Hsbc Holdings PLC Acquires 6,926 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Hsbc Holdings PLC raised its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 20.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 40,465 shares of the real estate investment trust’s stock after acquiring an additional 6,926 shares during the period. Hsbc Holdings PLC owned approximately 0.08% of EastGroup Properties worth $6,875,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV grew its position in shares of EastGroup Properties by 2.3% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 24,036 shares of the real estate investment trust’s stock worth $4,089,000 after buying an additional 531 shares during the period. Dimensional Fund Advisors LP grew its position in shares of EastGroup Properties by 7.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust’s stock worth $123,848,000 after buying an additional 53,083 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of EastGroup Properties by 32.0% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 14,746 shares of the real estate investment trust’s stock worth $2,508,000 after buying an additional 3,573 shares during the period. Hardin Capital Partners LLC acquired a new position in shares of EastGroup Properties during the 2nd quarter worth about $1,319,000. Finally, Federated Hermes Inc. grew its position in shares of EastGroup Properties by 7.1% during the 2nd quarter. Federated Hermes Inc. now owns 7,346 shares of the real estate investment trust’s stock worth $1,250,000 after buying an additional 486 shares during the period. Institutional investors and hedge funds own 92.14% of the company’s stock.

Analyst Ratings Changes

EGP has been the subject of several research analyst reports. BNP Paribas initiated coverage on EastGroup Properties in a research report on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 price objective for the company. Royal Bank of Canada boosted their price objective on EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 30th. Morgan Stanley upped their price target on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. KeyCorp upped their price target on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Barclays upped their price target on EastGroup Properties from $175.00 to $198.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $192.00.

EastGroup Properties Stock Up 1.4 %

EGP stock opened at $189.38 on Tuesday. EastGroup Properties, Inc. has a 1-year low of $154.75 and a 1-year high of $192.61. The business’s 50 day simple moving average is $185.58 and its 200 day simple moving average is $174.78. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $9.12 billion, a PE ratio of 41.08, a PEG ratio of 2.74 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.91). The company had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The firm’s revenue was up 13.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.89 earnings per share. As a group, research analysts anticipate that EastGroup Properties, Inc. will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a yield of 2.96%. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s payout ratio is currently 121.48%.

About EastGroup Properties

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.