EastGroup Properties, Inc. $EGP Position Raised by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 2.8% in the 1st quarter, HoldingsChannel.com reports. The fund 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’s holdings in EastGroup Properties were worth $50,404,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. State of Wyoming bought a new stake in EastGroup Properties in the 2nd quarter valued at about $27,000. Glen Eagle Advisors LLC boosted its stake in 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 purchasing an additional 104 shares during the period. Parallel Advisors LLC grew its position in EastGroup Properties by 53.5% in the 3rd quarter. Parallel Advisors LLC now owns 244 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 85 shares during the last quarter. Clearstead Advisors LLC increased its stake in shares of EastGroup Properties by 114.9% in the fourth quarter. Clearstead Advisors LLC now owns 260 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 139 shares during the period. Finally, Avalon Trust Co acquired a new stake in shares of EastGroup Properties in the first quarter valued at approximately $46,000. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Up 0.4%

EGP stock opened at $209.38 on Friday. EastGroup Properties, Inc. has a 52 week low of $159.37 and a 52 week high of $226.71. The company 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. The firm’s 50-day moving average is $207.08 and its two-hundred day moving average is $197.08. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.45.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, July 22nd. The real estate investment trust reported $1.40 earnings per share (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 analysts’ expectations of $193.61 million. During the same period last year, the firm posted $2.21 earnings per share. The business’s 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. On average, analysts forecast that EastGroup Properties, Inc. will post 9.6 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

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

Insider Activity at EastGroup Properties

In other news, Director David Michael Fields sold 504 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was 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 $691,263.87. This represents a 12.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on EGP. JPMorgan Chase & Co. lifted their price target on EastGroup Properties from $210.00 to $231.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $235.00 target price on shares of EastGroup Properties in a research report on Monday. KeyCorp lifted their target price on EastGroup Properties from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. Evercore set a $206.00 price target on EastGroup Properties in a research report on Thursday, July 23rd. Finally, Citigroup boosted their price target on EastGroup Properties from $235.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $219.89.

EastGroup Properties 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.