EastGroup Properties (NYSE:EGP) Stock Price Expected to Rise, Truist Financial Analyst Says

EastGroup Properties (NYSE:EGP) had its price objective raised by equities researchers at Truist Financial from $168.00 to $180.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s price objective points to a potential upside of 0.20% from the stock’s previous close.

A number of other equities research analysts also recently commented on EGP. Wells Fargo & Company cut their price objective on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $186.00 target price on shares of EastGroup Properties in a research note on Wednesday, October 30th. Wedbush reissued an “outperform” rating and set a $209.00 target price on shares of EastGroup Properties in a research note on Friday, October 25th. Raymond James raised shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and boosted their target price for the company from $185.00 to $200.00 in a research note on Wednesday, December 11th. Finally, Jefferies Financial Group raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and boosted their target price for the company from $174.00 to $194.00 in a research note on Thursday, January 2nd. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $190.53.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $179.64 on Friday. EastGroup Properties has a one year low of $155.10 and a one year high of $192.61. The stock has a fifty day moving average of $166.53 and a 200-day moving average of $175.39. The company has a market capitalization of $8.89 billion, a PE ratio of 38.63, a price-to-earnings-growth ratio of 3.23 and a beta of 1.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 8.27% and a net margin of 35.57%. As a group, equities analysts anticipate that EastGroup Properties will post 8.94 EPS for the current fiscal year.

Hedge Funds Weigh In On EastGroup Properties

Several hedge funds have recently bought and sold shares of the business. Crowley Wealth Management Inc. bought a new stake in EastGroup Properties during the fourth quarter valued at about $29,000. V Square Quantitative Management LLC boosted its holdings in EastGroup Properties by 47.7% during the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 61 shares during the period. Canton Hathaway LLC bought a new stake in EastGroup Properties during the fourth quarter valued at about $30,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock valued at $58,000 after acquiring an additional 302 shares during the period. Finally, Principal Securities Inc. boosted its holdings in EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock valued at $86,000 after acquiring an additional 84 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.

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.