Bank of America Corp DE Buys 15,722 Shares of EastGroup Properties, Inc. $EGP

Key Points

• Bank of America increased its EastGroup Properties stake by 3.8%, purchasing 15,722 additional shares to own 431,278 shares valued at approximately $79.8 million. Institutional investors collectively own 92.14% of EGP.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $221.11. Several firms recently raised their targets to between $221 and $231.
• EastGroup reported quarterly EPS of $1.40, beating expectations of $1.31, while revenue rose 9% year over year to $193.33 million. The REIT also maintains a quarterly dividend of $1.55 per share, equivalent to a 3.1% annualized yield.

Bank of America Corp DE boosted its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 3.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 431,278 shares of the real estate investment trust's stock after buying an additional 15,722 shares during the period. Bank of America Corp DE owned 0.80% of EastGroup Properties worth $79,825,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. State of Wyoming bought a new stake in shares of EastGroup Properties during the second quarter valued at approximately $27,000. Glen Eagle Advisors LLC raised its holdings in EastGroup Properties by 96.3% in the first quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust's stock worth $39,000 after purchasing an additional 104 shares in the last quarter. Parallel Advisors LLC raised its holdings in EastGroup Properties by 53.5% in the third quarter. Parallel Advisors LLC now owns 244 shares of the real estate investment trust's stock worth $41,000 after purchasing an additional 85 shares in the last quarter. Avalon Trust Co purchased a new position in EastGroup Properties during the first quarter valued at $46,000. Finally, Clearstead Advisors LLC lifted its position in EastGroup Properties by 114.9% during the fourth quarter. Clearstead Advisors LLC now owns 260 shares of the real estate investment trust's stock valued at $46,000 after buying an additional 139 shares during the period. 92.14% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on EGP shares. Morgan Stanley upped their target price on shares of EastGroup Properties from $215.00 to $231.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 27th. Barclays lifted their price target on shares of EastGroup Properties from $210.00 to $228.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Robert W. Baird set a $221.00 price objective on shares of EastGroup Properties in a report on Friday, July 31st. Wells Fargo & Company raised their target price on shares of EastGroup Properties from $213.00 to $221.00 and gave the company an "overweight" rating in a research note on Monday, June 1st. Finally, Truist Financial lifted their target price on shares of EastGroup Properties from $215.00 to $230.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $221.11.

Insider Activity at EastGroup Properties

In related news, Director David Michael Fields sold 504 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director owned 3,531 shares of the company's stock, valued at $691,263.87. This trade represents a 12.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is currently owned by insiders.

EastGroup Properties Price Performance

EGP opened at $202.58 on Monday. The stock has a 50-day moving average price of $207.01 and a 200-day moving average price of $197.86. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.16 and a quick ratio of 0.16. The firm has a market cap of $10.89 billion, a PE ratio of 35.54, a P/E/G ratio of 3.04 and a beta of 1.02. EastGroup Properties, Inc. has a 1 year low of $159.37 and a 1 year high of $226.71.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The real estate investment trust reported $1.40 EPS for the quarter, beating the consensus estimate of $1.31 by $0.09. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%. The company had revenue of $193.33 million for the quarter, compared to the consensus estimate of $193.61 million. During the same period in the prior year, the firm posted $2.21 EPS. EastGroup Properties's revenue for the quarter was up 9.0% on a year-over-year basis. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. Sell-side analysts predict that EastGroup Properties, Inc. will post 9.6 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $1.55 per share. The ex-dividend date was Tuesday, June 30th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.1%. EastGroup Properties's dividend payout ratio is presently 108.77%.

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.

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