EastGroup Properties (NYSE:EGP) Price Target Raised to $236.00

Key Points

• Wells Fargo raised EastGroup Properties’ price target from $232 to $236 while maintaining an “overweight” rating, implying approximately 18% upside from the current share price.
• Analyst sentiment remains positive overall, with 12 Buy ratings and five Holds, producing a “Moderate Buy” consensus and an average target price of $219.94.
• EastGroup reported quarterly revenue of $199.44 million, up 9.5% year over year and above estimates, but earnings per share of $1.46 fell well short of the $2.43 consensus forecast.

EastGroup Properties (NYSE:EGP - Get Free Report) had its price target upped by stock analysts at Wells Fargo & Company from $232.00 to $236.00 in a research report issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the real estate investment trust's stock. Wells Fargo & Company's target price points to a potential upside of 18.06% from the company's current price.

EGP has been the subject of several other reports. JPMorgan Chase & Co. reduced their target price on EastGroup Properties from $231.00 to $220.00 and set an "overweight" rating for the company in a research report on Thursday. Royal Bank Of Canada raised their target price on EastGroup Properties from $208.00 to $220.00 and gave the stock a "sector perform" rating in a research report on Monday, August 3rd. Cantor Fitzgerald dropped their price objective on EastGroup Properties from $235.00 to $220.00 and set an "overweight" rating for the company in a research note on Monday, October 26th. Robert W. Baird set a $221.00 target price on shares of EastGroup Properties in a research note on Friday, July 31st. Finally, Citigroup increased their target price on shares of EastGroup Properties from $235.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Twelve investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, EastGroup Properties has a consensus rating of "Moderate Buy" and an average target price of $219.94.

EastGroup Properties Stock Performance

NYSE EGP opened at $199.90 on Monday. EastGroup Properties has a twelve month low of $172.17 and a twelve month high of $226.71. The stock has a market capitalization of $10.75 billion, a PE ratio of 33.88, a P/E/G ratio of 3.98 and a beta of 0.94. The stock has a 50-day simple moving average of $198.79 and a 200 day simple moving average of $198.05.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.43 by ($0.97). EastGroup Properties had a net margin of 41.05% and a return on equity of 8.90%. The business had revenue of $199.44 million during the quarter, compared to analyst estimates of $197.51 million. During the same period last year, the business earned $2.27 EPS. The business's quarterly revenue was up 9.5% compared to the same quarter last year. As a group, equities research analysts forecast that EastGroup Properties will post 9.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Staci Tyler sold 1,600 shares of the business's stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $201.69, for a total transaction of $322,704.00. Following the completion of the sale, the chief financial officer directly owned 13,584 shares of the company's stock, valued at $2,739,756.96. The trade was a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On EastGroup Properties

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of EastGroup Properties during the 2nd quarter valued at about $1,553,186,000. Principal Financial Group Inc. raised its holdings in shares of EastGroup Properties by 1.1% in the first quarter. Principal Financial Group Inc. now owns 2,328,714 shares of the real estate investment trust's stock valued at $431,028,000 after purchasing an additional 24,910 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of EastGroup Properties by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 799,996 shares of the real estate investment trust's stock valued at $148,070,000 after acquiring an additional 26,727 shares in the last quarter. Deutsche Bank AG bought a new position in EastGroup Properties in the second quarter valued at approximately $114,775,000. Finally, Bank of America Corp DE bought a new position in shares of EastGroup Properties in the second quarter valued at $94,505,000. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Company Profile

EastGroup Properties, Inc NYSE: EGP is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.

Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.