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

Vaughan Nelson Investment Management L.P. reduced its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 40.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 215,775 shares of the real estate investment trust’s stock after selling 146,078 shares during the period. Vaughan Nelson Investment Management L.P.’s holdings in EastGroup Properties were worth $38,790,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in EGP. Mariner LLC lifted its position in shares of EastGroup Properties by 4.2% during the 3rd quarter. Mariner LLC now owns 5,419 shares of the real estate investment trust’s stock valued at $902,000 after buying an additional 217 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of EastGroup Properties by 2.3% during the 3rd quarter. Federated Hermes Inc. now owns 9,566 shares of the real estate investment trust’s stock valued at $1,593,000 after buying an additional 218 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in EastGroup Properties by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 19,264 shares of the real estate investment trust’s stock valued at $3,208,000 after purchasing an additional 100 shares during the period. Toronto Dominion Bank raised its stake in EastGroup Properties by 3.3% during the 3rd quarter. Toronto Dominion Bank now owns 4,972 shares of the real estate investment trust’s stock valued at $828,000 after purchasing an additional 160 shares during the period. Finally, Lazard Asset Management LLC raised its stake in EastGroup Properties by 136.7% during the 3rd quarter. Lazard Asset Management LLC now owns 1,941 shares of the real estate investment trust’s stock valued at $322,000 after purchasing an additional 1,121 shares during the period. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Performance

NYSE EGP opened at $172.06 on Wednesday. The business’s 50 day moving average price is $163.90 and its 200-day moving average price is $173.57. EastGroup Properties, Inc. has a fifty-two week low of $154.75 and a fifty-two week high of $188.85. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10. The company has a market cap of $8.28 billion, a P/E ratio of 37.32, a P/E/G ratio of 2.65 and a beta of 0.98.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Friday, June 28th. EastGroup Properties’s payout ratio is currently 110.20%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on EGP shares. Piper Sandler decreased their target price on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. Mizuho decreased their target price on EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating on the stock in a research note on Friday, May 31st. Barclays decreased their target price on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating on the stock in a research note on Monday, April 29th. Robert W. Baird decreased their target price on EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Finally, BMO Capital Markets began coverage on EastGroup Properties in a research note on Monday, April 22nd. They set an “outperform” rating and a $190.00 target price on the stock. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $182.41.

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.