Hsbc Holdings PLC Has $12.96 Million Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Hsbc Holdings PLC lifted its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 55.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 80,792 shares of the real estate investment trust's stock after purchasing an additional 28,718 shares during the quarter. Hsbc Holdings PLC owned approximately 0.16% of EastGroup Properties worth $12,963,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Crowley Wealth Management Inc. acquired a new position in shares of EastGroup Properties during the 4th quarter worth $29,000. Canton Hathaway LLC bought a new stake in shares of EastGroup Properties during the 4th quarter worth $30,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of EastGroup Properties by 503.3% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust's stock worth $58,000 after buying an additional 302 shares during the period. Principal Securities Inc. boosted its holdings in shares of EastGroup Properties by 18.5% during the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock worth $86,000 after buying an additional 84 shares during the period. Finally, Versant Capital Management Inc boosted its holdings in shares of EastGroup Properties by 18.7% during the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust's stock worth $97,000 after buying an additional 95 shares during the period. Institutional investors and hedge funds own 92.14% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on EGP shares. StockNews.com raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday. Deutsche Bank Aktiengesellschaft started coverage on shares of EastGroup Properties in a report on Tuesday, January 14th. They set a "buy" rating and a $180.00 price objective for the company. Piper Sandler decreased their price objective on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Barclays decreased their price objective on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a report on Wednesday. Finally, Raymond James set a $190.00 price target on shares of EastGroup Properties and gave the company a "strong-buy" rating in a report on Monday, April 14th. Nine analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $186.94.

EastGroup Properties Price Performance

Shares of NYSE:EGP traded up $0.77 during midday trading on Thursday, reaching $164.19. 281,222 shares of the company's stock were exchanged, compared to its average volume of 369,796. The company's 50 day simple moving average is $170.07 and its two-hundred day simple moving average is $170.39. The firm has a market capitalization of $8.62 billion, a PE ratio of 35.31, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $192.61. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.11 by $0.01. The business had revenue of $174.45 million during the quarter, compared to analysts' expectations of $169.67 million. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. The firm's revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the company posted $1.98 EPS. Equities research analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend was Monday, March 31st. EastGroup Properties's dividend payout ratio (DPR) is currently 122.54%.

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.