EastGroup Properties (NYSE:EGP) Receives "Sector Perform" Rating from Royal Bank of Canada

EastGroup Properties (NYSE:EGP - Get Free Report)'s stock had its "sector perform" rating reiterated by investment analysts at Royal Bank of Canada in a report released on Wednesday, Benzinga reports. They presently have a $186.00 price target on the real estate investment trust's stock. Royal Bank of Canada's target price would indicate a potential upside of 6.25% from the stock's previous close.

A number of other equities analysts also recently commented on the company. Wedbush restated an "outperform" rating and issued a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. Wells Fargo & Company raised EastGroup Properties from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $179.00 to $214.00 in a research report on Wednesday, August 28th. Evercore ISI increased their target price on EastGroup Properties from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, October 7th. Mizuho raised EastGroup Properties from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Finally, KeyCorp upped their target price 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. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $192.57.

EastGroup Properties Price Performance

Shares of EGP traded up $1.02 during midday trading on Wednesday, reaching $175.06. The stock had a trading volume of 47,140 shares, compared to its average volume of 297,403. The firm's 50 day moving average price is $183.77 and its 200-day moving average price is $175.48. EastGroup Properties has a 52 week low of $155.23 and a 52 week high of $192.61. The company has a market capitalization of $8.67 billion, a P/E ratio of 36.17, a P/E/G ratio of 2.70 and a beta of 0.99. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). The business 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 8.69% and a net margin of 37.16%. The firm's revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.95 earnings per share. On average, analysts forecast that EastGroup Properties will post 8.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EGP. CANADA LIFE ASSURANCE Co boosted its position 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 valued at $17,242,000 after acquiring an additional 5,342 shares during the period. Tidal Investments LLC lifted its stake in EastGroup Properties by 30.4% in the 1st quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust's stock valued at $3,293,000 after purchasing an additional 4,271 shares during the last quarter. Atria Investments Inc boosted its position in EastGroup Properties by 48.9% in the first quarter. Atria Investments Inc now owns 11,389 shares of the real estate investment trust's stock valued at $2,047,000 after buying an additional 3,740 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in EastGroup Properties by 30.1% during the 2nd 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 buying an additional 64,984 shares during the period. Finally, Ausbil Investment Management Ltd increased its position in EastGroup Properties by 261.6% in the 3rd quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust's stock valued at $1,259,000 after acquiring an additional 4,874 shares during the period. 92.14% of the stock is owned by 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.

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