Victory Capital Management Inc. Decreases Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Victory Capital Management Inc. reduced its position in EastGroup Properties, Inc. (NYSE:EGP) by 4.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 9,335 shares of the real estate investment trust’s stock after selling 444 shares during the period. Victory Capital Management Inc.’s holdings in EastGroup Properties were worth $1,744,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Ceredex Value Advisors LLC purchased a new position in shares of EastGroup Properties during the 2nd quarter valued at about $35,131,000. Boston Partners lifted its holdings in EastGroup Properties by 26.1% in the first quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock valued at $171,399,000 after acquiring an additional 197,427 shares during the period. Zimmer Partners LP boosted its position in EastGroup Properties by 465.6% in the 1st quarter. Zimmer Partners LP now owns 200,558 shares of the real estate investment trust’s stock worth $36,054,000 after purchasing an additional 165,100 shares in the last quarter. Millennium Management LLC grew its stake in shares of EastGroup Properties by 202.1% during the 2nd quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock worth $32,036,000 after purchasing an additional 125,991 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of EastGroup Properties by 7.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock valued at $175,359,000 after purchasing an additional 71,614 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $171.98 on Monday. 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 business has a 50 day simple moving average of $179.14 and a 200-day simple moving average of $177.08. EastGroup Properties, Inc. has a 12 month low of $155.23 and a 12 month high of $192.61. The stock has a market capitalization of $8.51 billion, a PE ratio of 35.53, a price-to-earnings-growth ratio of 2.20 and a beta of 1.00.

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

Analyst Ratings Changes

EGP has been the topic of a number of research analyst reports. Evercore ISI lifted their price target on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Morgan Stanley upped their price target on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. KeyCorp upped their target price on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Finally, Wells Fargo & Company lowered their price target on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $191.21.

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.