EastGroup Properties (NYSE:EGP) PT Raised to $205.00

EastGroup Properties (NYSE:EGP) had its target price increased by stock analysts at Evercore ISI from $204.00 to $205.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Evercore ISI’s price objective would indicate a potential upside of 15.45% from the company’s current price.

EGP has been the topic of a number of other reports. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Wedbush lifted their target price on shares of EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Morgan Stanley upped their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. KeyCorp raised their price target on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Truist Financial upped their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $192.07.

EastGroup Properties Stock Performance

EGP opened at $177.56 on Monday. The firm’s fifty day simple moving average is $184.87 and its two-hundred day simple moving average is $175.13. EastGroup Properties has a 52-week low of $154.75 and a 52-week high of $192.61. The company has a market cap of $8.55 billion, a price-to-earnings ratio of 38.52, a PEG ratio of 2.83 and a beta of 0.99. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $159.09 million for the quarter, compared to analyst estimates of $156.70 million. During the same quarter last year, the company earned $1.89 EPS. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. Equities analysts anticipate that EastGroup Properties will post 8.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in EastGroup Properties by 3.2% during the first quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock worth $1,233,785,000 after purchasing an additional 210,207 shares in the last quarter. Ceredex Value Advisors LLC acquired a new stake in EastGroup Properties during the 2nd quarter worth $35,131,000. Boston Partners boosted its stake in EastGroup Properties by 26.1% in the first quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock valued at $171,399,000 after acquiring an additional 197,427 shares in the last quarter. Zimmer Partners LP grew its holdings in shares of EastGroup Properties by 465.6% during the first quarter. Zimmer Partners LP now owns 200,558 shares of the real estate investment trust’s stock worth $36,054,000 after purchasing an additional 165,100 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of EastGroup Properties by 202.1% during the second quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock worth $32,036,000 after purchasing an additional 125,991 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

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.