The Manufacturers Life Insurance Company Raises Stock Holdings in EastGroup Properties, Inc. $EGP

The Manufacturers Life Insurance Company raised its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 2.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 272,324 shares of the real estate investment trust’s stock after purchasing an additional 7,301 shares during the quarter. The Manufacturers Life Insurance Company owned 0.51% of EastGroup Properties worth $50,404,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Glen Eagle Advisors LLC raised its position in shares of EastGroup Properties by 96.3% in the 1st quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 104 shares in the last quarter. Quantinno Capital Management LP grew its position in shares of EastGroup Properties by 38.8% during the first quarter. Quantinno Capital Management LP now owns 501,286 shares of the real estate investment trust’s stock worth $92,783,000 after buying an additional 140,166 shares in the last quarter. SummitTX Capital L.P. increased its stake in shares of EastGroup Properties by 28.3% in the first quarter. SummitTX Capital L.P. now owns 21,577 shares of the real estate investment trust’s stock worth $3,994,000 after buying an additional 4,758 shares during the last quarter. Lazard Asset Management LLC increased its stake in shares of EastGroup Properties by 10.4% in the first quarter. Lazard Asset Management LLC now owns 10,172 shares of the real estate investment trust’s stock worth $1,883,000 after buying an additional 960 shares during the last quarter. Finally, Waverly Advisors LLC acquired a new stake in EastGroup Properties in the first quarter valued at $276,000. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on EGP. Royal Bank Of Canada raised their price objective on shares of EastGroup Properties from $195.00 to $208.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 28th. Barclays upped their target price on shares of EastGroup Properties from $210.00 to $228.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Citigroup lifted their price target on EastGroup Properties from $235.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. KeyCorp upped their price objective on EastGroup Properties from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. Finally, Raymond James Financial began coverage on EastGroup Properties in a research report on Wednesday, June 17th. They issued an “outperform” rating and a $241.00 target price for the company. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average target price of $219.89.

Insider Buying and Selling

In other news, Director David Michael Fields sold 504 shares of the company’s 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 completion of the transaction, the director directly owned 3,531 shares of the company’s stock, valued at approximately $691,263.87. This represents a 12.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by insiders.

EastGroup Properties Stock Up 0.4%

Shares of NYSE:EGP opened at $209.38 on Friday. The company’s fifty day moving average is $207.08 and its two-hundred day moving average is $197.08. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.16 and a current ratio of 0.16. EastGroup Properties, Inc. has a 1-year low of $159.37 and a 1-year high of $226.71. The stock has a market capitalization of $11.26 billion, a price-to-earnings ratio of 36.73, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.40 EPS for the quarter, beating the consensus estimate of $1.31 by $0.09. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%. The business had revenue of $193.33 million during the quarter, compared to analyst estimates of $193.61 million. During the same period in the previous year, the business posted $2.21 EPS. The company’s quarterly revenue was up 9.0% on a year-over-year basis. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. Equities analysts anticipate that EastGroup Properties, Inc. will post 9.6 EPS for the current year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Tuesday, June 30th. EastGroup Properties’s payout ratio is presently 108.77%.

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.