Bank of New York Mellon Corp Has $86.69 Million Stock Position in EastGroup Properties, Inc. $EGP

Key Points

• Bank of New York Mellon trimmed its EastGroup Properties stake by 1.4% in the first quarter but still held 468,366 shares valued at about $86.69 million.
• Several analysts raised price targets on EGP, including Barclays to $228 and Piper Sandler to $268, with the stock carrying a consensus rating of Moderate Buy.
• EastGroup Properties reported Q1 EPS of $1.77, beating estimates, and also paid a quarterly dividend of $1.55 per share, equal to a 2.8% yield.

Bank of New York Mellon Corp lowered its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 1.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund 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 owned approximately 0.87% of EastGroup Properties worth $86,690,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EGP. Jones Financial Companies Lllp increased its holdings in shares of EastGroup Properties by 18,900.0% in the first quarter. Jones Financial Companies Lllp now owns 950 shares of the real estate investment trust's stock valued at $167,000 after purchasing an additional 945 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in EastGroup Properties by 28.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 190,144 shares of the real estate investment trust's stock valued at $33,494,000 after buying an additional 41,538 shares during the last quarter. Jane Street Group LLC boosted its position in EastGroup Properties by 309.8% in the 1st quarter. Jane Street Group LLC now owns 15,878 shares of the real estate investment trust's stock valued at $2,797,000 after buying an additional 12,003 shares during the last quarter. Focus Partners Wealth increased its stake in shares of EastGroup Properties by 2.2% in the 1st quarter. Focus Partners Wealth now owns 6,103 shares of the real estate investment trust's stock valued at $1,075,000 after buying an additional 130 shares during the period. Finally, Cetera Investment Advisers increased its stake in shares of EastGroup Properties by 1.9% in the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust's stock valued at $613,000 after buying an additional 68 shares during the period. Institutional investors and hedge funds own 92.14% of the company's stock.

Insider Transactions at EastGroup Properties

In related news, Director David Michael Fields sold 504 shares of the business'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 transaction, the director 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EGP. Barclays upped their price target on EastGroup Properties from $210.00 to $228.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Evercore set a $195.00 price objective on EastGroup Properties in a research report on Friday, April 24th. Cantor Fitzgerald reissued an "overweight" rating and set a $217.00 price objective on shares of EastGroup Properties in a report on Monday, April 27th. Robert W. Baird upped their target price on shares of EastGroup Properties from $208.00 to $210.00 and gave the company an "outperform" rating in a research report on Tuesday, April 28th. Finally, Piper Sandler raised their target price on shares of EastGroup Properties from $240.00 to $268.00 and gave the company an "overweight" rating in a research note on Tuesday. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, EastGroup Properties has an average rating of "Moderate Buy" and a consensus price target of $215.17.

EastGroup Properties Trading Up 0.1%

NYSE:EGP opened at $221.34 on Wednesday. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.45. EastGroup Properties, Inc. has a 1-year low of $159.37 and a 1-year high of $226.71. The firm has a market capitalization of $11.90 billion, a price-to-earnings ratio of 40.24, a PEG ratio of 3.32 and a beta of 1.03. The business's 50-day moving average price is $205.87 and its two-hundred day moving average price is $195.60.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.50. The company had revenue of $190.26 million during the quarter, compared to analyst estimates of $193.84 million. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.The company's revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.15 EPS. On average, equities analysts expect that EastGroup Properties, Inc. will post 9.59 earnings per share for the current year.

EastGroup Properties Announces Dividend

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

EastGroup Properties Profile

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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