Bank of New York Mellon Corp Grows Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Bank of New York Mellon Corp increased its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 1.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 456,740 shares of the real estate investment trust's stock after purchasing an additional 4,311 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.87% of EastGroup Properties worth $80,455,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of EGP. Citizens National Bank Trust Department acquired a new position in EastGroup Properties during the first quarter worth $26,000. Crowley Wealth Management Inc. acquired a new position in EastGroup Properties during the fourth quarter worth $29,000. Mather Group LLC. raised its stake in EastGroup Properties by 74.2% during the first quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock worth $64,000 after acquiring an additional 155 shares in the last quarter. Parallel Advisors LLC raised its stake in EastGroup Properties by 387.4% during the first quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust's stock worth $75,000 after acquiring an additional 337 shares in the last quarter. Finally, Bessemer Group Inc. raised its stake in EastGroup Properties by 31.9% during the first quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock worth $79,000 after acquiring an additional 108 shares in the last quarter. 92.14% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on EGP shares. Wells Fargo & Company reduced their price objective on EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating on the stock in a report on Monday, May 19th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Robert W. Baird lowered their price objective on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Royal Bank Of Canada lowered their price objective on EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 29th. Finally, Barclays lowered their price objective on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy 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 $188.00.

EastGroup Properties Trading Up 0.1%

EastGroup Properties stock traded up $0.21 during trading hours on Monday, hitting $168.21. The stock had a trading volume of 479,324 shares, compared to its average volume of 434,662. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.43. The stock has a market cap of $8.83 billion, a price-to-earnings ratio of 36.81, a P/E/G ratio of 3.72 and a beta of 1.01. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.61. The business's 50 day simple moving average is $169.35 and its 200-day simple moving average is $169.27.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.01. EastGroup Properties had a return on equity of 7.41% and a net margin of 34.60%. The company had revenue of $174.45 million during the quarter, compared to analysts' expectations of $169.67 million. During the same quarter in the prior year, the firm posted $1.98 earnings per share. The business's quarterly revenue was up 13.1% on a year-over-year basis. On average, equities analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $1.40 per share. The ex-dividend date is Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.33%. EastGroup Properties's dividend payout ratio (DPR) is currently 122.54%.

EastGroup Properties Company Profile

EastGroup Properties, Inc NYSE: EGP, a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.