Cantor Fitzgerald Begins Coverage on EastGroup Properties (NYSE:EGP)

Key Points

• Cantor Fitzgerald upgraded EastGroup Properties (NYSE: EGP) to a "strong-buy" rating, reflecting positive sentiment toward the company's stock.
• As of now, EastGroup Properties has a consensus rating of "Moderate Buy" with an average price target of $188.38.
• The company recently reported $2.21 earnings per share for the last quarter, surpassing expectations and marking an 11.4% increase in revenue year-over-year.

Research analysts at Cantor Fitzgerald initiated coverage on shares of EastGroup Properties (NYSE:EGP - Get Free Report) in a research report issued to clients and investors on Wednesday, MarketBeat reports. The firm set an "overweight" rating and a $190.00 price target on the real estate investment trust's stock. Cantor Fitzgerald's price target indicates a potential upside of 10.26% from the company's previous close.

EGP has been the topic of a number of other reports. Wells Fargo & Company set a $215.00 price target on shares of EastGroup Properties and gave the stock an "overweight" rating in a report on Sunday, July 13th. Morgan Stanley upped their price objective on shares of EastGroup Properties from $170.00 to $178.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 9th. Evercore ISI increased their target price on shares of EastGroup Properties from $176.00 to $180.00 and gave the stock an "in-line" rating in a research note on Monday, September 15th. Finally, Royal Bank Of Canada cut their price target on EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating for the company in a research note on Tuesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, EastGroup Properties currently has a consensus rating of "Moderate Buy" and a consensus price target of $188.38.

EastGroup Properties Stock Up 1.8%

EastGroup Properties stock opened at $172.32 on Wednesday. The business's 50-day moving average price is $165.75 and its 200 day moving average price is $166.80. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.43. The firm has a market cap of $9.19 billion, a price-to-earnings ratio of 37.22, a price-to-earnings-growth ratio of 3.45 and a beta of 1.02. EastGroup Properties has a 52 week low of $137.67 and a 52 week high of $188.89.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.20 by $0.01. EastGroup Properties had a return on equity of 7.29% and a net margin of 34.85%.The company had revenue of $177.29 million during the quarter, compared to the consensus estimate of $175.80 million. During the same period in the previous year, the company posted $2.05 earnings per share. EastGroup Properties's revenue for the quarter was up 11.4% on a year-over-year basis. EastGroup Properties has set its Q3 2025 guidance at 2.220-2.300 EPS. FY 2025 guidance at 8.890-9.030 EPS. As a group, sell-side analysts anticipate that EastGroup Properties will post 8.94 earnings per share for the current year.

Institutional Investors Weigh In On EastGroup Properties

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of EastGroup Properties by 1.5% in the second quarter. Vanguard Group Inc. now owns 7,306,840 shares of the real estate investment trust's stock worth $1,221,119,000 after acquiring an additional 108,561 shares during the last quarter. State Street Corp raised its stake in EastGroup Properties by 2.5% in the 2nd quarter. State Street Corp now owns 2,667,793 shares of the real estate investment trust's stock valued at $449,491,000 after purchasing an additional 65,060 shares during the last quarter. Norges Bank purchased a new position in EastGroup Properties in the 2nd quarter valued at $252,405,000. Price T Rowe Associates Inc. MD boosted its stake in EastGroup Properties by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,318,090 shares of the real estate investment trust's stock worth $232,184,000 after purchasing an additional 342,620 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of EastGroup Properties by 234.7% during the first quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust's stock worth $215,267,000 after buying an additional 856,971 shares in the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

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.