JPMorgan Chase & Co. Has Lowered Expectations for EastGroup Properties (NYSE:EGP) Stock Price

Key Points

• JPMorgan lowered EastGroup Properties’ price target from $231 to $220 while maintaining an “overweight” rating, implying about 10% upside from the prior close.
• Analyst sentiment remains favorable, with 12 Buy ratings and five Holds; the consensus rating is “Moderate Buy” and the average price target is $220.59.
• EGP shares rose 2.5% to $199.99, despite the company reporting quarterly EPS of $1.46, below the $2.43 consensus estimate. Revenue increased 9.5% year over year to $199.44 million.

EastGroup Properties (NYSE:EGP - Get Free Report) had its price target lowered by equities researchers at JPMorgan Chase & Co. from $231.00 to $220.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an "overweight" rating on the real estate investment trust's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 10.00% from the company's previous close.

Several other research firms have also recently commented on EGP. Truist Financial upped their target price on shares of EastGroup Properties from $215.00 to $230.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Cantor Fitzgerald dropped their price target on shares of EastGroup Properties from $235.00 to $220.00 and set an "overweight" rating on the stock in a research note on Monday. Piper Sandler cut their price target on EastGroup Properties from $268.00 to $246.00 and set an "overweight" rating on the stock in a report on Monday, October 12th. Wells Fargo & Company boosted their price objective on EastGroup Properties from $221.00 to $232.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 1st. Finally, Citigroup boosted their price objective on EastGroup Properties from $235.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Twelve analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, EastGroup Properties currently has an average rating of "Moderate Buy" and a consensus target price of $220.59.

EastGroup Properties Stock Up 2.5%

EGP stock traded up $4.94 during mid-day trading on Thursday, reaching $199.99. The company had a trading volume of 588,834 shares, compared to its average volume of 422,094. EastGroup Properties has a one year low of $172.17 and a one year high of $226.71. The stock has a market capitalization of $10.76 billion, a P/E ratio of 33.90, a P/E/G ratio of 4.17 and a beta of 1.00. The stock's 50-day simple moving average is $198.89 and its two-hundred day simple moving average is $197.89.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly 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). EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. The firm had revenue of $199.44 million for the quarter, compared to the consensus estimate of $197.51 million. During the same quarter in the prior year, the company posted $2.27 EPS. The firm's revenue was up 9.5% on a year-over-year basis. On average, research analysts forecast that EastGroup Properties will post 9.62 EPS for the current fiscal year.

Insider Buying and Selling at EastGroup Properties

In related news, CFO Staci Tyler sold 1,600 shares of the stock in a transaction on Friday, October 23rd. The stock was 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 in the company, valued at approximately $2,739,756.96. This trade represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of EGP. Mirae Asset Global Investments Co. Ltd. bought a new position in EastGroup Properties in the 3rd quarter worth approximately $296,000. MGO One Seven LLC boosted its position in shares of EastGroup Properties by 9.1% in the third quarter. MGO One Seven LLC now owns 1,225 shares of the real estate investment trust's stock valued at $242,000 after acquiring an additional 102 shares during the period. United Asset Strategies Inc. acquired a new stake in shares of EastGroup Properties in the third quarter worth $212,000. Choreo LLC grew its stake in shares of EastGroup Properties by 11.5% in the third quarter. Choreo LLC now owns 2,587 shares of the real estate investment trust's stock worth $511,000 after acquiring an additional 266 shares during the last quarter. Finally, Interchange Capital Partners LLC grew its stake in shares of EastGroup Properties by 8.7% in the third quarter. Interchange Capital Partners LLC now owns 1,776 shares of the real estate investment trust's stock worth $351,000 after acquiring an additional 142 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company's stock.

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.

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