Vaughan Nelson Investment Management L.P. Cuts Position in EastGroup Properties, Inc. (NYSE:EGP)

Vaughan Nelson Investment Management L.P. reduced its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 2.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 506,835 shares of the real estate investment trust's stock after selling 10,935 shares during the period. Vaughan Nelson Investment Management L.P. owned 0.97% of EastGroup Properties worth $89,279,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its position in EastGroup Properties by 5.5% in the 4th quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust's stock valued at $72,610,000 after acquiring an additional 23,626 shares in the last quarter. BankPlus Trust Department bought a new position in shares of EastGroup Properties during the 4th quarter worth approximately $1,871,000. Osterweis Capital Management Inc. lifted its position in shares of EastGroup Properties by 2.2% during the fourth quarter. Osterweis Capital Management Inc. now owns 209,820 shares of the real estate investment trust's stock worth $33,674,000 after acquiring an additional 4,484 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of EastGroup Properties by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 650,612 shares of the real estate investment trust's stock worth $104,417,000 after acquiring an additional 10,812 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of EastGroup Properties during the fourth quarter worth $100,579,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on EGP shares. Truist Financial reduced their price target on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Evercore ISI boosted their price target on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a research report on Thursday, April 24th. Raymond James reiterated a "strong-buy" rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. Piper Sandler cut their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Finally, Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy 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 $188.00.

EastGroup Properties Trading Down 0.7%

Shares of NYSE:EGP traded down $1.18 during midday trading on Friday, hitting $170.87. 260,417 shares of the stock traded hands, compared to its average volume of 375,394. The stock has a market capitalization of $8.97 billion, a PE ratio of 36.75, a P/E/G ratio of 3.35 and a beta of 1.02. The business's 50 day moving average is $165.16 and its two-hundred day moving average is $168.98. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, beating the consensus estimate of $2.11 by $0.01. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. The firm had revenue of $174.45 million during the quarter, compared to the consensus estimate of $169.67 million. During the same period in the prior year, the firm posted $1.98 earnings per share. The company's quarterly revenue was up 13.1% compared to the same quarter last year. As a group, research analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be 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 is Monday, June 30th. EastGroup Properties's payout ratio is currently 122.54%.

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.