StockNews.com Upgrades EastGroup Properties (NYSE:EGP) to "Hold"

EastGroup Properties (NYSE:EGP - Get Free Report) was upgraded by equities researchers at StockNews.com from a "sell" rating to a "hold" rating in a report released on Sunday.

A number of other equities analysts have also recently weighed in on EGP. Raymond James set a $190.00 price objective on shares of EastGroup Properties and gave the stock a "strong-buy" rating in a research report on Monday, April 14th. Truist Financial raised EastGroup Properties from a "hold" rating to a "buy" rating and set a $180.00 target price on the stock in a research note on Thursday, April 10th. Deutsche Bank Aktiengesellschaft initiated coverage on EastGroup Properties in a research report on Tuesday, January 14th. They issued a "buy" rating and a $180.00 target price for the company. Jefferies Financial Group raised shares of EastGroup Properties from a "hold" rating to a "buy" rating and increased their price target for the stock from $174.00 to $194.00 in a research report on Thursday, January 2nd. Finally, Evercore ISI lifted their price objective on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a report on Thursday. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $187.81.

EastGroup Properties Price Performance

EGP stock opened at $163.18 on Friday. EastGroup Properties has a 52-week low of $137.67 and a 52-week high of $192.61. 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 stock has a market cap of $8.53 billion, a price-to-earnings ratio of 35.09, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94. The business has a fifty day moving average of $171.05 and a two-hundred day moving average of $170.63.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.11 by $0.01. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The firm had revenue of $174.45 million during the quarter, compared to the consensus estimate of $169.67 million. As a group, research analysts anticipate that EastGroup Properties will post 8.94 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in EGP. Vanguard Group Inc. lifted its stake in EastGroup Properties by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust's stock worth $1,121,978,000 after purchasing an additional 72,199 shares during the last quarter. Cohen & Steers Inc. lifted its position in shares of EastGroup Properties by 141.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust's stock worth $458,347,000 after buying an additional 1,673,663 shares during the last quarter. FMR LLC boosted its holdings in shares of EastGroup Properties by 1.4% in the 4th quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust's stock valued at $253,496,000 after buying an additional 21,432 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of EastGroup Properties by 24.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust's stock valued at $226,888,000 after buying an additional 273,217 shares during the last quarter. Finally, Boston Partners raised its stake in EastGroup Properties by 34.1% during the 4th quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust's stock worth $169,533,000 after acquiring an additional 268,359 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company's stock.

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.

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