Truist Financial Cuts EastGroup Properties (NYSE:EGP) Price Target to $186.00

EastGroup Properties (NYSE:EGP) had its target price dropped by research analysts at Truist Financial from $190.00 to $186.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s price target would suggest a potential upside of 5.63% from the company’s previous close.

A number of other research analysts have also weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $186.00 target price on shares of EastGroup Properties in a research report on Wednesday, October 30th. Wedbush reaffirmed an “outperform” rating and set a $209.00 price objective on shares of EastGroup Properties in a research note on Friday, October 25th. KeyCorp upped their target price on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Morgan Stanley upped their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. Finally, Evercore ISI upped their target price on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $191.21.

EastGroup Properties Stock Up 1.0 %

Shares of EGP stock traded up $1.78 on Wednesday, hitting $176.08. The company’s stock had a trading volume of 94,589 shares, compared to its average volume of 302,248. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. EastGroup Properties has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. The firm’s fifty day moving average price is $181.28 and its 200-day moving average price is $176.33. The stock has a market capitalization of $8.72 billion, a price-to-earnings ratio of 36.37, a P/E/G ratio of 2.60 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The business had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. During the same period in the previous year, the firm posted $1.95 EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. Research analysts anticipate that EastGroup Properties will post 8.35 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. D.A. Davidson & CO. increased its stake in shares of EastGroup Properties by 36.8% during the 3rd quarter. D.A. Davidson & CO. now owns 1,674 shares of the real estate investment trust’s stock worth $313,000 after purchasing an additional 450 shares during the last quarter. FMR LLC increased its stake in shares of EastGroup Properties by 67.9% during the 3rd quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock worth $291,081,000 after purchasing an additional 629,827 shares during the last quarter. Bank of Montreal Can increased its stake in shares of EastGroup Properties by 11.9% during the 3rd quarter. Bank of Montreal Can now owns 13,061 shares of the real estate investment trust’s stock worth $2,451,000 after purchasing an additional 1,392 shares during the last quarter. Vision Capital Corp bought a new stake in shares of EastGroup Properties during the 3rd quarter worth about $18,308,000. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of EastGroup Properties during the 3rd quarter worth about $228,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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.