EastGroup Properties, Inc. (NYSE:EGP) Receives $191.21 Average Target Price from Brokerages

EastGroup Properties, Inc. (NYSE:EGP) has earned an average rating of “Moderate Buy” from the fourteen brokerages that are presently covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $191.21.

A number of equities research analysts recently issued reports on EGP shares. Truist Financial decreased their price target on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Evercore ISI raised their price target on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Morgan Stanley lifted their target price on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Finally, KeyCorp lifted their target price on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th.

Institutional Trading of EastGroup Properties

Several hedge funds have recently modified their holdings of the company. State Street Corp raised its stake in shares of EastGroup Properties by 2.1% during the 3rd quarter. State Street Corp now owns 2,427,405 shares of the real estate investment trust’s stock worth $456,872,000 after acquiring an additional 49,268 shares in the last quarter. FMR LLC grew its holdings in EastGroup Properties by 67.9% in the third quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock worth $291,081,000 after purchasing an additional 629,827 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in EastGroup Properties by 7.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock worth $175,359,000 after purchasing an additional 71,614 shares during the last quarter. Boston Partners grew its holdings 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 worth $171,399,000 after purchasing an additional 197,427 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in EastGroup Properties by 1.2% in the third quarter. Geode Capital Management LLC now owns 899,219 shares of the real estate investment trust’s stock worth $168,032,000 after purchasing an additional 10,435 shares during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Price Performance

NYSE:EGP opened at $172.14 on Friday. The firm has a market capitalization of $8.52 billion, a price-to-earnings ratio of 35.61, a PEG ratio of 2.23 and a beta of 1.00. EastGroup Properties has a 1 year low of $155.23 and a 1 year high of $192.61. The business has a 50 day simple moving average of $178.80 and a 200-day simple moving average of $177.14. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) 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 business had revenue of $162.88 million for the quarter, compared to the consensus estimate of $161.52 million. During the same period in the prior year, the business posted $1.95 earnings per share. EastGroup Properties’s revenue was up 11.2% on a year-over-year basis. Equities analysts forecast that EastGroup Properties will post 8.36 EPS for the current year.

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.