Nordea Investment Management AB Boosts Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Nordea Investment Management AB lifted its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 6.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,392 shares of the real estate investment trust's stock after buying an additional 4,176 shares during the period. Nordea Investment Management AB owned approximately 0.15% of EastGroup Properties worth $11,667,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. State Street Corp increased its stake in EastGroup Properties by 2.1% in the third quarter. State Street Corp now owns 2,427,405 shares of the real estate investment trust's stock valued at $456,872,000 after purchasing an additional 49,268 shares during the period. FMR LLC increased its position in EastGroup Properties by 67.9% in the 3rd quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust's stock valued at $291,081,000 after acquiring an additional 629,827 shares during the period. Geode Capital Management LLC raised its stake in EastGroup Properties by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 899,219 shares of the real estate investment trust's stock valued at $168,032,000 after acquiring an additional 10,435 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in EastGroup Properties by 7.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust's stock worth $123,848,000 after acquiring an additional 53,083 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of EastGroup Properties by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 639,800 shares of the real estate investment trust's stock valued at $119,527,000 after purchasing an additional 22,328 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

Shares of NYSE EGP traded down $0.65 on Thursday, hitting $158.51. The company's stock had a trading volume of 286,396 shares, compared to its average volume of 324,459. 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 50 day moving average of $167.98 and a 200-day moving average of $177.13. EastGroup Properties, Inc. has a 12-month low of $155.23 and a 12-month high of $192.61. The company has a market capitalization of $7.85 billion, a price-to-earnings ratio of 32.75, a price-to-earnings-growth ratio of 2.23 and a beta of 1.00.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.10 by ($0.97). The company had revenue of $162.88 million during 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%. The business's revenue was up 11.2% compared to the same quarter last year. During the same period last year, the firm earned $1.95 earnings per share. As a group, research analysts predict that EastGroup Properties, Inc. will post 8.35 EPS for the current year.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date of this dividend is Tuesday, December 31st. EastGroup Properties's dividend payout ratio is presently 115.70%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Evercore ISI upped their price target on EastGroup Properties from $204.00 to $205.00 and gave the stock an "outperform" rating in a research note on Monday, October 7th. Raymond James upgraded shares of EastGroup Properties from an "outperform" rating to a "strong-buy" rating and upped their price objective for the stock from $185.00 to $200.00 in a research report on Wednesday, December 11th. KeyCorp reaffirmed a "sector weight" rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Wedbush reissued an "outperform" rating and set a $209.00 price target on shares of EastGroup Properties in a report on Friday, October 25th. Finally, Truist Financial lowered their price objective on EastGroup Properties from $190.00 to $186.00 and set a "hold" rating on the stock in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, EastGroup Properties presently has a consensus rating of "Moderate Buy" and a consensus price target of $191.56.

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.