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

Shares of EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) have received an average rating of "Moderate Buy" from the fourteen research firms that are currently covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $191.21.

Several research analysts have recently issued reports on EGP shares. Mizuho upgraded shares of EastGroup Properties from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Morgan Stanley increased 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. StockNews.com cut EastGroup Properties from a "hold" rating to a "sell" rating in a report on Monday, October 28th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $186.00 price objective on shares of EastGroup Properties in a report on Wednesday, October 30th. Finally, Truist Financial reduced their target price on shares of EastGroup Properties from $190.00 to $186.00 and set a "hold" rating on the stock in a report on Wednesday, November 13th.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock traded up $2.70 during trading on Friday, reaching $171.98. 360,296 shares of the company's stock were exchanged, compared to its average volume of 380,771. The firm's 50-day moving average price is $179.14 and its 200 day moving average price is $177.08. The company has a market cap of $8.51 billion, a P/E ratio of 35.53, a PEG ratio of 2.20 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 has a 1-year low of $155.23 and a 1-year high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.10 by ($0.97). The company had revenue of $162.88 million during the quarter, compared to the consensus estimate 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 period last year, the company posted $1.95 EPS. As a group, research analysts anticipate that EastGroup Properties will post 8.36 earnings per share for the current year.

Institutional Investors Weigh In On EastGroup Properties

A number of large investors have recently bought and sold shares of EGP. FMR LLC grew its position in EastGroup Properties by 67.9% in the 3rd quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust's stock valued at $291,081,000 after purchasing an additional 629,827 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in EastGroup Properties by 355.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 391,594 shares of the real estate investment trust's stock valued at $73,158,000 after acquiring an additional 305,555 shares in the last quarter. Ceredex Value Advisors LLC bought a new stake in EastGroup Properties during the 2nd quarter worth approximately $35,131,000. Boston Partners increased its holdings in EastGroup Properties by 26.1% during the 1st 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 in the last quarter. Finally, Zimmer Partners LP lifted its holdings in shares of EastGroup Properties by 465.6% in the first quarter. Zimmer Partners LP now owns 200,558 shares of the real estate investment trust's stock valued at $36,054,000 after purchasing an additional 165,100 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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.