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

Key Points

• HSBC Holdings PLC increased its stake in EastGroup Properties by 12.6% in the fourth quarter, buying 14,528 more shares and bringing its position to 130,033 shares worth about $23.2 million.
• Other institutional investors also added to or maintained large positions, and 92.14% of EGP shares are owned by institutions and hedge funds, underscoring strong institutional interest in the REIT.
• Analysts have become more bullish on the stock, with several firms raising price targets; EastGroup Properties also reported better-than-expected quarterly EPS and announced a $1.55 quarterly dividend payable July 15.

Hsbc Holdings PLC lifted its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 12.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,033 shares of the real estate investment trust's stock after acquiring an additional 14,528 shares during the period. Hsbc Holdings PLC owned 0.24% of EastGroup Properties worth $23,164,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of EGP. Cohen & Steers Inc. increased its position in EastGroup Properties by 7.0% during the fourth quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust's stock worth $545,746,000 after purchasing an additional 200,617 shares during the last quarter. State Street Corp boosted its holdings in shares of EastGroup Properties by 0.6% in the 3rd quarter. State Street Corp now owns 2,683,711 shares of the real estate investment trust's stock valued at $458,320,000 after purchasing an additional 15,918 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of EastGroup Properties by 16.0% during the 4th quarter. Principal Financial Group Inc. now owns 2,303,804 shares of the real estate investment trust's stock valued at $410,404,000 after buying an additional 318,261 shares during the period. Norges Bank purchased a new stake in shares of EastGroup Properties during the 4th quarter valued at $281,054,000. Finally, Boston Partners grew its stake in shares of EastGroup Properties by 2.1% during the 3rd quarter. Boston Partners now owns 1,204,211 shares of the real estate investment trust's stock valued at $203,834,000 after buying an additional 25,055 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on EGP. Royal Bank Of Canada increased their target price on EastGroup Properties from $195.00 to $208.00 and gave the stock a "sector perform" rating in a research report on Tuesday, April 28th. Truist Financial boosted their price target 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 upped their price target on EastGroup Properties from $213.00 to $221.00 and gave the stock an "overweight" rating in a research note on Monday, June 1st. Morgan Stanley raised their price objective on EastGroup Properties from $215.00 to $231.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 27th. Finally, BTIG Research lifted their price objective on EastGroup Properties from $218.00 to $235.00 and gave the company a "buy" rating in a research note on Wednesday, July 1st. Twelve research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $211.59.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $212.15 on Tuesday. The firm has a fifty day moving average of $202.91 and a 200-day moving average of $192.94. EastGroup Properties, Inc. has a 52-week low of $159.37 and a 52-week high of $213.64. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $11.41 billion, a P/E ratio of 38.57, a PEG ratio of 3.17 and a beta of 1.03.

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, beating the consensus estimate of $1.27 by $0.50. EastGroup Properties had a net margin of 39.69% and a return on equity of 8.37%. 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 business posted $2.15 EPS. The business's quarterly 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. As a group, analysts predict that EastGroup Properties, Inc. will post 9.58 EPS for the current year.

EastGroup Properties Dividend Announcement

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

Insider Activity at EastGroup Properties

In other EastGroup Properties news, Director David Michael Fields sold 504 shares of the business's stock in a transaction dated Thursday, June 4th. The stock was 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 $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 is available through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

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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