Evercore ISI Reaffirms “In-Line” Rating for EastGroup Properties (NYSE:EGP)

EastGroup Properties (NYSE:EGP)‘s stock had its “in-line” rating reaffirmed by investment analysts at Evercore ISI in a report issued on Monday. They currently have a $185.00 target price on the real estate investment trust’s stock, up from their previous target price of $181.00. Evercore ISI’s price target suggests a potential upside of 2.80% from the company’s current price.

A number of other research firms have also issued reports on EGP. Morgan Stanley reduced their price target on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Monday, December 30th. StockNews.com raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a report on Monday, February 10th. Robert W. Baird boosted their price target on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Raymond James upgraded shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $185.00 to $200.00 in a report on Wednesday, December 11th. Finally, Truist Financial increased their target price on EastGroup Properties from $168.00 to $180.00 and gave the company a “hold” rating in a report on Friday, February 14th. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, EastGroup Properties has a consensus rating of “Moderate Buy” and a consensus target price of $190.47.

EastGroup Properties Price Performance

EGP stock opened at $179.96 on Monday. The stock has a market cap of $9.36 billion, a price-to-earnings ratio of 38.70, a price-to-earnings-growth ratio of 3.35 and a beta of 0.99. EastGroup Properties has a 52-week low of $155.10 and a 52-week high of $192.61. The business has a fifty day moving average of $173.46 and a two-hundred day moving average of $175.03. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. 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 institutional investors have recently modified their holdings of the stock. Crowley Wealth Management Inc. acquired a new stake in EastGroup Properties in the fourth quarter valued at about $29,000. Canton Hathaway LLC acquired a new position in shares of EastGroup Properties during the 4th quarter worth approximately $30,000. Thurston Springer Miller Herd & Titak Inc. lifted its stake in EastGroup Properties by 503.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock valued at $58,000 after buying an additional 302 shares in the last quarter. Principal Securities Inc. increased its position in EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 84 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of EastGroup Properties by 18.7% during the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock worth $97,000 after purchasing an additional 95 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

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.