Mizuho Upgrades EastGroup Properties (NYSE:EGP) to “Outperform”

EastGroup Properties (NYSE:EGP) was upgraded by Mizuho from a “neutral” rating to an “outperform” rating in a research note issued on Thursday, Marketbeat reports. The brokerage presently has a $200.00 price target on the real estate investment trust’s stock, up from their prior price target of $175.00. Mizuho’s price target would indicate a potential upside of 8.13% from the stock’s current price.

A number of other research firms also recently commented on EGP. BNP Paribas began coverage on EastGroup Properties in a report on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 price objective on the stock. Barclays increased their price target on shares of EastGroup Properties from $175.00 to $198.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Wedbush lifted their price objective on shares of EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Evercore ISI increased their target price on shares of EastGroup Properties from $188.00 to $192.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Finally, Truist Financial raised their target price on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a report on Monday, August 5th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $191.20.

EastGroup Properties Stock Performance

EGP stock opened at $184.96 on Thursday. The stock has a market cap of $8.90 billion, a P/E ratio of 40.12, a P/E/G ratio of 2.96 and a beta of 0.99. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21. The firm has a 50 day simple moving average of $182.95 and a 200 day simple moving average of $174.23. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $192.61.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new stake in EastGroup Properties during the second quarter worth about $783,000. Aurora Investment Counsel acquired a new stake in shares of EastGroup Properties during the 2nd quarter worth approximately $1,627,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of EastGroup Properties by 49.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 954 shares of the real estate investment trust’s stock worth $162,000 after purchasing an additional 316 shares in the last quarter. Magnolia Capital Advisors LLC bought a new stake in shares of EastGroup Properties during the second quarter valued at approximately $3,120,000. Finally, Algert Global LLC raised its stake in shares of EastGroup Properties by 27.7% in the second quarter. Algert Global LLC now owns 22,265 shares of the real estate investment trust’s stock valued at $3,787,000 after purchasing an additional 4,831 shares in the last quarter. 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.