EastGroup Properties (NYSE:EGP) Downgraded by StockNews.com to "Sell"

EastGroup Properties (NYSE:EGP - Get Free Report) was downgraded by research analysts at StockNews.com from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Several other brokerages also recently issued reports on EGP. Piper Sandler decreased their price target on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft started coverage on EastGroup Properties in a report on Tuesday, January 14th. They set a "buy" rating and a $180.00 price objective on the stock. Jefferies Financial Group upgraded EastGroup Properties from a "hold" rating to a "buy" rating and upped their target price for the stock from $174.00 to $194.00 in a research note on Thursday, January 2nd. Morgan Stanley reduced their price target on EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating on the stock in a research report on Monday, December 30th. Finally, Robert W. Baird upped their price target on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $188.13.

EastGroup Properties Price Performance

EGP traded up $4.20 during trading on Friday, hitting $163.19. 19,625 shares of the stock traded hands, compared to its average volume of 481,404. EastGroup Properties has a twelve month low of $137.67 and a twelve month high of $192.61. The company has a market cap of $8.53 billion, a price-to-earnings ratio of 35.09, a PEG ratio of 3.35 and a beta of 0.94. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. The business has a 50 day moving average price of $172.10 and a 200 day moving average price of $170.96.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. Equities research analysts forecast that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

Institutional Trading of EastGroup Properties

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Crowley Wealth Management Inc. acquired a new stake in EastGroup Properties during the fourth quarter worth approximately $29,000. Canton Hathaway LLC acquired a new stake in EastGroup Properties during the fourth quarter worth approximately $30,000. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust's stock worth $58,000 after acquiring an additional 302 shares during the last quarter. Parallel Advisors LLC grew its position in shares of EastGroup Properties by 387.4% during the first quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust's stock worth $75,000 after acquiring an additional 337 shares during the last quarter. Finally, Principal Securities Inc. grew its position in shares of EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock worth $86,000 after acquiring an additional 84 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company's stock.

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.