EastGroup Properties (NYSE:EGP) Price Target Lowered to $180.00 at Morgan Stanley

EastGroup Properties (NYSE:EGP) had its target price lowered by investment analysts at Morgan Stanley from $186.00 to $180.00 in a report released on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s target price would indicate a potential upside of 12.08% from the company’s current price.

A number of other research analysts also recently issued reports on the company. Wells Fargo & Company dropped their price objective on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. KeyCorp reiterated a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Raymond James upgraded shares of 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 report on Wednesday, December 11th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. Finally, Truist Financial reduced their price objective on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, EastGroup Properties presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.40.

EastGroup Properties Stock Performance

Shares of EGP traded down $0.72 during mid-day trading on Monday, hitting $160.60. The company’s stock had a trading volume of 47,243 shares, compared to its average volume of 302,435. The stock’s 50-day moving average is $171.09 and its two-hundred day moving average is $177.72. EastGroup Properties has a one year low of $155.23 and a one year high of $192.61. The firm has a market capitalization of $7.95 billion, a PE ratio of 33.18, a price-to-earnings-growth ratio of 2.22 and a beta of 0.99. 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 posted its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share 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 analyst estimates of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the company earned $1.95 EPS. As a group, sell-side analysts anticipate that EastGroup Properties will post 8.36 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in EGP. FMR LLC grew its holdings in shares of EastGroup Properties by 67.9% in the third quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock worth $291,081,000 after purchasing an additional 629,827 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of EastGroup Properties by 355.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 391,594 shares of the real estate investment trust’s stock worth $73,158,000 after buying an additional 305,555 shares during the period. Millennium Management LLC grew its position in shares of EastGroup Properties by 202.1% during the 2nd quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock worth $32,036,000 after buying an additional 125,991 shares in the last quarter. Vision Capital Corp bought a new position in shares of EastGroup Properties in the 3rd quarter worth $18,308,000. Finally, Thrivent Financial for Lutherans lifted its stake in shares of EastGroup Properties by 73.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 151,103 shares of the real estate investment trust’s stock worth $25,702,000 after purchasing an additional 64,099 shares during 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.