EastGroup Properties, Inc. (NYSE:EGP) Given Average Recommendation of “Moderate Buy” by Brokerages

EastGroup Properties, Inc. (NYSE:EGP) has received an average recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $191.21.

Several equities research analysts have issued reports on the stock. Barclays dropped their target price on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. Morgan Stanley upped their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company lowered their price target on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Royal Bank of Canada reiterated a “sector perform” rating and set a $186.00 price objective on shares of EastGroup Properties in a research report on Wednesday, October 30th. Finally, Evercore ISI boosted their target price on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th.

EastGroup Properties Trading Up 1.0 %

Shares of EGP stock opened at $173.84 on Friday. The company has a market capitalization of $8.61 billion, a PE ratio of 35.92, a price-to-earnings-growth ratio of 2.25 and a beta of 1.00. EastGroup Properties has a 52-week low of $155.23 and a 52-week high of $192.61. The business’s fifty day moving average is $178.13 and its 200 day moving average is $177.17. 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 (NYSE:EGP) last released its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The business had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. During the same period in the previous year, the business earned $1.95 EPS. The business’s revenue was up 11.2% on a year-over-year basis. On average, equities research analysts anticipate that EastGroup Properties will post 8.36 EPS 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 company. State Street Corp increased its holdings in EastGroup Properties by 2.1% during the 3rd quarter. State Street Corp now owns 2,427,405 shares of the real estate investment trust’s stock valued at $456,872,000 after purchasing an additional 49,268 shares during the period. FMR LLC increased its stake in shares of EastGroup Properties by 67.9% during the third quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock valued at $291,081,000 after buying an additional 629,827 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of EastGroup Properties by 7.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock valued at $175,359,000 after acquiring an additional 71,614 shares in the last quarter. Boston Partners lifted its stake in EastGroup Properties by 26.1% in the first quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock worth $171,399,000 after acquiring an additional 197,427 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in EastGroup Properties by 1.2% in the third quarter. Geode Capital Management LLC now owns 899,219 shares of the real estate investment trust’s stock valued at $168,032,000 after acquiring an additional 10,435 shares in the last quarter. 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.