EastGroup Properties (NYSE:EGP) Price Target Cut to $177.00 by Analysts at Truist Financial

EastGroup Properties (NYSE:EGP - Get Free Report) had its price objective cut by equities researchers at Truist Financial from $180.00 to $177.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the real estate investment trust's stock. Truist Financial's target price would suggest a potential upside of 5.78% from the stock's previous close.

Several other analysts have also recently issued reports on EGP. Deutsche Bank Aktiengesellschaft started coverage on shares of EastGroup Properties in a research report on Tuesday, January 14th. They set a "buy" rating and a $180.00 target price on the stock. Robert W. Baird increased their price target on EastGroup Properties from $192.00 to $194.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. Evercore ISI lifted their price objective on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research note on Thursday, April 24th. Royal Bank of Canada cut their price objective on shares of EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating on the stock in a research report on Tuesday, April 29th. Finally, Barclays lowered their target price on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $187.00.

EastGroup Properties Price Performance

Shares of NYSE:EGP traded up $0.16 during trading on Monday, hitting $167.33. 40,311 shares of the company's stock were exchanged, compared to its average volume of 368,873. The business's 50-day simple moving average is $169.44 and its 200 day simple moving average is $170.03. The company has a market cap of $8.79 billion, a price-to-earnings ratio of 36.00, a PEG ratio of 3.35 and a beta of 1.05. EastGroup Properties has a 52-week low of $137.67 and a 52-week high of $192.61. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.11 by $0.01. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The firm had revenue of $174.45 million for the quarter, compared to analysts' expectations of $169.67 million. During the same period in the previous year, the firm posted $1.98 earnings per share. The business's revenue was up 13.1% compared to the same quarter last year. As a group, equities analysts predict that EastGroup Properties will post 8.94 EPS for the current year.

Institutional Trading of EastGroup Properties

Several institutional investors and hedge funds have recently made changes to their positions in the company. Citizens National Bank Trust Department purchased a new position in EastGroup Properties during the 1st quarter valued at about $26,000. Crowley Wealth Management Inc. purchased a new position in EastGroup Properties during the fourth quarter valued at approximately $29,000. Canton Hathaway LLC bought a new position in EastGroup Properties in the fourth quarter worth approximately $30,000. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in 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 buying an additional 302 shares during the period. Finally, Mather Group LLC. lifted its holdings in EastGroup Properties by 74.2% during the first quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock worth $64,000 after buying an additional 155 shares during the period. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Company Profile

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.

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