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

Bank of New York Mellon Corp increased its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 1.0% during the first quarter, according to 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 acquiring an additional 4,311 shares during the period. Bank of New York Mellon Corp owned approximately 0.87% of EastGroup Properties worth $80,455,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Citizens National Bank Trust Department acquired a new position in EastGroup Properties during the first quarter worth about $26,000. Crowley Wealth Management Inc. purchased a new stake in EastGroup Properties in the fourth quarter valued at approximately $29,000. Mather Group LLC. increased its holdings in shares of EastGroup Properties by 74.2% during the 1st quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock worth $64,000 after buying an additional 155 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of EastGroup Properties by 387.4% in the 1st quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust's stock worth $75,000 after purchasing an additional 337 shares during the period. Finally, Bessemer Group Inc. raised its holdings in EastGroup Properties by 31.9% in the first quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock valued at $79,000 after buying an additional 108 shares during the period. Institutional investors and hedge funds own 92.14% of the company's stock.

Analyst Upgrades and Downgrades

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

EastGroup Properties Price Performance

EastGroup Properties stock traded up $1.13 during mid-day trading on Friday, hitting $167.87. The company's stock had a trading volume of 440,637 shares, compared to its average volume of 383,259. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.61. The stock has a market capitalization of $8.82 billion, a P/E ratio of 36.73, a P/E/G ratio of 3.69 and a beta of 1.01. 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's fifty day moving average price is $169.35 and its two-hundred day moving average price is $169.17.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $174.45 million for the quarter, compared to the consensus estimate of $169.67 million. During the same quarter in the previous year, the company earned $1.98 EPS. The business's revenue for the quarter was up 13.1% compared to the same quarter last year. Research analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.34%. EastGroup Properties's dividend payout ratio is 122.54%.

EastGroup Properties 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.