EastGroup Properties (NYSE:EGP) Raised to Strong-Buy at Raymond James

EastGroup Properties (NYSE:EGP) was upgraded by equities researchers at Raymond James from an “outperform” rating to a “strong-buy” rating in a research report issued on Wednesday, MarketBeat.com reports. The firm currently has a $200.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $185.00. Raymond James’ price target points to a potential upside of 17.99% from the stock’s current price.

Several other brokerages also recently commented on EGP. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $186.00 price objective on shares of EastGroup Properties in a research note on Wednesday, October 30th. StockNews.com downgraded EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Wells Fargo & Company lowered their target price on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a report on Monday, November 4th. 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 report on Wednesday, November 13th. Finally, Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $191.80.

EastGroup Properties Stock Down 0.7 %

NYSE:EGP opened at $169.51 on Wednesday. EastGroup Properties has a 12-month low of $155.23 and a 12-month high of $192.61. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $8.39 billion, a P/E ratio of 35.02, a P/E/G ratio of 2.18 and a beta of 0.99. The stock’s fifty day simple moving average is $174.60 and its 200-day simple moving average is $177.55.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.97). The business had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.95 EPS. Equities research analysts expect that EastGroup Properties will post 8.36 earnings per share for the current year.

Institutional Investors Weigh In On EastGroup Properties

Several hedge funds have recently added to or reduced their stakes in EGP. Gradient Investments LLC acquired a new stake in EastGroup Properties during the 2nd quarter valued at $32,000. V Square Quantitative Management LLC lifted its holdings in EastGroup Properties by 47.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 61 shares during the last quarter. Quest Partners LLC lifted its holdings in EastGroup Properties by 10,400.0% during the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 208 shares during the last quarter. Headlands Technologies LLC acquired a new stake in EastGroup Properties during the 2nd quarter valued at $66,000. Finally, GAMMA Investing LLC lifted its holdings in EastGroup Properties by 90.7% during the 3rd quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 255 shares during the last quarter. Institutional investors and hedge funds 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.