The Manufacturers Life Insurance Company Reduces Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

The Manufacturers Life Insurance Company trimmed its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 8.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 273,839 shares of the real estate investment trust's stock after selling 23,968 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.55% of EastGroup Properties worth $51,159,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of Montreal Can grew its holdings in shares of EastGroup Properties by 11.9% during 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 last quarter. Vision Capital Corp acquired a new stake in shares of EastGroup Properties in the 3rd quarter valued at about $18,308,000. Harvest Fund Management Co. Ltd purchased a new position in EastGroup Properties during the 3rd quarter worth approximately $228,000. Cerity Partners LLC grew its stake 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 worth $2,545,000 after buying an additional 3,574 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in EastGroup Properties by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 639,800 shares of the real estate investment trust's stock worth $119,527,000 after buying an additional 22,328 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on EGP. Truist Financial lowered their target price on shares of EastGroup Properties from $190.00 to $186.00 and set a "hold" rating on the stock in a research report on Wednesday, November 13th. StockNews.com downgraded shares of EastGroup Properties from a "hold" rating to a "sell" rating in a research report on Monday, October 28th. Wedbush reaffirmed an "outperform" rating and issued a $209.00 target price on shares of EastGroup Properties in a report on Friday, October 25th. Wells Fargo & Company lowered their price target on EastGroup Properties from $214.00 to $199.00 and set an "overweight" rating on the stock in a report on Monday, November 4th. Finally, Evercore ISI upped their price objective on EastGroup Properties from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, October 7th. One equities research 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.com, the company presently has a consensus rating of "Hold" and a consensus price target of $191.21.

EastGroup Properties Price Performance

Shares of EGP traded down $1.63 during mid-day trading on Friday, hitting $172.21. The company's stock had a trading volume of 156,194 shares, compared to its average volume of 302,878. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties, Inc. has a 1-year low of $155.23 and a 1-year high of $192.61. The firm has a market capitalization of $8.53 billion, a P/E ratio of 35.92, a P/E/G ratio of 2.26 and a beta of 1.00. The firm has a 50-day simple moving average of $177.77 and a 200 day simple moving average of $177.15.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.10 by ($0.97). The business had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. EastGroup Properties's revenue was up 11.2% compared to the same quarter last year. During the same period last year, the business posted $1.95 EPS. Analysts predict that EastGroup Properties, Inc. will post 8.36 EPS 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.