Bank of New York Mellon Corp Raises Position in EastGroup Properties, Inc. $EGP

Bank of New York Mellon Corp grew its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 7.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 474,800 shares of the real estate investment trust's stock after purchasing an additional 33,521 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.89% of EastGroup Properties worth $84,581,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Westpac Banking Corp lifted its stake in shares of EastGroup Properties by 14.7% during the 4th quarter. Westpac Banking Corp now owns 13,916 shares of the real estate investment trust's stock worth $2,479,000 after purchasing an additional 1,780 shares during the period. Bridges Investment Management Inc. raised its position in shares of EastGroup Properties by 7.4% in the 4th quarter. Bridges Investment Management Inc. now owns 10,826 shares of the real estate investment trust's stock worth $1,929,000 after buying an additional 749 shares during the period. Allen Investment Management LLC purchased a new position in shares of EastGroup Properties in the 4th quarter worth $592,000. Cbre Investment Management Listed Real Assets LLC raised its position in shares of 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 worth $126,677,000 after buying an additional 34,515 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its position in shares of EastGroup Properties by 3.4% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 82,079 shares of the real estate investment trust's stock worth $14,622,000 after buying an additional 2,670 shares during the period. Hedge funds and other institutional investors own 92.14% of the company's stock.

EastGroup Properties Trading Down 0.4%

Shares of NYSE EGP opened at $197.36 on Tuesday. The stock's 50 day moving average price is $198.35 and its two-hundred day moving average price is $189.55. EastGroup Properties, Inc. has a 52-week low of $159.37 and a 52-week high of $207.72. The stock has a market capitalization of $10.61 billion, a P/E ratio of 35.88, a PEG ratio of 2.98 and a beta of 1.04. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.45.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.50. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.The firm had revenue of $190.26 million for the quarter, compared to analysts' expectations of $193.84 million. During the same quarter in the prior year, the firm posted $2.15 earnings per share. EastGroup Properties's revenue for the quarter was up 9.1% compared to the same quarter last year. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. On average, analysts anticipate that EastGroup Properties, Inc. will post 9.57 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $6.20 dividend on an annualized basis and a yield of 3.1%. EastGroup Properties's dividend payout ratio (DPR) is currently 112.73%.

Insider Transactions at EastGroup Properties

In other EastGroup Properties news, Director David Michael Fields sold 504 shares of the firm's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $195.77, for a total value of $98,668.08. Following the transaction, 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 SEC, which is available at this link. 1.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on EGP shares. Truist Financial increased their target price on EastGroup Properties from $205.00 to $215.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Evercore set a $195.00 target price on EastGroup Properties in a research report on Friday, April 24th. Wall Street Zen raised EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Saturday, March 7th. Weiss Ratings raised EastGroup Properties from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, April 24th. Finally, Robert W. Baird raised their price objective on EastGroup Properties from $208.00 to $210.00 and gave the company an "outperform" rating in a research report on Tuesday, April 28th. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $208.07.

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.

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