Nuveen LLC bought a new stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,081,213 shares of the real estate investment trust's stock, valued at approximately $190,456,000. Nuveen LLC owned 2.06% of EastGroup Properties at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Citizens National Bank Trust Department acquired a new stake in EastGroup Properties in the 1st quarter valued at approximately $26,000. Assetmark Inc. boosted its stake in EastGroup Properties by 1,035.7% during the 1st quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust's stock valued at $28,000 after purchasing an additional 145 shares in the last quarter. Mather Group LLC. boosted its stake in EastGroup Properties by 74.2% during the 1st quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock valued at $64,000 after purchasing an additional 155 shares in the last quarter. Parallel Advisors LLC boosted its stake in EastGroup Properties by 387.4% during the 1st quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust's stock valued at $75,000 after purchasing an additional 337 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in EastGroup Properties by 31.9% during the 1st quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock valued at $79,000 after purchasing an additional 108 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on EGP shares. Piper Sandler decreased their price target on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Barclays decreased their price target on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 30th. Royal Bank Of Canada decreased their price target on EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating for the company in a research note on Tuesday, July 29th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Finally, Evercore ISI increased their price target on EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a research note on Thursday, April 24th. Seven equities research 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $189.31.
Read Our Latest Stock Analysis on EGP
EastGroup Properties Price Performance
EGP opened at $159.56 on Tuesday. The stock has a fifty day moving average of $167.54 and a 200-day moving average of $169.62. The firm has a market capitalization of $8.51 billion, a P/E ratio of 34.46, a PEG ratio of 3.28 and a beta of 0.98. EastGroup Properties, Inc. has a 12-month low of $137.67 and a 12-month high of $192.21. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.43.
EastGroup Properties (NYSE:EGP - Get Free Report) last released its earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.20 by $0.01. The company had revenue of $177.29 million during the quarter, compared to analyst estimates of $175.80 million. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%. The company's revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.05 earnings per share. Equities analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.
EastGroup Properties Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $1.40 dividend. The ex-dividend date was Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.5%. EastGroup Properties's dividend payout ratio is presently 120.95%.
EastGroup Properties Profile
(
Free Report)
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.
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