Bank of New York Mellon Corp Has $76.93 Million Stock Holdings in EastGroup Properties, Inc. $EGP

Bank of New York Mellon Corp lifted its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 0.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 460,306 shares of the real estate investment trust’s stock after buying an additional 3,566 shares during the period. Bank of New York Mellon Corp’s holdings in EastGroup Properties were worth $76,926,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of Montreal Can boosted its holdings in EastGroup Properties by 20.2% in the second quarter. Bank of Montreal Can now owns 10,484 shares of the real estate investment trust’s stock worth $1,752,000 after purchasing an additional 1,765 shares in the last quarter. State of Michigan Retirement System lifted its position in shares of EastGroup Properties by 1.6% in the second quarter. State of Michigan Retirement System now owns 12,627 shares of the real estate investment trust’s stock worth $2,110,000 after buying an additional 200 shares during the last quarter. Simon Quick Advisors LLC bought a new stake in shares of EastGroup Properties during the 2nd quarter worth about $467,000. Arbor Capital Management Inc. ADV bought a new stake in shares of EastGroup Properties during the 2nd quarter worth about $490,000. Finally, Amalgamated Bank increased its holdings in shares of EastGroup Properties by 1.3% during the 2nd quarter. Amalgamated Bank now owns 23,972 shares of the real estate investment trust’s stock valued at $4,006,000 after acquiring an additional 299 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EGP. Evercore ISI decreased their target price on EastGroup Properties from $180.00 to $179.00 and set an “in-line” rating for the company in a research report on Monday, October 6th. Royal Bank Of Canada set a $183.00 price objective on shares of EastGroup Properties and gave the stock a “sector perform” rating in a research note on Tuesday, October 28th. Morgan Stanley raised their target price on shares of EastGroup Properties from $170.00 to $178.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 9th. BNP Paribas upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $207.00 target price on the stock in a report on Monday, October 27th. Finally, Industrial Alliance Securities set a $200.00 price target on shares of EastGroup Properties in a report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, EastGroup Properties presently has a consensus rating of “Moderate Buy” and an average price target of $191.33.

EastGroup Properties Stock Performance

NYSE:EGP opened at $177.71 on Friday. The firm’s 50-day moving average is $171.43 and its 200-day moving average is $168.64. The company has a market cap of $9.48 billion, a price-to-earnings ratio of 37.33, a PEG ratio of 3.67 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.01 and a current ratio of 0.01. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $188.89.

EastGroup Properties (NYSE:EGP) last released its earnings results on Thursday, October 23rd. The real estate investment trust reported $2.27 earnings per share for the quarter, missing analysts’ consensus estimates of $2.28 by ($0.01). EastGroup Properties had a return on equity of 7.28% and a net margin of 35.58%.The firm had revenue of $182.14 million for the quarter, compared to analyst estimates of $181.88 million. During the same period last year, the business earned $2.13 earnings per share. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. EastGroup Properties has set its FY 2025 guidance at 8.940-8.980 EPS. Q4 2025 guidance at 2.300-2.340 EPS. Equities research analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a dividend of $1.55 per share. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.40. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Tuesday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is presently 130.25%.

Insider Activity at EastGroup Properties

In related news, EVP Richard Reid Dunbar sold 2,000 shares of the company’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the transaction, the executive vice president directly owned 20,630 shares in the company, valued at approximately $3,610,250. This represents a 8.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.00% of the company’s stock.

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.