Trustmark Bank Trust Department Sells 18,240 Shares of EastGroup Properties, Inc. $EGP

Key Points

• Trustmark Bank Trust Department reduced its EastGroup Properties stake by 49.4%, selling 18,240 shares during the second quarter and retaining 18,677 shares valued at approximately $3.78 million. Institutional investors own 92.14% of the REIT.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $221.11; recent targets range from $220 to $250.
• EastGroup exceeded quarterly earnings expectations, reporting $1.40 in EPS versus a $1.31 estimate, while revenue increased 9% year over year. The company also raised its quarterly dividend to $1.75, equivalent to a 3.5% annual yield.

Trustmark Bank Trust Department cut its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 49.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,677 shares of the real estate investment trust's stock after selling 18,240 shares during the quarter. Trustmark Bank Trust Department's holdings in EastGroup Properties were worth $3,783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. State of Wyoming bought a new position in EastGroup Properties during the 2nd quarter valued at approximately $27,000. Glen Eagle Advisors LLC grew its position in shares of EastGroup Properties by 96.3% in the 1st quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust's stock worth $39,000 after buying an additional 104 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of EastGroup Properties by 53.5% during the third quarter. Parallel Advisors LLC now owns 244 shares of the real estate investment trust's stock valued at $41,000 after buying an additional 85 shares during the period. Avalon Trust Co purchased a new position in shares of EastGroup Properties during the first quarter valued at approximately $46,000. Finally, Clearstead Advisors LLC raised its holdings in shares of EastGroup Properties by 114.9% during the fourth quarter. Clearstead Advisors LLC now owns 260 shares of the real estate investment trust's stock valued at $46,000 after acquiring an additional 139 shares in the last quarter. 92.14% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on EGP shares. Barclays raised their price target on EastGroup Properties from $210.00 to $228.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Raymond James Financial started coverage on shares of EastGroup Properties in a report on Wednesday, June 17th. They issued an "outperform" rating and a $241.00 price objective for the company. Wells Fargo & Company raised their target price on shares of EastGroup Properties from $213.00 to $221.00 and gave the stock an "overweight" rating in a research report on Monday, June 1st. Citigroup raised their target price on shares of EastGroup Properties from $235.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Finally, Royal Bank Of Canada lifted their target price on shares of EastGroup Properties from $208.00 to $220.00 and gave the company a "sector perform" rating in a research note on Monday, August 3rd. Twelve equities research analysts have rated the stock with a Buy rating and six have issued 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 $221.11.

EastGroup Properties Trading Down 0.0%

EGP opened at $199.90 on Friday. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.45. EastGroup Properties, Inc. has a 52 week low of $163.10 and a 52 week high of $226.71. The stock has a market cap of $10.75 billion, a PE ratio of 35.07, a PEG ratio of 2.91 and a beta of 1.02. The business has a 50 day moving average of $207.62 and a 200-day moving average of $199.85.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.09. The company had revenue of $193.33 million for the quarter, compared to analysts' expectations of $193.61 million. EastGroup Properties had a return on equity of 8.61% and a net margin of 40.47%.The firm's revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.21 earnings per share. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. Equities research analysts predict that EastGroup Properties, Inc. will post 9.6 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $1.75 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from EastGroup Properties's previous quarterly dividend of $1.55. EastGroup Properties's payout ratio is currently 108.77%.

Insider Buying and Selling at EastGroup Properties

In related news, Director David Michael Fields sold 504 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $195.77, for a total value of $98,668.08. Following the completion of the transaction, the director directly owned 3,531 shares in the company, valued at $691,263.87. This trade represents a 12.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is owned by corporate insiders.

About EastGroup Properties

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.

Want to see what other hedge funds are holding EGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for EastGroup Properties, Inc. (NYSE:EGP - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source