Hsbc Holdings PLC Raises Stake in EastGroup Properties, Inc. $EGP

Key Points

• Hsbc Holdings PLC increased its stake in EastGroup Properties by 12.6% in the fourth quarter, buying an additional 14,528 shares and bringing its total holding to 130,033 shares valued at about $23.2 million.
• Analyst sentiment remains positive, with several firms raising price targets; the stock currently carries a consensus rating of “Moderate Buy” and an average target price of $210.12.
• EastGroup reported stronger-than-expected earnings of $1.77 per share in its latest quarter, while also announcing a quarterly dividend of $1.55 per share, implying a 3.0% annualized yield.

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

Several other institutional investors also recently added to or reduced their stakes in EGP. Renaissance Group LLC boosted its position in EastGroup Properties by 3.9% in the 4th quarter. Renaissance Group LLC now owns 1,437 shares of the real estate investment trust's stock valued at $256,000 after buying an additional 54 shares during the period. Azzad Asset Management Inc. ADV increased its position in shares of EastGroup Properties by 2.6% during the fourth quarter. Azzad Asset Management Inc. ADV now owns 2,423 shares of the real estate investment trust's stock worth $432,000 after acquiring an additional 62 shares during the period. Cetera Investment Advisers increased its position in shares of EastGroup Properties by 1.9% during the second quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust's stock worth $613,000 after acquiring an additional 68 shares during the period. Larson Financial Group LLC raised 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 valued at $47,000 after acquiring an additional 69 shares in the last quarter. Finally, Swiss Life Asset Management Ltd raised its stake in shares of EastGroup Properties by 3.0% during the fourth quarter. Swiss Life Asset Management Ltd now owns 2,482 shares of the real estate investment trust's stock valued at $442,000 after acquiring an additional 73 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on EGP shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $217.00 price objective on shares of EastGroup Properties in a research note on Monday, April 27th. Morgan Stanley upped their target price on EastGroup Properties from $215.00 to $231.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 27th. Wall Street Zen raised EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Saturday, March 7th. Evercore set a $195.00 price target on EastGroup Properties in a research note on Friday, April 24th. Finally, Wells Fargo & Company lifted their price objective on EastGroup Properties from $213.00 to $221.00 and gave the company an "overweight" rating in a report on Monday, June 1st. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $210.12.

EastGroup Properties Stock Performance

Shares of EGP stock opened at $203.71 on Thursday. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of 37.04, a PEG ratio of 3.08 and a beta of 1.04. The company's 50 day moving average is $201.60 and its 200 day moving average is $191.47. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.45. EastGroup Properties, Inc. has a 52-week low of $159.37 and a 52-week high of $207.72.

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 analysts' consensus estimates of $1.27 by $0.50. The company had revenue of $190.26 million during the quarter, compared to analyst estimates of $193.84 million. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.EastGroup Properties's revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.15 earnings per share. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. On average, sell-side analysts anticipate that EastGroup Properties, Inc. will post 9.58 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, June 30th. EastGroup Properties's payout ratio is presently 112.73%.

Insider Activity at EastGroup Properties

In related news, Director David Michael Fields sold 504 shares of the company's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $195.77, for a total transaction of $98,668.08. Following the completion of the sale, the director directly owned 3,531 shares in the company, valued at $691,263.87. This represents a 12.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.00% of the company's stock.

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.

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.