Fmr LLC Boosts Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

FMR LLC grew its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 67.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,558,083 shares of the real estate investment trust's stock after acquiring an additional 629,827 shares during the quarter. FMR LLC owned about 3.15% of EastGroup Properties worth $291,081,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of Montreal Can increased its stake in EastGroup Properties by 11.9% in the third quarter. Bank of Montreal Can now owns 13,061 shares of the real estate investment trust's stock worth $2,451,000 after purchasing an additional 1,392 shares during the period. Vision Capital Corp purchased a new position in EastGroup Properties in the 3rd quarter worth about $18,308,000. Harvest Fund Management Co. Ltd bought a new stake in EastGroup Properties during the 3rd quarter valued at about $228,000. Cerity Partners LLC lifted its holdings in EastGroup Properties by 35.6% during the 3rd quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust's stock valued at $2,545,000 after buying an additional 3,574 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in EastGroup Properties by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 639,800 shares of the real estate investment trust's stock valued at $119,527,000 after buying an additional 22,328 shares during the period. Hedge funds and other institutional investors own 92.14% of the company's stock.

Analyst Upgrades and Downgrades

EGP has been the topic of a number of research reports. Barclays reduced their target price on shares of EastGroup Properties from $198.00 to $193.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 10th. Mizuho upgraded EastGroup Properties from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Truist Financial lowered their target price on EastGroup Properties from $190.00 to $186.00 and set a "hold" rating for the company in a report on Wednesday, November 13th. StockNews.com downgraded EastGroup Properties from a "hold" rating to a "sell" rating in a report on Monday, October 28th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $186.00 price objective on shares of EastGroup Properties in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $191.21.

EastGroup Properties Stock Performance

NYSE:EGP traded down $0.93 during midday trading on Monday, hitting $171.28. The company's stock had a trading volume of 48,491 shares, compared to its average volume of 301,776. 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, Inc. has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. The firm's 50 day moving average is $177.48 and its 200-day moving average is $177.37. The firm has a market cap of $8.48 billion, a P/E ratio of 35.58, a P/E/G ratio of 2.24 and a beta of 1.00.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The business had revenue of $162.88 million for the quarter, compared to analysts' expectations of $161.52 million. During the same period last year, the business earned $1.95 EPS. The company's revenue for the quarter was up 11.2% on a year-over-year basis. Equities analysts anticipate that EastGroup Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

EastGroup Properties Company 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.