Bank of New York Mellon Corp Sells 6,434 Shares of EastGroup Properties, Inc. $EGP

Bank of New York Mellon Corp lowered its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 1.4% during the first quarter, HoldingsChannel reports. The firm owned 468,366 shares of the real estate investment trust’s stock after selling 6,434 shares during the quarter. Bank of New York Mellon Corp’s holdings in EastGroup Properties were worth $86,690,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of EGP. Norges Bank acquired a new stake in EastGroup Properties during the 4th quarter worth approximately $281,054,000. Principal Financial Group Inc. increased its position in shares of EastGroup Properties by 16.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,303,804 shares of the real estate investment trust’s stock worth $410,404,000 after acquiring an additional 318,261 shares in the last quarter. Alyeska Investment Group L.P. increased its position in shares of EastGroup Properties by 98.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 566,295 shares of the real estate investment trust’s stock worth $100,880,000 after acquiring an additional 280,819 shares in the last quarter. Cohen & Steers Inc. raised its holdings in shares of EastGroup Properties by 7.0% during the fourth quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust’s stock worth $545,746,000 after acquiring an additional 200,617 shares during the period. Finally, Corient Private Wealth LLC raised its holdings in shares of EastGroup Properties by 623.9% during the fourth quarter. Corient Private Wealth LLC now owns 174,997 shares of the real estate investment trust’s stock worth $31,174,000 after acquiring an additional 150,822 shares during the period. Institutional investors own 92.14% of the company’s stock.

Insider Buying and Selling at EastGroup Properties

In related news, Director David Michael Fields sold 504 shares of the business’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $195.77, for a total transaction of $98,668.08. Following the transaction, the director directly owned 3,531 shares in the company, valued at approximately $691,263.87. The trade was a 12.49% decrease in their ownership of the stock. The sale 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.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on EGP. Barclays upped their target price on shares of EastGroup Properties from $210.00 to $228.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Truist Financial boosted their price target on EastGroup Properties from $205.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $217.00 price objective on shares of EastGroup Properties in a research report on Monday, April 27th. Morgan Stanley increased their price objective on EastGroup Properties from $215.00 to $231.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 27th. Finally, Wells Fargo & Company lifted their target price on EastGroup Properties from $213.00 to $221.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Twelve research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $215.17.

EastGroup Properties Stock Performance

EGP opened at $221.34 on Wednesday. The business’s 50-day simple moving average is $205.87 and its 200 day simple moving average is $195.60. EastGroup Properties, Inc. has a 52-week low of $159.37 and a 52-week high of $226.71. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.19 and a current ratio of 0.19. The firm has a market capitalization of $11.90 billion, a PE ratio of 40.24, a PEG ratio of 3.32 and a beta of 1.03.

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 for the quarter, beating analysts’ consensus estimates of $1.27 by $0.50. The firm had revenue of $190.26 million during the quarter, compared to the consensus estimate of $193.84 million. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.The business’s revenue was up 9.1% compared to the same quarter last year. During the same period last year, the company earned $2.15 earnings per share. As a group, sell-side analysts expect that EastGroup Properties, Inc. will post 9.59 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $1.55 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $6.20 annualized dividend and a dividend yield of 2.8%. EastGroup Properties’s dividend payout ratio (DPR) is currently 112.73%.

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.