Nomura Asset Management Co. Ltd. grew its stake in Eastgroup Properties Inc (NYSE:EGP) by 5.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,020 shares of the real estate investment trust’s stock after buying an additional 1,100 shares during the period. Nomura Asset Management Co. Ltd. owned 0.06% of Eastgroup Properties worth $2,112,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of the company. State Board of Administration of Florida Retirement System increased its stake in shares of Eastgroup Properties by 0.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 15,412 shares of the real estate investment trust’s stock valued at $1,414,000 after buying an additional 113 shares during the period. Shelton Capital Management increased its stake in shares of Eastgroup Properties by 3.3% in the fourth quarter. Shelton Capital Management now owns 3,620 shares of the real estate investment trust’s stock valued at $332,000 after buying an additional 114 shares during the period. First Hawaiian Bank increased its stake in shares of Eastgroup Properties by 2.7% in the fourth quarter. First Hawaiian Bank now owns 5,285 shares of the real estate investment trust’s stock valued at $485,000 after buying an additional 138 shares during the period. Schnieders Capital Management LLC increased its stake in shares of Eastgroup Properties by 2.3% in the fourth quarter. Schnieders Capital Management LLC now owns 6,462 shares of the real estate investment trust’s stock valued at $592,000 after buying an additional 145 shares during the period. Finally, Rehmann Capital Advisory Group increased its stake in shares of Eastgroup Properties by 23.5% in the fourth quarter. Rehmann Capital Advisory Group now owns 766 shares of the real estate investment trust’s stock valued at $70,000 after buying an additional 146 shares during the period. 94.64% of the stock is owned by institutional investors.
Several brokerages recently commented on EGP. Zacks Investment Research upgraded Eastgroup Properties from a “hold” rating to a “buy” rating and set a $104.00 target price on the stock in a research report on Tuesday, December 25th. Jefferies Financial Group began coverage on Eastgroup Properties in a research report on Friday, November 30th. They set a “hold” rating and a $99.00 target price on the stock. Morgan Stanley upped their target price on Eastgroup Properties from $90.00 to $97.00 and gave the company an “equal weight” rating in a research report on Monday, December 17th. Finally, SunTrust Banks upped their target price on Eastgroup Properties from $92.00 to $98.00 and gave the company a “hold” rating in a research report on Tuesday, February 19th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $98.92.
Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, February 6th. The real estate investment trust reported $1.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.18. The business had revenue of $77.97 million for the quarter, compared to analyst estimates of $76.80 million. Eastgroup Properties had a return on equity of 10.32% and a net margin of 29.46%. The company’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.14 earnings per share. On average, research analysts forecast that Eastgroup Properties Inc will post 4.84 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be issued a $0.72 dividend. The ex-dividend date is Thursday, March 28th. This represents a $2.88 annualized dividend and a yield of 2.61%. Eastgroup Properties’s payout ratio is currently 61.67%.
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About Eastgroup Properties
EastGroup Properties, Inc 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.
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