EastGroup Properties (NYSE:EGP) Stock Price Target Lowered at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered EastGroup Properties’ price target to $220 from $235 while maintaining an “overweight” rating, implying approximately 10.4% upside from the current share price.
• Analyst sentiment remains favorable, with 13 Buy ratings and five Holds; MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $219.37.
• EastGroup reported quarterly revenue of $199.44 million, ahead of estimates, but earnings per share of $1.46 fell well below the $2.43 consensus forecast. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties (NYSE:EGP - Get Free Report) had its price target dropped by analysts at Cantor Fitzgerald from $235.00 to $220.00 in a report released on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the real estate investment trust's stock. Cantor Fitzgerald's target price indicates a potential upside of 10.41% from the company's current price.

Other research analysts have also recently issued reports about the company. KeyCorp boosted their target price on EastGroup Properties from $210.00 to $220.00 and gave the stock an "overweight" rating in a report on Monday, July 13th. Wells Fargo & Company boosted their target price on EastGroup Properties from $221.00 to $232.00 and gave the company an "overweight" rating in a research report on Tuesday, September 1st. Piper Sandler reduced their price target on shares of EastGroup Properties from $268.00 to $246.00 and set an "overweight" rating on the stock in a research report on Monday, October 12th. Robert W. Baird set a $221.00 target price on EastGroup Properties in a research note on Friday, July 31st. Finally, Truist Financial raised their price objective on shares of EastGroup Properties from $215.00 to $230.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, EastGroup Properties presently has an average rating of "Moderate Buy" and a consensus price target of $219.37.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock opened at $199.26 on Monday. The company has a market cap of $10.72 billion, a P/E ratio of 33.77, a price-to-earnings-growth ratio of 4.17 and a beta of 1.00. The firm has a 50-day simple moving average of $199.14 and a two-hundred day simple moving average of $202.48. EastGroup Properties has a fifty-two week low of $172.17 and a fifty-two week high of $226.71.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.97). The business had revenue of $199.44 million during the quarter, compared to analyst estimates of $197.51 million. EastGroup Properties had a net margin of 41.05% and a return on equity of 8.90%. The firm's revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the business posted $2.27 earnings per share. Equities research analysts forecast that EastGroup Properties will post 9.62 EPS for the current year.

Hedge Funds Weigh In On EastGroup Properties

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC purchased a new position in shares of EastGroup Properties in the 2nd quarter valued at about $26,000. Pension & Wealth Management Advisors Inc. acquired a new stake in EastGroup Properties in the 3rd quarter valued at $25,000. CX Institutional raised its stake in shares of EastGroup Properties by 115.9% during the third quarter. CX Institutional now owns 149 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 80 shares during the period. Glen Eagle Advisors LLC lifted its stake in shares of EastGroup Properties by 96.3% in the first quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust's stock worth $39,000 after acquiring an additional 104 shares in the last quarter. Finally, Avalon Trust Co bought a new stake in shares of EastGroup Properties in the 1st quarter worth about $46,000. Institutional investors and hedge funds own 92.14% of the company's stock.

About EastGroup Properties

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.

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