 per share. The ex-dividend date is Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.49%. EastGroup Properties's dividend payout ratio is presently 115.70%.

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.