Wells Fargo & Company Has Lowered Expectations for EastGroup Properties (NYSE:EGP) Stock Price

EastGroup Properties (NYSE:EGP) had its price target cut by investment analysts at Wells Fargo & Company from $214.00 to $199.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price points to a potential upside of 15.08% from the stock’s previous close.

Several other analysts have also commented on EGP. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their price target for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. Evercore ISI raised 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. KeyCorp raised their price target on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Wedbush restated an “outperform” rating and set a $209.00 price target on shares of EastGroup Properties in a research report on Friday, October 25th. Finally, Truist Financial increased their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a report on Monday, August 5th. 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 company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $191.50.

EastGroup Properties Stock Up 1.2 %

NYSE:EGP opened at $172.92 on Monday. The firm has a market capitalization of $8.56 billion, a P/E ratio of 35.73, a PEG ratio of 2.55 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 company’s fifty day moving average price is $182.61 and its 200-day moving average price is $175.70. 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 released its quarterly earnings data 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). The business had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The firm’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.95 EPS. As a group, equities research analysts anticipate that EastGroup Properties will post 8.35 EPS for the current year.

Hedge Funds Weigh In On EastGroup Properties

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake 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 during the period. Price T Rowe Associates Inc. MD raised its stake in EastGroup Properties by 7.9% during 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 period. Boston Partners raised its stake in EastGroup Properties by 26.1% during 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 period. Dimensional Fund Advisors LP increased its position in shares of EastGroup Properties by 7.9% during the second quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust’s stock valued at $123,848,000 after acquiring an additional 53,083 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of EastGroup Properties by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 479,323 shares of the real estate investment trust’s stock valued at $81,533,000 after acquiring an additional 2,418 shares during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

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.