14,110 Shares in EastGroup Properties, Inc. $EGP Acquired by Westpac Banking Corp

Westpac Banking Corp acquired a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 14,110 shares of the real estate investment trust’s stock, valued at approximately $2,858,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in EastGroup Properties in the second quarter worth approximately $1,553,186,000. Norges Bank bought a new position in shares of EastGroup Properties during the 4th quarter valued at $281,054,000. Deutsche Bank AG bought a new position in shares of EastGroup Properties during the 2nd quarter valued at $114,775,000. Bank of New York Mellon Corp acquired a new stake in shares of EastGroup Properties in the 2nd quarter valued at $93,282,000. Finally, Principal Financial Group Inc. lifted its stake in shares of EastGroup Properties by 16.0% in the 4th quarter. Principal Financial Group Inc. now owns 2,303,804 shares of the real estate investment trust’s stock valued at $410,404,000 after purchasing an additional 318,261 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $201.15 on Friday. The business has a 50 day moving average price of $207.62 and a 200 day moving average price of $199.26. EastGroup Properties, Inc. has a twelve month low of $163.10 and a twelve month high of $226.71. The company has a market cap of $10.82 billion, a price-to-earnings ratio of 35.29, a PEG ratio of 2.93 and a beta of 1.02. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.45.

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

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Piper Sandler reissued an “overweight” rating on shares of EastGroup Properties in a research report on Thursday, August 13th. Morgan Stanley upped their price target on EastGroup Properties from $215.00 to $231.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 27th. Raymond James Financial initiated coverage on EastGroup Properties in a report on Wednesday, June 17th. They set an “outperform” rating and a $241.00 price objective on the stock. Citigroup raised their price objective on EastGroup Properties from $235.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Finally, JPMorgan Chase & Co. upped their target price on EastGroup Properties from $210.00 to $231.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $221.11.

Insider Activity

In related news, Director David Michael Fields sold 504 shares of the business’s stock in a transaction on Thursday, June 4th. The shares were 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 of the company’s stock, valued at approximately $691,263.87. The trade was a 12.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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) 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.