Bank of America Corp DE Makes New $94.50 Million Investment in EastGroup Properties, Inc. $EGP

Key Points

• Bank of America acquired 466,624 shares of EastGroup Properties during the second quarter, a stake worth approximately $94.5 million and equal to 0.87% of the REIT. Institutional investors and hedge funds collectively own 92.14% of the company.
• EastGroup reported quarterly EPS of $1.40, exceeding the $1.31 analyst consensus, while revenue increased 9% year over year to $193.33 million. The company issued fiscal 2026 EPS guidance of $9.52–$9.66.
• EastGroup raised its quarterly dividend to $1.75 per share, or $7.00 annually, representing a 3.5% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $221.47, versus a recent share price of $202.06.

Bank of America Corp DE acquired a new stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 466,624 shares of the real estate investment trust's stock, valued at approximately $94,505,000. Bank of America Corp DE owned approximately 0.87% of EastGroup Properties at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Magnolia Capital Advisors LLC acquired a new stake in shares of EastGroup Properties during the 2nd quarter worth approximately $3,858,000. Jupiter Topco LLC acquired a new stake in shares of EastGroup Properties during the second quarter worth $8,796,000. Hsbc Holdings PLC acquired a new stake in shares of EastGroup Properties during the second quarter worth $31,391,000. Palisade Capital Management LP bought a new stake in EastGroup Properties in the second quarter valued at about $16,667,000. Finally, Legal & General Group Plc bought a new stake in EastGroup Properties in the second quarter valued at about $62,075,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

NYSE:EGP opened at $202.06 on Friday. EastGroup Properties, Inc. has a 12-month low of $164.26 and a 12-month high of $226.71. The firm has a market capitalization of $10.86 billion, a price-to-earnings ratio of 35.45, a P/E/G ratio of 2.94 and a beta of 1.01. The stock's 50 day moving average price is $204.93 and its two-hundred day moving average price is $200.61. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.45.

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

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $1.75 per share. The ex-dividend date is Wednesday, September 30th. This represents a $7.00 annualized dividend and a dividend yield of 3.5%. This is an increase from EastGroup Properties's previous quarterly dividend of $1.55. EastGroup Properties's dividend payout ratio is currently 108.77%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Royal Bank Of Canada raised their target price on EastGroup Properties from $208.00 to $220.00 and gave the stock a "sector perform" rating in a report on Monday, August 3rd. Barclays increased 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. Raymond James Financial started coverage on shares of EastGroup Properties in a research note on Wednesday, June 17th. They set an "outperform" rating and a $241.00 price objective on the stock. Weiss Ratings cut shares of EastGroup Properties from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, September 9th. Finally, Truist Financial boosted their price target 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 investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $221.47.

About EastGroup Properties

EastGroup Properties, Inc NYSE: EGP is a real estate investment trust that owns, develops, acquires and operates industrial properties. The company focuses primarily on business distribution space, including functional warehouse and light industrial facilities designed to support local and regional distribution, manufacturing and service businesses.

EastGroup concentrates its portfolio in major Sun Belt markets, with a presence in states including Arizona, California, Florida, Georgia, Nevada, North Carolina, Oklahoma, Tennessee and Texas.

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