Bank of New York Mellon Corp Boosts Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Bank of New York Mellon Corp lifted its position in EastGroup Properties, Inc. (NYSE:EGP) by 5.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 452,429 shares of the real estate investment trust’s stock after acquiring an additional 23,626 shares during the quarter. Bank of New York Mellon Corp’s holdings in EastGroup Properties were worth $72,610,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Creative Planning grew its position in EastGroup Properties by 4.8% in the 3rd quarter. Creative Planning now owns 2,555 shares of the real estate investment trust’s stock worth $477,000 after purchasing an additional 117 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of EastGroup Properties by 35.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,869 shares of the real estate investment trust’s stock worth $351,000 after buying an additional 488 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of EastGroup Properties by 7.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock valued at $252,000 after acquiring an additional 90 shares in the last quarter. abrdn plc increased its position in shares of EastGroup Properties by 10.3% during the third quarter. abrdn plc now owns 9,913 shares of the real estate investment trust’s stock valued at $1,852,000 after acquiring an additional 924 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in EastGroup Properties by 13.8% during the third quarter. Van ECK Associates Corp now owns 20,448 shares of the real estate investment trust’s stock worth $3,705,000 after acquiring an additional 2,481 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on EGP. Raymond James upgraded EastGroup Properties from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $185.00 to $200.00 in a research note on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of EastGroup Properties in a report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price target on the stock. Truist Financial raised their price objective on shares of EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a report on Friday, February 14th. Morgan Stanley dropped their target price on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Monday, December 30th. Finally, Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and raised their price target for the stock from $174.00 to $194.00 in a research note on Thursday, January 2nd. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties presently has an average rating of “Moderate Buy” and an average price target of $191.65.

EastGroup Properties Stock Up 1.0 %

EastGroup Properties stock opened at $184.65 on Tuesday. The firm has a market capitalization of $9.61 billion, a price-to-earnings ratio of 39.71, a P/E/G ratio of 3.35 and a beta of 1.00. The firm has a 50 day simple moving average of $169.58 and a 200 day simple moving average of $175.17. EastGroup Properties, Inc. has a 1-year low of $155.10 and a 1-year high of $192.61. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. On average, analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

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.