JPMorgan Chase & Co. Cuts Stake in EastGroup Properties, Inc. $EGP

JPMorgan Chase & Co. lowered its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 3.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 907,638 shares of the real estate investment trust’s stock after selling 35,385 shares during the quarter. JPMorgan Chase & Co.’s holdings in EastGroup Properties were worth $151,686,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in EastGroup Properties by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 7,306,840 shares of the real estate investment trust’s stock valued at $1,221,119,000 after acquiring an additional 108,561 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of EastGroup Properties by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,318,090 shares of the real estate investment trust’s stock valued at $232,184,000 after purchasing an additional 342,620 shares in the last quarter. Boston Partners increased its holdings in shares of EastGroup Properties by 13.8% in the first quarter. Boston Partners now owns 1,202,462 shares of the real estate investment trust’s stock worth $211,761,000 after purchasing an additional 146,230 shares during the last quarter. Nuveen LLC purchased a new stake in shares of EastGroup Properties in the first quarter worth about $190,456,000. Finally, Geode Capital Management LLC boosted its stake in EastGroup Properties by 1.7% during the second quarter. Geode Capital Management LLC now owns 1,062,770 shares of the real estate investment trust’s stock valued at $177,636,000 after buying an additional 18,116 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Up 0.3%

NYSE EGP opened at $181.44 on Thursday. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.42. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $188.89. The firm has a market capitalization of $9.68 billion, a price-to-earnings ratio of 38.12, a PEG ratio of 3.67 and a beta of 1.04. The company has a fifty day moving average of $174.52 and a two-hundred day moving average of $169.90.

EastGroup Properties (NYSE:EGP) last released its earnings results on Thursday, October 23rd. The real estate investment trust reported $2.27 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $181.88 million. During the same quarter last year, the business posted $2.13 EPS. EastGroup Properties’s 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. On average, analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

Insider Transactions at EastGroup Properties

In other EastGroup Properties news, EVP Richard Reid Dunbar sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $175.00, for a total transaction of $350,000.00. Following the completion of the transaction, the executive vice president owned 20,630 shares in the company, valued at $3,610,250. The trade was a 8.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of EastGroup Properties in a research note on Monday. BNP Paribas Exane upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $207.00 price target on the stock in a research report on Monday, October 27th. Industrial Alliance Securities set a $200.00 price target on shares of EastGroup Properties in a research note on Monday, October 27th. Morgan Stanley lifted their price objective on shares of EastGroup Properties from $170.00 to $178.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 9th. Finally, Cantor Fitzgerald boosted their target price on shares of EastGroup Properties from $190.00 to $200.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $190.80.

EastGroup Properties Profile

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.