Northwestern Mutual Wealth Management Co. Increases Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Northwestern Mutual Wealth Management Co. increased its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 49.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 954 shares of the real estate investment trust’s stock after buying an additional 316 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in EastGroup Properties were worth $162,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Bridgefront Capital LLC acquired a new position in shares of EastGroup Properties in the fourth quarter worth about $519,000. Osterweis Capital Management Inc. raised its position in shares of EastGroup Properties by 0.3% in the 4th quarter. Osterweis Capital Management Inc. now owns 195,101 shares of the real estate investment trust’s stock valued at $35,809,000 after purchasing an additional 619 shares in the last quarter. Quarry LP purchased a new position in shares of EastGroup Properties during the 4th quarter valued at approximately $62,000. Virtu Financial LLC acquired a new stake in shares of EastGroup Properties during the fourth quarter worth approximately $1,117,000. Finally, Vanguard Group Inc. increased its stake in shares of EastGroup Properties by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 6,652,922 shares of the real estate investment trust’s stock worth $1,221,077,000 after buying an additional 120,746 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

Wall Street Analysts Forecast Growth

EGP has been the topic of a number of research analyst reports. Barclays reduced their price objective on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research note on Thursday. KeyCorp boosted their price objective on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Mizuho upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $175.00 to $200.00 in a research note on Thursday, September 5th. Wells Fargo & Company upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $179.00 to $214.00 in a research report on Wednesday, August 28th. Finally, Truist Financial upped their price target on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $191.73.

EastGroup Properties Stock Down 0.7 %

EastGroup Properties stock opened at $176.04 on Friday. The firm has a market capitalization of $8.48 billion, a P/E ratio of 38.19, a P/E/G ratio of 2.83 and a beta of 0.99. The company has a 50-day simple moving average of $184.43 and a 200-day simple moving average of $175.15. EastGroup Properties, Inc. has a one year low of $154.75 and a one year high of $192.61. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.91). The firm had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. EastGroup Properties’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.89 EPS. As a group, equities analysts expect that EastGroup Properties, Inc. will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $1.40 per share. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Monday, September 30th. EastGroup Properties’s payout ratio is currently 121.48%.

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.