SeaCrest Wealth Management LLC Takes Position in Eastgroup Properties Inc (NYSE:EGP)

SeaCrest Wealth Management LLC purchased a new stake in shares of Eastgroup Properties Inc (NYSE:EGP) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,684 shares of the real estate investment trust’s stock, valued at approximately $211,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its position in Eastgroup Properties by 0.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,979,616 shares of the real estate investment trust’s stock valued at $345,576,000 after purchasing an additional 18,209 shares during the last quarter. Nuveen Asset Management LLC purchased a new position in shares of Eastgroup Properties during the 2nd quarter worth approximately $106,211,000. Silvercrest Asset Management Group LLC grew its holdings in shares of Eastgroup Properties by 0.3% during the 2nd quarter. Silvercrest Asset Management Group LLC now owns 795,368 shares of the real estate investment trust’s stock worth $92,247,000 after acquiring an additional 2,678 shares during the period. Northern Trust Corp grew its holdings in shares of Eastgroup Properties by 18.1% during the 2nd quarter. Northern Trust Corp now owns 729,681 shares of the real estate investment trust’s stock worth $84,628,000 after acquiring an additional 112,046 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Eastgroup Properties by 3.2% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 553,644 shares of the real estate investment trust’s stock worth $64,212,000 after acquiring an additional 17,083 shares during the period. 90.75% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have weighed in on EGP shares. Morgan Stanley upped their price target on Eastgroup Properties from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Citigroup upped their price target on Eastgroup Properties from $109.00 to $129.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. ValuEngine downgraded Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. SunTrust Banks upped their price target on Eastgroup Properties from $105.00 to $115.00 and gave the stock a “hold” rating in a research note on Tuesday, August 13th. Finally, Zacks Investment Research upgraded Eastgroup Properties from a “hold” rating to a “buy” rating and set a $134.00 price target on the stock in a research note on Monday, August 5th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $119.65.

EGP stock traded up $0.41 during midday trading on Friday, hitting $127.96. The company’s stock had a trading volume of 101,259 shares, compared to its average volume of 200,764. The company has a market cap of $4.79 billion, a PE ratio of 27.40, a P/E/G ratio of 5.31 and a beta of 0.77. Eastgroup Properties Inc has a 12 month low of $87.69 and a 12 month high of $128.30. The firm’s 50-day moving average is $125.62 and its 200-day moving average is $118.44.

The firm also recently disclosed a 0.72000 dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.75 dividend. The ex-dividend date was Friday, September 27th. This represents a yield of 2.4%. Eastgroup Properties’s dividend payout ratio (DPR) is presently 64.24%.

In other news, insider Brent Wood sold 3,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $122.56, for a total transaction of $398,320.00. Following the transaction, the insider now directly owns 93,248 shares of the company’s stock, valued at approximately $11,428,474.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director H C. Bailey, Jr. sold 490 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $124.48, for a total value of $60,995.20. Following the transaction, the director now directly owns 3,803 shares in the company, valued at $473,397.44. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Eastgroup Properties Profile

EastGroup Properties, Inc 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.

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Institutional Ownership by Quarter for Eastgroup Properties (NYSE:EGP)

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