Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 46,119 shares of the real estate investment trust's stock, valued at approximately $9,340,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.09% of EastGroup Properties at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp lifted its holdings in shares of EastGroup Properties by 18,900.0% in the first quarter. Jones Financial Companies Lllp now owns 950 shares of the real estate investment trust's stock valued at $167,000 after purchasing an additional 945 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of EastGroup Properties by 28.0% during the first quarter. Goldman Sachs Group Inc. now owns 190,144 shares of the real estate investment trust's stock worth $33,494,000 after buying an additional 41,538 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of EastGroup Properties by 309.8% during the first quarter. Jane Street Group LLC now owns 15,878 shares of the real estate investment trust's stock worth $2,797,000 after buying an additional 12,003 shares in the last quarter. Focus Partners Wealth raised its position in EastGroup Properties by 2.2% in the 1st quarter. Focus Partners Wealth now owns 6,103 shares of the real estate investment trust's stock valued at $1,075,000 after buying an additional 130 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in EastGroup Properties by 1.9% in the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust's stock valued at $613,000 after buying an additional 68 shares during the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.
EastGroup Properties Stock Down 0.4%
EGP opened at $201.41 on Friday. The stock's fifty day simple moving average is $207.70 and its 200 day simple moving average is $199.24. EastGroup Properties, Inc. has a 1-year low of $162.95 and a 1-year high of $226.71. The stock has a market cap of $10.83 billion, a PE ratio of 35.34, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.45.
EastGroup Properties (NYSE:EGP - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.40 EPS for the quarter, topping the consensus estimate of $1.31 by $0.09. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%. The business had revenue of $193.33 million during the quarter, compared to the consensus estimate of $193.61 million. During the same quarter in the previous year, the firm posted $2.21 EPS. EastGroup Properties's revenue was up 9.0% compared to the same quarter last year. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. As a group, research analysts expect that EastGroup Properties, Inc. will post 9.6 earnings per share for the current year.
Insider Activity
In related news, Director David Michael Fields sold 504 shares of the stock in a transaction that occurred 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 sale, the director owned 3,531 shares of the company's stock, valued at $691,263.87. This represents a 12.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.00% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
A number of analysts have recently commented on the stock. Morgan Stanley boosted their price objective on shares of EastGroup Properties from $215.00 to $231.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 27th. Piper Sandler reaffirmed an "overweight" rating on shares of EastGroup Properties in a research report on Thursday, August 13th. Barclays lifted their price target on shares of EastGroup Properties from $210.00 to $228.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Truist Financial boosted their price target on shares of EastGroup Properties from $215.00 to $230.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Finally, Wells Fargo & Company increased their price objective on shares of EastGroup Properties from $213.00 to $221.00 and gave the stock an "overweight" rating in a research note on Monday, June 1st. Twelve research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, EastGroup Properties currently has a consensus rating of "Moderate Buy" and an average target price of $221.11.
View Our Latest Analysis on EastGroup Properties
EastGroup Properties Company Profile
(
Free Report)
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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