Nissay Asset Management Corp Japan ADV Purchases 270 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Nissay Asset Management Corp Japan ADV lifted its position in EastGroup Properties, Inc. (NYSE:EGP) by 4.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,006 shares of the real estate investment trust’s stock after buying an additional 270 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in EastGroup Properties were worth $1,130,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in EGP. Crowley Wealth Management Inc. bought a new position in EastGroup Properties during the fourth quarter worth $29,000. Canton Hathaway LLC bought a new position in EastGroup Properties during the fourth quarter worth $30,000. Principal Securities Inc. boosted its position in EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after purchasing an additional 84 shares during the period. Aster Capital Management DIFC Ltd bought a new position in EastGroup Properties during the fourth quarter worth $100,000. Finally, Venturi Wealth Management LLC boosted its position in EastGroup Properties by 69.9% during the fourth quarter. Venturi Wealth Management LLC now owns 700 shares of the real estate investment trust’s stock worth $112,000 after purchasing an additional 288 shares during the period. 92.14% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Barclays reduced their price objective on shares of EastGroup Properties from $193.00 to $182.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 30th. Piper Sandler reduced their price objective on shares of EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. StockNews.com raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Sunday, April 27th. Royal Bank of Canada reduced their target price on shares of EastGroup Properties from $189.00 to $183.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 29th. Finally, Raymond James reissued a “strong-buy” rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. Eight investment 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $187.40.

EastGroup Properties Stock Up 1.4%

EGP stock opened at $173.18 on Monday. The company has a market cap of $9.09 billion, a PE ratio of 37.24, a price-to-earnings-growth ratio of 3.35 and a beta of 1.05. The business has a 50-day simple moving average of $166.54 and a 200 day simple moving average of $169.42. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.61. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $2.11 by $0.01. The business had revenue of $174.45 million during 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%. EastGroup Properties’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.98 earnings per share. Sell-side analysts anticipate 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, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.23%. The ex-dividend date was Monday, March 31st. EastGroup Properties’s payout ratio is 122.54%.

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.