Verition Fund Management LLC Reduces Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Verition Fund Management LLC decreased its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 42.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,565 shares of the real estate investment trust's stock after selling 43,565 shares during the period. Verition Fund Management LLC owned about 0.12% of EastGroup Properties worth $10,941,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atria Investments Inc grew its stake in shares of EastGroup Properties by 48.9% during the 1st quarter. Atria Investments Inc now owns 11,389 shares of the real estate investment trust's stock valued at $2,047,000 after purchasing an additional 3,740 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in EastGroup Properties by 30.1% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 280,759 shares of the real estate investment trust's stock valued at $47,757,000 after buying an additional 64,984 shares during the last quarter. Ausbil Investment Management Ltd raised its position in EastGroup Properties by 261.6% in the third quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust's stock worth $1,259,000 after acquiring an additional 4,874 shares during the period. SG Americas Securities LLC boosted its stake in shares of EastGroup Properties by 808.7% during the 2nd quarter. SG Americas Securities LLC now owns 23,789 shares of the real estate investment trust's stock worth $4,047,000 after acquiring an additional 21,171 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of EastGroup Properties during the 3rd quarter worth $1,223,000. Hedge funds and other institutional investors own 92.14% of the company's stock.

EastGroup Properties Price Performance

Shares of EGP stock traded down $1.63 during trading hours on Friday, hitting $172.21. The stock had a trading volume of 156,195 shares, compared to its average volume of 337,167. 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 stock has a market capitalization of $8.53 billion, a price-to-earnings ratio of 35.58, a PEG ratio of 2.24 and a beta of 1.00. EastGroup Properties, Inc. has a one year low of $155.23 and a one year high of $192.61. The stock's 50-day moving average price is $177.48 and its two-hundred day moving average price is $177.30.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings data 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 return on equity of 8.56% and a net margin of 37.19%. The firm had revenue of $162.88 million during the quarter, compared to the consensus estimate of $161.52 million. During the same period in the previous year, the firm earned $1.95 EPS. The business's revenue was up 11.2% compared to the same quarter last year. Equities analysts forecast that EastGroup Properties, Inc. will post 8.36 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently commented on EGP. Evercore ISI upped their price objective on EastGroup Properties from $204.00 to $205.00 and gave the stock an "outperform" rating in a research note on Monday, October 7th. Truist Financial decreased their price objective on EastGroup Properties from $190.00 to $186.00 and set a "hold" rating on the stock in a research note on Wednesday, November 13th. Wells Fargo & Company lowered their price objective on EastGroup Properties from $214.00 to $199.00 and set an "overweight" rating on the stock in a research report on Monday, November 4th. Wedbush restated an "outperform" rating and set a $209.00 target price on shares of EastGroup Properties in a research note on Friday, October 25th. Finally, Barclays dropped their price target on shares of 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. 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $191.21.

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.