Nuveen Asset Management LLC Sells 61,128 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Nuveen Asset Management LLC reduced its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 5.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,061,247 shares of the real estate investment trust’s stock after selling 61,128 shares during the period. Nuveen Asset Management LLC owned approximately 2.14% of EastGroup Properties worth $170,320,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of EGP. Crowley Wealth Management Inc. acquired a new position in EastGroup Properties during the 4th quarter valued at $29,000. Canton Hathaway LLC acquired a new position in shares of EastGroup Properties during the fourth quarter valued at about $30,000. Thurston Springer Miller Herd & Titak Inc. grew its position in EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 302 shares in the last quarter. Principal Securities Inc. grew its position in EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 84 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in EastGroup Properties during the fourth quarter valued at about $100,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

EGP has been the topic of several recent research reports. StockNews.com raised EastGroup Properties from a “sell” rating to a “hold” rating in a report on Sunday, April 27th. Robert W. Baird decreased their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. Royal Bank of Canada lowered their price target on shares of EastGroup Properties from $189.00 to $183.00 and set a “sector perform” rating on the stock in a report on Tuesday, April 29th. Truist Financial dropped their price objective on shares of EastGroup Properties from $180.00 to $177.00 and set a “buy” rating for the company in a research note on Monday, May 5th. Finally, Piper Sandler decreased their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average target price of $187.40.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock opened at $170.63 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $8.96 billion, a price-to-earnings ratio of 36.69, a P/E/G ratio of 3.35 and a beta of 1.05. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.61. The firm’s 50-day moving average price is $166.73 and its two-hundred day moving average price is $169.47.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, topping the consensus estimate of $2.11 by $0.01. The business had revenue of $174.45 million for the quarter, compared to the consensus estimate of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. EastGroup Properties’s revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.98 EPS. On average, equities analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date was Monday, March 31st. EastGroup Properties’s dividend payout ratio is currently 122.54%.

EastGroup Properties Company 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.