By otakuyassine3@gmail.com 
EastGroup Properties (NYSE:EGP – Get Free Report) had its price target dropped by stock analysts at Morgan Stanley from $186.00 to $180.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s price objective indicates a potential upside of 12.16% from the company’s previous close.
Several other analysts also recently commented on the stock. Wells Fargo & Company lowered their target price on shares of 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 decreased their price objective on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Barclays cut their target price on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 10th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their price target for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. Finally, StockNews.com lowered EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $191.40.
View Our Latest Research Report on EastGroup Properties
EastGroup Properties Price Performance
EGP stock opened at $160.49 on Monday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08. The business has a 50-day simple moving average of $170.72 and a two-hundred day simple moving average of $177.68. The company has a market capitalization of $7.95 billion, a P/E ratio of 33.16, a price-to-earnings-growth ratio of 2.23 and a beta of 0.99. EastGroup Properties has a 52-week low of $155.23 and a 52-week high of $192.61.
EastGroup Properties (NYSE:EGP – Get Free Report) last announced its earnings results 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). The company had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.95 EPS. Research analysts expect that EastGroup Properties will post 8.35 EPS for the current fiscal year.
Hedge Funds Weigh In On EastGroup Properties
Several large investors have recently modified their holdings of the business. Cerity Partners LLC grew its stake in EastGroup Properties by 35.6% in the 3rd quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust’s stock valued at $2,545,000 after buying an additional 3,574 shares in the last quarter. Ausbil Investment Management Ltd boosted its holdings in shares of EastGroup Properties by 261.6% in the third quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust’s stock worth $1,259,000 after acquiring an additional 4,874 shares during the period. Franklin Resources Inc. grew its position in shares of EastGroup Properties by 337.0% in the third quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock valued at $8,728,000 after purchasing an additional 37,863 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of EastGroup Properties during the 3rd quarter valued at $1,223,000. Finally, Creative Planning lifted its holdings in EastGroup Properties by 4.8% during the 3rd quarter. Creative Planning now owns 2,555 shares of the real estate investment trust’s stock worth $477,000 after purchasing an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.
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.
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