Waterfront Capital Partners LLC Sells 214,584 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Waterfront Capital Partners LLC cut its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 79.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 55,069 shares of the real estate investment trust's stock after selling 214,584 shares during the quarter. EastGroup Properties accounts for 1.4% of Waterfront Capital Partners LLC's portfolio, making the stock its 24th largest position. Waterfront Capital Partners LLC owned about 0.11% of EastGroup Properties worth $10,288,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Gradient Investments LLC bought a new position in EastGroup Properties during the second quarter valued at about $32,000. V Square Quantitative Management LLC grew its stake in shares of 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 worth $35,000 after purchasing an additional 61 shares during the last quarter. Quest Partners LLC raised 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 purchasing an additional 208 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in EastGroup Properties by 30.2% during the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust's stock valued at $62,000 after purchasing an additional 80 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in EastGroup Properties during the second quarter worth approximately $66,000. Institutional investors own 92.14% of the company's stock.

EastGroup Properties Stock Down 0.9 %

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

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 EPS for the quarter, missing analysts' consensus estimates of $2.10 by ($0.97). The firm had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The company's quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.95 EPS. On average, equities analysts expect that EastGroup Properties, Inc. will post 8.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

EGP has been the subject of several research reports. Truist Financial reduced their price objective on EastGroup Properties from $190.00 to $186.00 and set a "hold" rating for the company in a research note on Wednesday, November 13th. Barclays cut their price objective on EastGroup Properties from $198.00 to $193.00 and set an "equal weight" rating on the stock in a report on Thursday, October 10th. Wedbush reissued an "outperform" rating and issued a $209.00 target price on shares of EastGroup Properties in a research report on Friday, October 25th. Evercore ISI upped their price target on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an "outperform" rating in a research report on Monday, October 7th. Finally, Wells Fargo & Company cut 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 note on Monday, November 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target 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.