EastGroup Properties (NYSE:EGP) Stock Rating Lowered by StockNews.com

EastGroup Properties (NYSE:EGP) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Other equities research analysts have also issued reports about the stock. Jefferies Financial Group raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and raised their price target for the company from $174.00 to $194.00 in a report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft started coverage on EastGroup Properties in a report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price target for the company. Evercore ISI reiterated an “in-line” rating and set a $185.00 target price (up from $181.00) on shares of EastGroup Properties in a research note on Monday, March 17th. Piper Sandler cut their price target on shares of EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Finally, Morgan Stanley decreased their price objective 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $188.24.

EastGroup Properties Stock Performance

EastGroup Properties stock opened at $159.69 on Friday. The stock has a fifty day moving average price of $172.99 and a 200 day moving average price of $171.21. EastGroup Properties has a 52 week low of $137.67 and a 52 week high of $192.61. The firm has a market capitalization of $8.35 billion, a P/E ratio of 34.34, a PEG ratio of 3.35 and a beta of 0.94. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. Equities research analysts anticipate that EastGroup Properties will post 8.94 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. 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 during the fourth quarter valued at approximately $30,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 302 shares in the last quarter. Parallel Advisors LLC grew its position in EastGroup Properties by 387.4% in the first quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust’s stock worth $75,000 after buying an additional 337 shares during the last quarter. Finally, Principal Securities Inc. increased its holdings in shares of EastGroup Properties by 18.5% in the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock valued at $86,000 after buying an additional 84 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.