EastGroup Properties, Inc. (NYSE:EGP) Shares Acquired by Hsbc Holdings PLC

Posted by on Feb 27th, 2023

Hsbc Holdings PLC boosted its holdings in EastGroup Properties, Inc. (NYSE:EGP – Get Rating) by 101.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 22,203 shares of the real estate investment trust’s stock after acquiring an additional 11,174 shares during the period. Hsbc Holdings PLC owned 0.05% of EastGroup Properties worth $3,199,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in EGP. American Century Companies Inc. purchased a new stake in shares of EastGroup Properties in the first quarter valued at about $354,000. Group One Trading L.P. acquired a new position in shares of EastGroup Properties during the 1st quarter worth approximately $41,000. Private Advisor Group LLC lifted its stake in EastGroup Properties by 10.3% in the 1st quarter. Private Advisor Group LLC now owns 1,212 shares of the real estate investment trust’s stock valued at $246,000 after buying an additional 113 shares in the last quarter. Allianz Asset Management GmbH acquired a new stake in EastGroup Properties during the 1st quarter valued at $12,520,000. Finally, Vanguard Group Inc. increased its position in EastGroup Properties by 2.2% during the first quarter. Vanguard Group Inc. now owns 6,172,033 shares of the real estate investment trust’s stock worth $1,254,651,000 after buying an additional 133,344 shares in the last quarter. 89.48% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Stock Down 1.1 %

Shares of NYSE EGP opened at $163.33 on Monday. The stock has a market capitalization of $7.11 billion, a PE ratio of 37.21, a P/E/G ratio of 3.15 and a beta of 0.93. The firm has a fifty day moving average of $160.08 and a 200-day moving average of $157.66. EastGroup Properties, Inc. has a 52-week low of $137.47 and a 52-week high of $217.46.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Friday, December 30th were paid a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $5.00 annualized dividend and a yield of 3.06%. EastGroup Properties’s dividend payout ratio is presently 113.90%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Morgan Stanley upped their price objective on EastGroup Properties from $150.00 to $158.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 22nd. Robert W. Baird upped their target price on shares of EastGroup Properties from $170.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, February 9th. Piper Sandler reiterated an “overweight” rating and set a $180.00 price target on shares of EastGroup Properties in a report on Wednesday, February 8th. KeyCorp raised shares of EastGroup Properties from a “sector weight” rating to an “overweight” rating and set a $170.00 price objective for the company in a research report on Wednesday, December 14th. Finally, Wells Fargo & Company raised their target price on shares of EastGroup Properties from $140.00 to $160.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $169.80.

EastGroup Properties Company Profile

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EastGroup Properties, Inc is an internally-managed equity real estate investment trust. The firm is engaged in the development, acquisition, and operation of industrial properties in the United States. Its portfolio consists of distribution facilities in Florida, California, Texas, Arizona, and North Carolina.

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Institutional Ownership by Quarter for EastGroup Properties (NYSE:EGP)

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