Commonwealth of Pennsylvania Public School Empls Retrmt SYS Acquires 6,717 Shares of EastGroup Properties, Inc. $EGP

Key Points

• Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its EastGroup Properties stake by 21.9% in Q1, buying 6,717 additional shares and bringing its holdings to 37,413 shares valued at about $6.9 million.
• EastGroup Properties reported stronger-than-expected quarterly earnings, posting $1.77 per share versus the $1.27 estimate, while revenue rose 9.1% year over year to $190.26 million.
• The company announced a quarterly dividend of $1.55 per share, payable July 15, which annualizes to $6.20 per share and implies a 2.9% yield.

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 21.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 37,413 shares of the real estate investment trust's stock after purchasing an additional 6,717 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned about 0.07% of EastGroup Properties worth $6,925,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp increased its holdings in EastGroup Properties by 3.9% during the first quarter. Fifth Third Bancorp now owns 2,612 shares of the real estate investment trust's stock valued at $483,000 after buying an additional 99 shares during the period. Hsbc Holdings PLC raised its stake in EastGroup Properties by 20.2% in the first quarter. Hsbc Holdings PLC now owns 156,264 shares of the real estate investment trust's stock worth $28,923,000 after buying an additional 26,231 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in EastGroup Properties by 3.2% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 59,774 shares of the real estate investment trust's stock worth $11,064,000 after buying an additional 1,881 shares during the period. Resona Asset Management Co. Ltd. lifted its holdings in EastGroup Properties by 5.7% during the first quarter. Resona Asset Management Co. Ltd. now owns 23,611 shares of the real estate investment trust's stock worth $4,335,000 after buying an additional 1,276 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its position in EastGroup Properties by 2.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,910 shares of the real estate investment trust's stock valued at $2,019,000 after acquiring an additional 300 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other EastGroup Properties news, Director David Michael Fields sold 504 shares of the company'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 transaction, the director owned 3,531 shares in the company, valued at approximately $691,263.87. This represents a 12.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company's stock.

EastGroup Properties Trading Up 0.2%

EastGroup Properties stock opened at $211.48 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.19 and a current ratio of 0.19. The stock has a market cap of $11.37 billion, a PE ratio of 38.45, a price-to-earnings-growth ratio of 3.17 and a beta of 1.03. The stock has a 50-day moving average of $204.24 and a two-hundred day moving average of $194.20. EastGroup Properties, Inc. has a one year low of $159.37 and a one year high of $216.98.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share for the quarter, topping analysts' consensus estimates of $1.27 by $0.50. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.The business had revenue of $190.26 million for the quarter, compared to analyst estimates of $193.84 million. During the same quarter in the previous year, the firm earned $2.15 earnings per share. The company's revenue was up 9.1% on a year-over-year basis. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. On average, research analysts anticipate that EastGroup Properties, Inc. will post 9.59 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, June 30th. EastGroup Properties's payout ratio is currently 112.73%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Robert W. Baird boosted their price target on EastGroup Properties from $208.00 to $210.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 28th. Truist Financial raised their price objective on EastGroup Properties from $205.00 to $215.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. Wells Fargo & Company lifted their target price on EastGroup Properties from $213.00 to $221.00 and gave the company an "overweight" rating in a research note on Monday, June 1st. Weiss Ratings upgraded shares of EastGroup Properties from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, April 24th. Finally, Morgan Stanley increased their price target on shares of EastGroup Properties from $215.00 to $231.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 27th. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, EastGroup Properties has a consensus rating of "Moderate Buy" and an average price target of $212.18.

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.

Want to see what other hedge funds are holding EGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for EastGroup Properties, Inc. (NYSE:EGP - Free Report).

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.