EastGroup Properties (NYSE:EGP - Get Free Report) was upgraded by Truist Financial from a "hold" rating to a "buy" rating in a note issued to investors on Thursday, MarketBeat Ratings reports. The firm currently has a $180.00 target price on the real estate investment trust's stock. Truist Financial's target price indicates a potential upside of 14.78% from the stock's previous close.
A number of other brokerages have also weighed in on EGP. KeyCorp restated a "sector weight" rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Piper Sandler set a $175.00 target price on shares of EastGroup Properties and gave the company a "neutral" rating in a report on Sunday, April 6th. Morgan Stanley decreased their price target on shares of EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating on the stock in a research note on Monday, December 30th. Evercore ISI restated an "in-line" rating and set a $185.00 target price (up from $181.00) on shares of EastGroup Properties in a research report on Monday, March 17th. Finally, Raymond James upgraded EastGroup Properties from an "outperform" rating to a "strong-buy" rating and upped their price objective for the company from $185.00 to $200.00 in a research report on Wednesday, December 11th. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, EastGroup Properties currently has an average rating of "Moderate Buy" and an average price target of $188.82.
Check Out Our Latest Stock Report on EastGroup Properties
EastGroup Properties Stock Performance
EGP traded up $0.22 during trading on Thursday, hitting $156.82. The company's stock had a trading volume of 174,116 shares, compared to its average volume of 489,350. The firm has a market cap of $8.16 billion, a PE ratio of 33.72, a P/E/G ratio of 3.35 and a beta of 0.94. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The business's 50 day simple moving average is $174.38 and its 200-day simple moving average is $171.89. EastGroup Properties has a one year low of $137.67 and a one year high of $192.61.
EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. As a group, sell-side analysts predict that EastGroup Properties will post 8.94 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in EGP. Jane Street Group LLC grew its stake in EastGroup Properties by 1,861.5% in the third quarter. Jane Street Group LLC now owns 28,207 shares of the real estate investment trust's stock valued at $5,270,000 after purchasing an additional 26,769 shares during the last quarter. EP Wealth Advisors LLC bought a new stake in shares of EastGroup Properties in the 3rd quarter valued at about $209,000. MML Investors Services LLC grew its position in shares of EastGroup Properties by 9.8% in the 3rd quarter. MML Investors Services LLC now owns 3,874 shares of the real estate investment trust's stock worth $724,000 after buying an additional 345 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in EastGroup Properties during the third quarter valued at approximately $611,000. Finally, Nomura Asset Management Co. Ltd. boosted its stake in EastGroup Properties by 1.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 60,510 shares of the real estate investment trust's stock valued at $11,304,000 after acquiring an additional 910 shares in the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.
EastGroup Properties Company Profile
(
Get Free Report)
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.
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