Barclays Lowers EastGroup Properties (NYSE:EGP) Price Target to $193.00

EastGroup Properties (NYSE:EGP) had its target price cut by equities research analysts at Barclays from $198.00 to $193.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price objective indicates a potential upside of 8.20% from the stock’s previous close.

Several other equities analysts have also recently issued reports on EGP. Morgan Stanley raised their price target on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Royal Bank of Canada boosted their price target on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 30th. Wells Fargo & Company raised shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $179.00 to $214.00 in a report on Wednesday, August 28th. KeyCorp increased their price target on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Truist Financial lifted their price objective on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $191.73.

EastGroup Properties Stock Up 1.4 %

Shares of NYSE:EGP opened at $178.37 on Thursday. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $192.61. The company has a market capitalization of $8.69 billion, a PE ratio of 37.32, a P/E/G ratio of 2.65 and a beta of 0.99. The company’s fifty day moving average is $184.28 and its 200-day moving average is $175.14. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.91). The business had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. EastGroup Properties’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.89 EPS. Equities research analysts predict that EastGroup Properties will post 8.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On EastGroup Properties

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in EastGroup Properties by 3.2% in the first quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock valued at $1,233,785,000 after purchasing an additional 210,207 shares in the last quarter. Ceredex Value Advisors LLC acquired a new stake in shares of EastGroup Properties in the 2nd quarter valued at approximately $35,131,000. Boston Partners grew its stake in shares of EastGroup Properties by 26.1% in the first quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock valued at $171,399,000 after buying an additional 197,427 shares in the last quarter. Zimmer Partners LP increased its holdings in EastGroup Properties by 465.6% during the first quarter. Zimmer Partners LP now owns 200,558 shares of the real estate investment trust’s stock worth $36,054,000 after buying an additional 165,100 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of EastGroup Properties by 202.1% in the 2nd quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock valued at $32,036,000 after acquiring an additional 125,991 shares during the period. 92.14% of the stock is owned by 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.