EastGroup Properties, Inc. $EGP Shares Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC increased its position in EastGroup Properties, Inc. (NYSE:EGP) by 20.2% in the 1st quarter, Holdings Channel reports. The firm owned 156,264 shares of the real estate investment trust’s stock after buying an additional 26,231 shares during the period. Hsbc Holdings PLC’s holdings in EastGroup Properties were worth $28,923,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Cbre Investment Management Listed Real Assets LLC lifted its stake in EastGroup Properties by 5.1% in the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 711,109 shares of the real estate investment trust’s stock valued at $126,677,000 after buying an additional 34,515 shares during the last quarter. Corient Private Wealth LLC grew its position in shares of EastGroup Properties by 22.1% during the fourth quarter. Corient Private Wealth LLC now owns 29,516 shares of the real estate investment trust’s stock worth $5,260,000 after acquiring an additional 5,341 shares during the last quarter. Heartland Advisors Inc. grew its position in shares of EastGroup Properties by 13.7% during the fourth quarter. Heartland Advisors Inc. now owns 42,705 shares of the real estate investment trust’s stock worth $7,607,000 after acquiring an additional 5,160 shares during the last quarter. AE Wealth Management LLC increased its holdings in shares of EastGroup Properties by 30.6% in the 4th quarter. AE Wealth Management LLC now owns 198,900 shares of the real estate investment trust’s stock valued at $35,432,000 after acquiring an additional 46,653 shares during the period. Finally, Runnymede Capital Advisors Inc. acquired a new position in shares of EastGroup Properties in the 4th quarter valued at $879,000. 92.14% of the stock is owned by institutional investors and hedge funds.

Insider Activity at EastGroup Properties

In other news, Director David Michael Fields sold 504 shares of the firm’s stock in a transaction on 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 sale, the director owned 3,531 shares in the company, valued at approximately $691,263.87. This trade represents a 12.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

EGP has been the subject of several research reports. Wells Fargo & Company upped their price target on shares of EastGroup Properties from $213.00 to $221.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Robert W. Baird raised their price objective on shares of EastGroup Properties from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Evercore set a $195.00 price objective on shares of EastGroup Properties in a research note on Friday, April 24th. Raymond James Financial initiated coverage on shares of EastGroup Properties in a report on Wednesday, June 17th. They issued an “outperform” rating and a $241.00 target price for the company. Finally, Royal Bank Of Canada increased their target price on shares of EastGroup Properties from $195.00 to $208.00 and gave the stock a “sector perform” rating in a research note on Tuesday, April 28th. Twelve research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $215.17.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $221.34 on Wednesday. EastGroup Properties, Inc. has a 12 month low of $159.37 and a 12 month high of $226.71. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.19 and a quick ratio of 0.19. The business has a 50 day simple moving average of $205.87 and a 200-day simple moving average of $195.60. The stock has a market capitalization of $11.90 billion, a PE ratio of 40.24, a price-to-earnings-growth ratio of 3.32 and a beta of 1.03.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.50. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.The firm had revenue of $190.26 million during the quarter, compared to the consensus estimate of $193.84 million. During the same period last year, the company earned $2.15 earnings per share. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. Equities analysts predict that EastGroup Properties, Inc. will post 9.59 earnings per share for the current year.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $1.55 per share. The ex-dividend date was Tuesday, June 30th. This represents a $6.20 dividend on an annualized basis and a yield of 2.8%. EastGroup Properties’s dividend payout ratio is presently 112.73%.

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.