Nordea Investment Management AB Has $12.85 Million Stake in EastGroup Properties, Inc. $EGP

Nordea Investment Management AB lessened its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 12.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 72,308 shares of the real estate investment trust’s stock after selling 10,225 shares during the period. Nordea Investment Management AB owned 0.14% of EastGroup Properties worth $12,848,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of EGP. Sagespring Wealth Partners LLC bought a new stake in EastGroup Properties in the fourth quarter valued at $261,000. Park Avenue Securities LLC raised its holdings in shares of EastGroup Properties by 8.1% during the fourth quarter. Park Avenue Securities LLC now owns 2,859 shares of the real estate investment trust’s stock valued at $509,000 after purchasing an additional 215 shares during the period. GAMMA Investing LLC boosted its position in shares of EastGroup Properties by 34.0% during the 4th quarter. GAMMA Investing LLC now owns 722 shares of the real estate investment trust’s stock worth $129,000 after purchasing an additional 183 shares in the last quarter. Davis Selected Advisers boosted its position in shares of EastGroup Properties by 14.8% during the 3rd quarter. Davis Selected Advisers now owns 52,940 shares of the real estate investment trust’s stock worth $8,961,000 after purchasing an additional 6,810 shares in the last quarter. Finally, Hudson Bay Capital Management LP grew its stake in shares of EastGroup Properties by 199.8% in the 3rd quarter. Hudson Bay Capital Management LP now owns 207,372 shares of the real estate investment trust’s stock valued at $35,100,000 after buying an additional 138,193 shares during the period. 92.14% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on EGP shares. Barclays raised EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research report on Thursday, December 4th. KeyCorp raised their price objective on EastGroup Properties from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Tuesday, February 10th. Mizuho restated a “neutral” rating and set a $172.00 price objective (down from $180.00) on shares of EastGroup Properties in a report on Thursday, December 4th. Royal Bank Of Canada upped their target price on EastGroup Properties from $183.00 to $195.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 18th. Finally, Citigroup increased their target price on EastGroup Properties from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $200.18.

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $182.72 on Wednesday. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $197.95. The stock has a market cap of $9.74 billion, a price-to-earnings ratio of 37.52, a PEG ratio of 2.99 and a beta of 1.10. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01. The firm’s 50-day simple moving average is $187.84 and its 200 day simple moving average is $180.35.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Tuesday, March 31st. EastGroup Properties’s dividend payout ratio (DPR) is currently 127.31%.

EastGroup Properties Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.