Wells Fargo & Company Lowers EastGroup Properties (NYSE:EGP) Price Target to $199.00

EastGroup Properties (NYSE:EGP - Get Free Report) had its price target decreased by analysts at Wells Fargo & Company from $214.00 to $199.00 in a report released on Monday, Benzinga reports. The firm currently has an "overweight" rating on the real estate investment trust's stock. Wells Fargo & Company's price objective would indicate a potential upside of 16.47% from the stock's previous close.

A number of other analysts have also weighed in on the stock. Mizuho upgraded shares of EastGroup Properties from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. KeyCorp increased their price objective on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 30th. Wedbush reiterated an "outperform" rating and issued a $209.00 price objective on shares of EastGroup Properties in a research note on Friday, October 25th. Morgan Stanley increased their price objective on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 22nd. Finally, StockNews.com lowered shares of EastGroup Properties from a "hold" rating to a "sell" rating in a research note on Monday, October 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, EastGroup Properties has a consensus rating of "Hold" and an average target price of $191.50.

EastGroup Properties Stock Performance

Shares of NYSE EGP traded down $0.34 during midday trading on Monday, reaching $170.86. The company had a trading volume of 252,043 shares, compared to its average volume of 298,605. The business's 50-day simple moving average is $182.93 and its 200 day simple moving average is $175.62. The stock has a market cap of $8.46 billion, a P/E ratio of 35.27, a P/E/G 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 has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted 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). The company had revenue of $162.88 million during the quarter, compared to analysts' expectations of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The company's quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.95 EPS. On average, analysts forecast that EastGroup Properties will post 8.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On EastGroup Properties

Hedge funds and other institutional investors have recently modified their holdings of the business. CANADA LIFE ASSURANCE Co lifted its stake in shares of EastGroup Properties by 5.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 95,952 shares of the real estate investment trust's stock worth $17,242,000 after buying an additional 5,342 shares in the last quarter. Tidal Investments LLC raised its stake in EastGroup Properties by 30.4% during the first quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust's stock worth $3,293,000 after purchasing an additional 4,271 shares during the period. Atria Investments Inc raised its stake in EastGroup Properties by 48.9% during the first quarter. Atria Investments Inc now owns 11,389 shares of the real estate investment trust's stock worth $2,047,000 after purchasing an additional 3,740 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in EastGroup Properties by 30.1% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 280,759 shares of the real estate investment trust's stock worth $47,757,000 after purchasing an additional 64,984 shares during the period. Finally, Ausbil Investment Management Ltd raised its stake in EastGroup Properties by 261.6% during the third quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust's stock worth $1,259,000 after purchasing an additional 4,874 shares during the period. 92.14% of the stock is owned by hedge funds and other institutional investors.

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.