EastGroup Properties, Inc. $EGP Holdings Boosted by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 7.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 474,800 shares of the real estate investment trust’s stock after acquiring an additional 33,521 shares during the period. Bank of New York Mellon Corp’s holdings in EastGroup Properties were worth $84,581,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. Westpac Banking Corp lifted its holdings in EastGroup Properties by 14.7% in the fourth quarter. Westpac Banking Corp now owns 13,916 shares of the real estate investment trust’s stock worth $2,479,000 after acquiring an additional 1,780 shares during the last quarter. Bridges Investment Management Inc. lifted its holdings in EastGroup Properties by 7.4% in the fourth quarter. Bridges Investment Management Inc. now owns 10,826 shares of the real estate investment trust’s stock worth $1,929,000 after acquiring an additional 749 shares during the last quarter. Allen Investment Management LLC bought a new stake in shares of EastGroup Properties during the fourth quarter valued at approximately $592,000. Cbre Investment Management Listed Real Assets LLC raised its holdings in shares of EastGroup Properties by 5.1% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 711,109 shares of the real estate investment trust’s stock valued at $126,677,000 after buying an additional 34,515 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its holdings in shares of EastGroup Properties by 3.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 82,079 shares of the real estate investment trust’s stock valued at $14,622,000 after buying an additional 2,670 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

Insider Activity

In other EastGroup Properties news, Director David Michael Fields sold 504 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $195.77, for a total value of $98,668.08. Following the transaction, the director owned 3,531 shares of the company’s stock, valued at approximately $691,263.87. This represents a 12.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

EastGroup Properties Price Performance

NYSE EGP opened at $197.36 on Tuesday. The stock has a market capitalization of $10.61 billion, a P/E ratio of 35.88, a P/E/G ratio of 2.98 and a beta of 1.04. EastGroup Properties, Inc. has a 1 year low of $159.37 and a 1 year high of $207.72. The business’s fifty day moving average is $198.35 and its two-hundred day moving average is $189.55. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.19 and a current ratio of 0.19.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.50. The company had revenue of $190.26 million for the quarter, compared to analysts’ expectations of $193.84 million. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.The firm’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.15 earnings per share. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. On average, research analysts forecast that EastGroup Properties, Inc. will post 9.57 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $6.20 annualized dividend and a dividend yield of 3.1%. EastGroup Properties’s dividend payout ratio is currently 112.73%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on EGP shares. Robert W. Baird lifted their price target on EastGroup Properties from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $217.00 price target on shares of EastGroup Properties in a report on Monday, April 27th. Weiss Ratings raised EastGroup Properties from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, April 24th. Wall Street Zen raised EastGroup Properties from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Finally, KeyCorp lifted their price target on EastGroup Properties from $205.00 to $210.00 and gave the company an “overweight” rating in a report on Wednesday, April 29th. Ten analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $208.07.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.