Legal & General Group Plc Acquires Shares of 306,500 EastGroup Properties, Inc. $EGP

Legal & General Group Plc acquired a new stake in EastGroup Properties, Inc. (NYSE:EGP) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 306,500 shares of the real estate investment trust’s stock, valued at approximately $62,075,000. Legal & General Group Plc owned about 0.57% of EastGroup Properties at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State of Wyoming purchased a new stake in EastGroup Properties in the second quarter valued at $27,000. Glen Eagle Advisors LLC raised its stake in shares of EastGroup Properties by 96.3% during the 1st quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust’s stock valued at $39,000 after buying an additional 104 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of EastGroup Properties by 53.5% during the 3rd 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 last quarter. Clearstead Advisors LLC lifted its holdings 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 buying an additional 139 shares during the period. Finally, Avalon Trust Co acquired a new position in shares of EastGroup Properties in the 1st quarter valued at about $46,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock opened at $199.90 on Friday. The firm has a market cap of $10.75 billion, a PE ratio of 35.07, a P/E/G ratio of 2.91 and a beta of 1.02. EastGroup Properties, Inc. has a twelve month low of $163.10 and a twelve month high of $226.71. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $207.62 and a 200 day moving average price of $199.85.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.09. EastGroup Properties had a return on equity of 8.61% and a net margin of 40.47%.The company had revenue of $193.33 million for the quarter, compared to the consensus estimate of $193.61 million. During the same quarter in the prior year, the business posted $2.21 earnings per share. EastGroup Properties’s revenue for the quarter was up 9.0% on a year-over-year basis. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. Sell-side 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 paid a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.55. EastGroup Properties’s dividend payout ratio is currently 108.77%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on EGP shares. Robert W. Baird set a $221.00 target price on EastGroup Properties in a research note on Friday, July 31st. Raymond James Financial started coverage on EastGroup Properties in a research report on Wednesday, June 17th. They set an “outperform” rating and a $241.00 price target for the company. Citigroup boosted their price target on EastGroup Properties from $235.00 to $250.00 and gave the company a “buy” rating in a report on Friday, July 24th. Piper Sandler restated an “overweight” rating on shares of EastGroup Properties in a research report on Thursday, August 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $235.00 price objective on shares of EastGroup Properties in a research note on Monday, July 27th. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $221.11.

Insider Activity

In other 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 transaction, the director 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 filing with the SEC, which is available at the SEC website. 1.00% of the stock is owned by company 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.