Bank of New York Mellon Corp Purchases New Stake in EastGroup Properties, Inc. $EGP

Key Points

• Bank of New York Mellon acquired 460,584 EastGroup Properties shares in the second quarter, worth approximately $93.3 million, giving it a 0.86% stake. Institutional investors collectively own 92.14% of the REIT.
• EastGroup reported quarterly EPS of $1.40, beating estimates of $1.31, while revenue rose 9% year over year to $193.33 million. The company issued fiscal 2026 EPS guidance of $9.52–$9.66.
• Analysts maintain a favorable view, with a consensus rating of “Moderate Buy” and an average price target of $221.11, compared with the stock’s recent opening price of $202.40.

Bank of New York Mellon Corp purchased a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 460,584 shares of the real estate investment trust's stock, valued at approximately $93,282,000. Bank of New York Mellon Corp owned approximately 0.86% of EastGroup Properties at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Cbre Investment Management Listed Real Assets LLC raised its position in EastGroup Properties by 5.1% in the 4th 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. Corient Private Wealth LLC boosted its holdings in EastGroup Properties by 22.1% during the 4th quarter. Corient Private Wealth LLC now owns 29,516 shares of the real estate investment trust's stock worth $5,260,000 after acquiring an additional 5,341 shares during the last quarter. California State Teachers Retirement System grew its stake in shares of EastGroup Properties by 22.7% in the 1st quarter. California State Teachers Retirement System now owns 62,095 shares of the real estate investment trust's stock worth $11,493,000 after acquiring an additional 11,504 shares in the last quarter. Heartland Advisors Inc. raised its holdings in shares of EastGroup Properties by 13.7% in the fourth quarter. Heartland Advisors Inc. now owns 42,705 shares of the real estate investment trust's stock valued at $7,607,000 after purchasing an additional 5,160 shares during the last quarter. Finally, SummitTX Capital L.P. raised its holdings in shares of EastGroup Properties by 28.3% in the first quarter. SummitTX Capital L.P. now owns 21,577 shares of the real estate investment trust's stock valued at $3,994,000 after purchasing an additional 4,758 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company's stock.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock opened at $202.40 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.16 and a current ratio of 0.16. EastGroup Properties, Inc. has a 52-week low of $163.10 and a 52-week high of $226.71. The company has a fifty day moving average of $207.58 and a 200-day moving average of $199.55. The stock has a market capitalization of $10.88 billion, a price-to-earnings ratio of 35.51, a price-to-earnings-growth ratio of 2.93 and a beta of 1.02.

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

Insiders Place Their Bets

In other EastGroup Properties news, Director David Michael Fields sold 504 shares of the business's stock in a transaction that occurred 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 completion of the sale, 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 SEC, which can be accessed through this hyperlink. Insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on EGP shares. JPMorgan Chase & Co. upped their target price on EastGroup Properties from $210.00 to $231.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Truist Financial raised their target price on EastGroup Properties from $215.00 to $230.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of EastGroup Properties in a report on Tuesday, July 21st. Morgan Stanley increased 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. Finally, Barclays increased their target price on EastGroup Properties from $210.00 to $228.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $221.11.

EastGroup Properties Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source