EastGroup Properties (NYSE:EGP) Stock Price Target Lowered at Truist Financial

Key Points

• Truist Financial lowered EastGroup Properties’ price target from $230 to $215 while maintaining a “buy” rating, implying 7.58% upside from the prior close.
• Analyst sentiment remains favorable, with 12 “buy” ratings and five “hold” ratings producing a consensus “Moderate Buy” rating and average target price of $219.71.
• EastGroup reported quarterly EPS of $1.46, missing the $2.43 consensus estimate, although revenue rose 9.5% year over year to $199.44 million; the stock closed at $199.85.

EastGroup Properties (NYSE:EGP - Get Free Report) had its price target reduced by Truist Financial from $230.00 to $215.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the real estate investment trust's stock. Truist Financial's target price would indicate a potential upside of 7.58% from the company's previous close.

Other research analysts have also recently issued research reports about the company. Robert W. Baird set a $221.00 target price on EastGroup Properties in a research note on Friday, July 31st. Weiss Ratings cut EastGroup Properties from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 9th. KeyCorp raised their price target on EastGroup Properties from $210.00 to $220.00 and gave the stock an "overweight" rating in a research note on Monday, July 13th. Evercore set a $199.00 price objective on shares of EastGroup Properties in a research note on Friday, October 2nd. Finally, Wells Fargo & Company boosted their target price on shares of EastGroup Properties from $221.00 to $232.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 1st. Twelve research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $219.71.

EastGroup Properties Stock Up 0.0%

EGP traded up $0.09 during trading hours on Friday, hitting $199.85. The stock had a trading volume of 53,487 shares, compared to its average volume of 420,309. The stock has a market cap of $10.75 billion, a PE ratio of 33.89, a price-to-earnings-growth ratio of 3.90 and a beta of 1.00. EastGroup Properties has a 1 year low of $172.17 and a 1 year high of $226.71. The company's fifty day simple moving average is $198.85 and its 200 day simple moving average is $197.97.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its earnings results 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 company had revenue of $199.44 million during the quarter, compared to the consensus estimate of $197.51 million. EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. The firm's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.27 EPS. As a group, equities analysts expect that EastGroup Properties will post 9.63 EPS for the current year.

Insider Activity

In other news, CFO Staci Tyler sold 1,600 shares of EastGroup Properties 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 sale, the chief financial officer owned 13,584 shares of the company's stock, valued at approximately $2,739,756.96. The trade was a 10.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On EastGroup Properties

Hedge funds have recently added to or reduced their stakes in the business. Pension & Wealth Management Advisors Inc. purchased a new stake in shares of EastGroup Properties during the third quarter worth approximately $25,000. Integrated Wealth Concepts LLC acquired a new stake in shares of EastGroup Properties in the second quarter worth approximately $26,000. CX Institutional grew its stake in EastGroup Properties by 115.9% during the third quarter. CX Institutional now owns 149 shares of the real estate investment trust's stock worth $29,000 after buying an additional 80 shares during the period. Glen Eagle Advisors LLC boosted its holdings in EastGroup Properties by 96.3% in the 1st 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 during the period. Finally, Avalon Trust Co acquired a new position in shares of EastGroup Properties in the 1st quarter valued at approximately $46,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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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