Norges Bank Takes Position in EastGroup Properties, Inc. $EGP

Key Points

• Norges Bank disclosed a new position in EastGroup Properties during the fourth quarter, buying 1.58 million shares worth about $281 million and ending with roughly 2.96% ownership of the REIT.
• EastGroup Properties reported stronger-than-expected quarterly earnings of $1.77 per share, beating analyst estimates, while revenue rose 9.1% year over year to $190.26 million.
• The company announced a quarterly dividend of $1.55 per share, equal to $6.20 annually and a 3.2% yield; analysts currently rate the stock Moderate Buy with a consensus price target of $208.07.

Norges Bank bought a new stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,577,716 shares of the real estate investment trust's stock, valued at approximately $281,054,000. Norges Bank owned about 2.96% of EastGroup Properties at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. State of Wyoming bought a new position in shares of EastGroup Properties in the 2nd quarter valued at about $27,000. MAI Capital Management boosted its stake in shares of EastGroup Properties by 83.7% in the 3rd quarter. MAI Capital Management now owns 180 shares of the real estate investment trust's stock valued at $31,000 after purchasing an additional 82 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of EastGroup Properties by 53.5% in the 3rd quarter. Parallel Advisors LLC now owns 244 shares of the real estate investment trust's stock valued at $41,000 after purchasing an additional 85 shares during the last quarter. Clearstead Advisors LLC boosted its stake in shares of EastGroup Properties by 114.9% in the 4th quarter. Clearstead Advisors LLC now owns 260 shares of the real estate investment trust's stock valued at $46,000 after purchasing an additional 139 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in shares of EastGroup Properties by 35.6% in the 4th quarter. Larson Financial Group LLC now owns 263 shares of the real estate investment trust's stock valued at $47,000 after purchasing an additional 69 shares during the last quarter. Institutional investors own 92.14% of the company's stock.

EastGroup Properties Stock Performance

Shares of NYSE:EGP opened at $195.60 on Wednesday. The company has a market capitalization of $10.52 billion, a price-to-earnings ratio of 35.56, a P/E/G ratio of 2.93 and a beta of 1.04. The firm's 50 day simple moving average is $196.96 and its 200 day simple moving average is $188.86. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.19 and a quick ratio of 0.19. EastGroup Properties, Inc. has a fifty-two week low of $159.37 and a fifty-two 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 (EPS) for the quarter, topping analysts' consensus estimates of $1.27 by $0.50. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.The business had revenue of $190.26 million during the quarter, compared to analysts' expectations of $193.84 million. During the same period in the prior year, the business earned $2.15 EPS. EastGroup Properties's revenue for the quarter was up 9.1% compared to the same quarter last year. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. As a group, sell-side analysts forecast that EastGroup Properties, Inc. will post 9.57 earnings per share for the current year.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, June 30th. EastGroup Properties's dividend payout ratio is presently 112.73%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of EastGroup Properties from $213.00 to $221.00 and gave the company an "overweight" rating in a research note on Monday. Robert W. Baird increased their price target on shares of EastGroup Properties from $208.00 to $210.00 and gave the company an "outperform" rating in a research report on Tuesday, April 28th. Weiss Ratings upgraded shares of EastGroup Properties from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, April 24th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $217.00 price target on shares of EastGroup Properties in a research report on Monday, April 27th. Finally, Morgan Stanley increased their price target on shares of EastGroup Properties from $215.00 to $231.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 27th. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $208.07.

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.

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