The Manufacturers Life Insurance Company Purchases New Position in EastGroup Properties, Inc. $EGP

The Manufacturers Life Insurance Company purchased a new position in EastGroup Properties, Inc. (NYSE:EGP) in the second quarter, HoldingsChannel reports. The fund purchased 273,694 shares of the real estate investment trust’s stock, valued at approximately $55,431,000.

Several other institutional investors and hedge funds have also bought and sold shares of EGP. Jones Financial Companies Lllp boosted its position in EastGroup Properties by 18,900.0% during the 1st quarter. Jones Financial Companies Lllp now owns 950 shares of the real estate investment trust’s stock valued at $167,000 after acquiring an additional 945 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of EastGroup Properties by 28.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 190,144 shares of the real estate investment trust’s stock worth $33,494,000 after acquiring an additional 41,538 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of EastGroup Properties by 309.8% in the 1st quarter. Jane Street Group LLC now owns 15,878 shares of the real estate investment trust’s stock valued at $2,797,000 after purchasing an additional 12,003 shares during the period. Focus Partners Wealth lifted its stake in shares of EastGroup Properties by 2.2% in the 1st quarter. Focus Partners Wealth now owns 6,103 shares of the real estate investment trust’s stock valued at $1,075,000 after purchasing an additional 130 shares during the period. Finally, Cetera Investment Advisers boosted its position in shares of EastGroup Properties by 1.9% during the second quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock valued at $613,000 after purchasing an additional 68 shares in the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Price Performance

Shares of EGP opened at $200.93 on Thursday. The company has a market capitalization of $10.80 billion, a P/E ratio of 35.25, a price-to-earnings-growth ratio of 2.95 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. The firm has a 50 day moving average of $207.62 and a 200 day moving average of $199.78. EastGroup Properties, Inc. has a twelve month low of $163.10 and a twelve month high of $226.71.

EastGroup Properties (NYSE:EGP) last released 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 return on equity of 8.61% and a net margin of 40.47%.The business had revenue of $193.33 million for the quarter, compared to analysts’ expectations of $193.61 million. During the same period in the prior year, the firm posted $2.21 EPS. The firm’s quarterly 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. As a group, equities research analysts anticipate that EastGroup Properties, Inc. will post 9.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

EGP has been the topic of several recent research reports. KeyCorp upped their price target on EastGroup Properties from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Piper Sandler reissued an “overweight” rating on shares of EastGroup Properties in a research report on Thursday, August 13th. Wells Fargo & Company boosted their target price on shares of EastGroup Properties from $213.00 to $221.00 and gave the company an “overweight” rating in a report on Monday, June 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $235.00 target price on shares of EastGroup Properties in a research report on Monday, July 27th. Finally, Citigroup upped their target price on shares of 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 issued a Hold rating to the company’s stock. According to MarketBeat, EastGroup Properties currently has an average rating of “Moderate Buy” and an average target price of $221.11.

Insider Buying and Selling 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 transaction of $98,668.08. Following the transaction, the director directly owned 3,531 shares of the company’s stock, valued at $691,263.87. This represents a 12.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.00% of the stock is owned by corporate insiders.

EastGroup Properties Company 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.