EastGroup Properties (NYSE:EGP) Given New $199.00 Price Target at Wells Fargo & Company

EastGroup Properties (NYSE:EGP) had its target price cut by analysts at Wells Fargo & Company from $214.00 to $199.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target points to a potential upside of 16.24% from the company’s previous close.

EGP has been the subject of several other reports. Wedbush reiterated an “outperform” rating and issued a $209.00 target price on shares of EastGroup Properties in a research note on Friday, October 25th. Morgan Stanley boosted their target price on EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Evercore ISI lifted their price target on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. Finally, StockNews.com lowered shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $191.50.

EastGroup Properties Trading Down 0.0 %

Shares of EGP stock opened at $171.20 on Monday. EastGroup Properties has a 1-year low of $155.23 and a 1-year high of $192.61. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. The business’s fifty day moving average price is $182.93 and its 200 day moving average price is $175.52. The firm has a market capitalization of $8.48 billion, a PE ratio of 35.37, a P/E/G ratio of 2.55 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The company had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. During the same period last year, the company earned $1.95 earnings per share. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. As a group, sell-side analysts forecast that EastGroup Properties will post 8.34 EPS for the current fiscal year.

Institutional Investors Weigh In On EastGroup Properties

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC increased its position in shares of EastGroup Properties by 47.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 61 shares during the period. EverSource Wealth Advisors LLC grew its holdings in EastGroup Properties by 30.2% during the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after acquiring an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in EastGroup Properties by 7.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock worth $252,000 after acquiring an additional 90 shares in the last quarter. Azzad Asset Management Inc. ADV lifted its holdings in EastGroup Properties by 4.9% in the 3rd quarter. Azzad Asset Management Inc. ADV now owns 2,085 shares of the real estate investment trust’s stock valued at $389,000 after acquiring an additional 98 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of EastGroup Properties by 0.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock valued at $5,328,000 after purchasing an additional 103 shares in the last quarter. Institutional investors 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.