EastGroup Properties, Inc. $EGP Shares Acquired by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC increased its stake in EastGroup Properties by 20.2% in the first quarter, adding 26,231 shares to bring its total holdings to 156,264 shares worth about $28.9 million.
• EastGroup posted solid quarterly results, with earnings of $1.77 per share beating analyst estimates, while revenue rose 9.1% year over year to $190.26 million.
• The company continues to reward shareholders with a quarterly dividend of $1.55 per share, equal to an annualized yield of 2.8%, even as analysts maintain a generally bullish outlook with a consensus “Moderate Buy” rating.

Hsbc Holdings PLC lifted its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 20.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 156,264 shares of the real estate investment trust's stock after purchasing an additional 26,231 shares during the period. Hsbc Holdings PLC owned about 0.29% of EastGroup Properties worth $28,923,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. State of Wyoming purchased a new position in shares of EastGroup Properties in the 2nd quarter valued at about $27,000. Parallel Advisors LLC grew its position in shares of EastGroup Properties by 53.5% during the third quarter. Parallel Advisors LLC now owns 244 shares of the real estate investment trust's stock worth $41,000 after buying an additional 85 shares in the last quarter. Clearstead Advisors LLC increased its stake in shares of EastGroup Properties by 114.9% during the fourth quarter. Clearstead Advisors LLC now owns 260 shares of the real estate investment trust's stock worth $46,000 after buying an additional 139 shares during the period. Larson Financial Group LLC increased its stake in shares of EastGroup Properties by 35.6% during the fourth quarter. Larson Financial Group LLC now owns 263 shares of the real estate investment trust's stock worth $47,000 after buying an additional 69 shares during the period. Finally, Global Retirement Partners LLC raised its holdings in EastGroup Properties by 414.5% in the fourth quarter. Global Retirement Partners LLC now owns 319 shares of the real estate investment trust's stock valued at $57,000 after acquiring an additional 257 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at EastGroup Properties

In other 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.00% of the company's stock.

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $221.34 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. EastGroup Properties, Inc. has a fifty-two week low of $159.37 and a fifty-two week high of $226.71. The firm has a market capitalization of $11.90 billion, a PE ratio of 40.24, a price-to-earnings-growth ratio of 3.32 and a beta of 1.03. The stock's 50-day simple moving average is $205.87 and its 200-day simple moving average 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 for the quarter, topping the consensus estimate of $1.27 by $0.50. The firm had revenue of $190.26 million during the quarter, compared to analysts' expectations of $193.84 million. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.The firm's revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.15 earnings per share. As a group, equities research analysts forecast that EastGroup Properties, Inc. will post 9.59 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on EGP shares. Evercore set a $195.00 price target on shares of EastGroup Properties in a research note on Friday, April 24th. Robert W. Baird increased their price objective 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. KeyCorp raised their price objective on shares of EastGroup Properties from $210.00 to $220.00 and gave the company an "overweight" rating in a report on Monday, July 13th. Royal Bank Of Canada raised their price objective on shares of EastGroup Properties from $195.00 to $208.00 and gave the company a "sector perform" rating in a report on Tuesday, April 28th. Finally, Truist Financial lifted their price objective on shares of EastGroup Properties from $205.00 to $215.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Twelve equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $215.17.

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.

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.