EastGroup Properties (NYSE:EGP) Upgraded at StockNews.com

EastGroup Properties (NYSE:EGP) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Sunday.

A number of other analysts also recently weighed in on the stock. Morgan Stanley reduced their price target on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a report on Monday, December 30th. Robert W. Baird raised their price objective 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. Evercore ISI raised their price objective on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an “in-line” rating in a report on Thursday, April 24th. Truist Financial raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a report on Thursday, April 10th. Finally, Jefferies Financial Group raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and raised their price objective for the stock from $174.00 to $194.00 in a report on Thursday, January 2nd. Nine analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $187.81.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock opened at $163.92 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. EastGroup Properties has a fifty-two week low of $137.67 and a fifty-two week high of $192.61. The firm has a fifty day moving average price of $170.72 and a two-hundred day moving average price of $170.49. The company has a market cap of $8.57 billion, a PE ratio of 35.25, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $2.11 by $0.01. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. The firm had revenue of $174.45 million during the quarter, compared to the consensus estimate of $169.67 million. During the same period in the prior year, the firm earned $1.98 EPS. The business’s revenue was up 13.1% on a year-over-year basis. Analysts expect that EastGroup Properties will post 8.94 EPS for the current year.

Hedge Funds Weigh In On EastGroup Properties

Several hedge funds have recently modified their holdings of EGP. Citizens National Bank Trust Department bought a new position in shares of EastGroup Properties in the 1st quarter valued at about $26,000. Crowley Wealth Management Inc. acquired a new stake in EastGroup Properties in the 4th quarter valued at about $29,000. Canton Hathaway LLC acquired a new stake in EastGroup Properties in the 4th quarter valued at about $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 purchasing an additional 302 shares during the last quarter. Finally, Mather Group LLC. lifted its stake in EastGroup Properties by 74.2% in the 1st quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust’s stock valued at $64,000 after purchasing an additional 155 shares during 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.