Hsbc Holdings PLC Sells 39,355 Shares of EastGroup Properties, Inc. $EGP

Key Points

• Hsbc Holdings PLC reduced its stake in EastGroup Properties by 48.7% during Q1, now holding approximately $7.30 million worth of shares.
• Several institutional investors, including Citizens National Bank and Assetmark Inc., have recently modified their positions in EastGroup Properties, with institutional ownership totaling 92.14%.
• EastGroup Properties announced a quarterly dividend of $1.55, increasing from the previous $1.40, indicating strong dividend growth and a current yield of 3.7%.

Hsbc Holdings PLC cut its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 48.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,437 shares of the real estate investment trust's stock after selling 39,355 shares during the quarter. Hsbc Holdings PLC owned approximately 0.08% of EastGroup Properties worth $7,299,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Covestor Ltd grew its position in EastGroup Properties by 5.6% in the first quarter. Covestor Ltd now owns 1,161 shares of the real estate investment trust's stock valued at $205,000 after acquiring an additional 62 shares during the last quarter. Bar Harbor Wealth Management boosted its stake in shares of EastGroup Properties by 0.3% in the 1st quarter. Bar Harbor Wealth Management now owns 23,344 shares of the real estate investment trust's stock valued at $4,112,000 after purchasing an additional 66 shares in the last quarter. Optas LLC boosted its stake in shares of EastGroup Properties by 5.1% in the 1st quarter. Optas LLC now owns 1,397 shares of the real estate investment trust's stock valued at $246,000 after purchasing an additional 68 shares in the last quarter. KBC Group NV grew its holdings in shares of EastGroup Properties by 3.5% during the 1st quarter. KBC Group NV now owns 2,058 shares of the real estate investment trust's stock valued at $363,000 after purchasing an additional 69 shares during the last quarter. Finally, Moran Wealth Management LLC grew its holdings in shares of EastGroup Properties by 1.1% during the 1st quarter. Moran Wealth Management LLC now owns 6,521 shares of the real estate investment trust's stock valued at $1,149,000 after purchasing an additional 73 shares during the last quarter. Institutional investors own 92.14% of the company's stock.

EastGroup Properties Trading Up 0.9%

Shares of EastGroup Properties stock traded up $1.48 during trading on Friday, hitting $169.82. The company's stock had a trading volume of 347,683 shares, compared to its average volume of 325,197. The stock has a market cap of $9.06 billion, a price-to-earnings ratio of 36.68, a price-to-earnings-growth ratio of 3.45 and a beta of 1.01. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.21. The stock has a 50-day moving average price of $166.03 and a two-hundred day moving average price of $168.87. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.16 and a quick ratio of 0.16.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.20 by $0.01. The firm had revenue of $177.29 million for the quarter, compared to analyst estimates of $175.80 million. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%.The business's revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.05 EPS. EastGroup Properties has set its Q3 2025 guidance at 2.220-2.300 EPS. FY 2025 guidance at 8.890-9.030 EPS. Equities research analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $1.55 dividend. This is an increase from EastGroup Properties's previous quarterly dividend of $1.40. The ex-dividend date is Tuesday, September 30th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.7%. EastGroup Properties's dividend payout ratio is presently 120.95%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on EGP. Truist Financial cut their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Robert W. Baird dropped their price target on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Raymond James Financial reissued a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Wells Fargo & Company set a $215.00 target price on EastGroup Properties and gave the stock an "overweight" rating in a report on Sunday, July 13th. Finally, Royal Bank Of Canada dropped their target price on EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, EastGroup Properties presently has a consensus rating of "Moderate Buy" and an average target price of $189.31.

About EastGroup Properties

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.