Nisa Investment Advisors LLC Trims Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Nisa Investment Advisors LLC cut its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 6.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,281 shares of the real estate investment trust’s stock after selling 1,753 shares during the period. Nisa Investment Advisors LLC owned approximately 0.06% of EastGroup Properties worth $4,418,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Cerity Partners LLC grew its holdings in EastGroup Properties by 35.6% during the 3rd quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust’s stock worth $2,545,000 after acquiring an additional 3,574 shares in the last quarter. Ausbil Investment Management Ltd raised its position in EastGroup Properties by 261.6% during the 3rd quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust’s stock worth $1,259,000 after buying an additional 4,874 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of EastGroup Properties by 337.0% during the 3rd quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock worth $8,728,000 after purchasing an additional 37,863 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of EastGroup Properties by 20.4% during 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 period. Finally, Nordea Investment Management AB grew its stake in shares of EastGroup Properties by 6.1% during the 4th quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust’s stock worth $11,667,000 after purchasing an additional 4,176 shares during the period. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

EGP opened at $169.58 on Friday. The business has a fifty day simple moving average of $165.87 and a 200 day simple moving average of $176.64. The company has a market capitalization of $8.40 billion, a PE ratio of 35.04, a price-to-earnings-growth ratio of 3.12 and a beta of 1.00. EastGroup Properties, Inc. has a 1 year low of $155.10 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.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The business had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. During the same period last year, the firm posted $1.95 EPS. EastGroup Properties’s quarterly revenue was up 11.2% on a year-over-year basis. Research analysts expect that EastGroup Properties, Inc. will post 8.34 EPS for the current year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $1.40 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.30%. EastGroup Properties’s payout ratio is 115.70%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on EGP. Evercore ISI increased their price objective on shares of EastGroup Properties from $204.00 to $205.00 and gave the company 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 increased their price objective for the stock from $185.00 to $200.00 in a report on Wednesday, December 11th. Truist Financial cut their price target on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a report on Wednesday, November 13th. StockNews.com lowered shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $190.88.

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.