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

Nuveen Asset Management LLC trimmed its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 5.4% during the fourth quarter, Holdings Channel.com reports. 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’s holdings in EastGroup Properties were worth $170,320,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its position in EastGroup Properties by 20.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust’s stock worth $261,000 after purchasing an additional 275 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of 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 buying an additional 23,626 shares during the period. BankPlus Trust Department bought a new stake in shares of EastGroup Properties during the fourth quarter worth $1,871,000. Ausbil Investment Management Ltd raised its position in shares of EastGroup Properties by 116.0% during the fourth quarter. Ausbil Investment Management Ltd now owns 14,550 shares of the real estate investment trust’s stock worth $2,342,000 after acquiring an additional 7,813 shares during the last quarter. Finally, Osterweis Capital Management Inc. lifted its stake 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 valued at $33,674,000 after acquiring an additional 4,484 shares during the period. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Trading Up 1.5%

Shares of NYSE EGP opened at $170.63 on Friday. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.61. The stock has a market cap 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. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The company’s fifty day moving average is $166.73 and its 200-day moving average is $169.47.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data 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%. The firm’s revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.98 EPS. Equities research analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

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

Analyst Ratings Changes

A number of analysts recently commented on the company. Truist Financial lowered their price objective on EastGroup Properties from $180.00 to $177.00 and set a “buy” rating for the company in a research report on Monday, May 5th. StockNews.com raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research note on Sunday, April 27th. Raymond James reissued a “strong-buy” rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Piper Sandler cut their price objective on shares of EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Finally, Barclays reduced their price objective on shares of EastGroup Properties from $193.00 to $182.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 30th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $187.40.

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.