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

Vaughan Nelson Investment Management L.P. grew its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 22.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 343,140 shares of the real estate investment trust’s stock after purchasing an additional 62,381 shares during the quarter. Vaughan Nelson Investment Management L.P. owned 0.69% of EastGroup Properties worth $64,105,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Natixis Advisors LLC boosted its position in EastGroup Properties by 13.6% in the 3rd quarter. Natixis Advisors LLC now owns 52,679 shares of the real estate investment trust’s stock valued at $9,842,000 after buying an additional 6,307 shares during the period. Metis Global Partners LLC raised its stake in shares of EastGroup Properties by 31.3% in the third quarter. Metis Global Partners LLC now owns 5,008 shares of the real estate investment trust’s stock valued at $936,000 after acquiring an additional 1,193 shares in the last quarter. Curi RMB Capital LLC boosted its holdings in EastGroup Properties by 1.0% in the third quarter. Curi RMB Capital LLC now owns 128,662 shares of the real estate investment trust’s stock valued at $24,037,000 after purchasing an additional 1,283 shares during the period. Oppenheimer Asset Management Inc. grew its stake in EastGroup Properties by 11.2% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 16,394 shares of the real estate investment trust’s stock worth $3,063,000 after purchasing an additional 1,648 shares in the last quarter. Finally, Aptus Capital Advisors LLC increased its holdings in EastGroup Properties by 15.6% during the 3rd quarter. Aptus Capital Advisors LLC now owns 31,502 shares of the real estate investment trust’s stock worth $5,885,000 after purchasing an additional 4,240 shares during the period. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Stock Up 0.6 %

Shares of NYSE:EGP opened at $171.99 on Friday. EastGroup Properties, Inc. has a 1-year low of $155.23 and a 1-year high of $192.61. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. The stock has a market cap of $8.52 billion, a P/E ratio of 35.54, a P/E/G ratio of 2.56 and a beta of 1.00. The firm has a fifty day moving average price of $180.51 and a 200 day moving average price of $176.53.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). The business had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. EastGroup Properties’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the company posted $1.95 EPS. Sell-side analysts predict that EastGroup Properties, Inc. will post 8.36 EPS for the current year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $1.40 dividend. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend was Monday, September 30th. EastGroup Properties’s payout ratio is currently 115.70%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on EGP. Truist Financial decreased their price objective on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research note on Wednesday. Royal Bank of Canada reiterated a “sector perform” rating and set a $186.00 price target on shares of EastGroup Properties in a report on Wednesday, October 30th. KeyCorp raised their price objective on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Wedbush reaffirmed an “outperform” rating and set a $209.00 price objective on shares of EastGroup Properties in a research report on Friday, October 25th. Finally, Barclays dropped their target price on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, EastGroup Properties currently has an average rating of “Hold” and an average target price of $191.21.

EastGroup Properties 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.