JPMorgan Chase & Co. Issues Positive Forecast for EastGroup Properties (NYSE:EGP) Stock Price

Key Points

• JPMorgan raised its price target on EastGroup Properties from $210 to $231 while keeping a neutral rating, implying about 7.6% upside from the prior close.
• Other analysts have also turned more positive, with multiple firms lifting targets; overall, EastGroup now has a Moderate Buy consensus and an average price target of $216.58.
• The stock traded up modestly to $214.71 after EastGroup reported Q2 EPS of $1.40, beating estimates, while revenue came in roughly in line and rose 9% year over year.

EastGroup Properties (NYSE:EGP - Get Free Report) had its price target hoisted by analysts at JPMorgan Chase & Co. from $210.00 to $231.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the real estate investment trust's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 7.59% from the company's previous close.

A number of other equities analysts have also weighed in on EGP. Truist Financial upped their target price on EastGroup Properties from $205.00 to $215.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Evercore set a $206.00 price target on shares of EastGroup Properties in a research note on Thursday. Royal Bank Of Canada upped their price objective on shares of EastGroup Properties from $195.00 to $208.00 and gave the stock a "sector perform" rating in a report on Tuesday, April 28th. BTIG Research raised their price objective on shares of EastGroup Properties from $218.00 to $235.00 and gave the company a "buy" rating in a research note on Wednesday, July 1st. Finally, KeyCorp lifted their price objective on shares of EastGroup Properties from $210.00 to $220.00 and gave the company an "overweight" rating in a report on Monday, July 13th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $216.58.

EastGroup Properties Stock Up 0.3%

Shares of EGP traded up $0.66 during trading hours on Friday, hitting $214.71. The stock had a trading volume of 207,450 shares, compared to its average volume of 375,350. EastGroup Properties has a 1-year low of $159.37 and a 1-year high of $226.71. The firm has a market capitalization of $11.54 billion, a P/E ratio of 37.75, a price-to-earnings-growth ratio of 3.25 and a beta of 1.03. The firm has a 50 day simple moving average of $206.36 and a 200-day simple moving average of $196.10. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.19 and a quick ratio of 0.19.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.31 by $0.09. The business had revenue of $193.33 million for the quarter, compared to the consensus estimate of $193.61 million. EastGroup Properties had a return on equity of 8.64% and a net margin of 40.47%.The firm's revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the prior year, the business earned $2.21 EPS. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. Sell-side analysts predict that EastGroup Properties will post 9.59 EPS for the current fiscal year.

Insider Activity at EastGroup Properties

In related news, Director David Michael Fields sold 504 shares of the firm's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $195.77, for a total transaction of $98,668.08. Following the transaction, the director directly owned 3,531 shares of the company's stock, valued at $691,263.87. This trade represents a 12.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cohen & Steers Inc. grew its holdings in shares of EastGroup Properties by 7.0% in the fourth quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust's stock valued at $545,746,000 after acquiring an additional 200,617 shares in the last quarter. State Street Corp lifted its holdings in EastGroup Properties by 0.6% during the third quarter. State Street Corp now owns 2,683,711 shares of the real estate investment trust's stock worth $458,320,000 after acquiring an additional 15,918 shares during the period. Principal Financial Group Inc. boosted its position in EastGroup Properties by 1.1% in the first quarter. Principal Financial Group Inc. now owns 2,328,714 shares of the real estate investment trust's stock worth $431,028,000 after purchasing an additional 24,910 shares during the last quarter. Norges Bank purchased a new position in EastGroup Properties in the fourth quarter worth $281,054,000. Finally, Boston Partners grew its stake in EastGroup Properties by 2.1% in the 3rd quarter. Boston Partners now owns 1,204,211 shares of the real estate investment trust's stock valued at $203,834,000 after purchasing an additional 25,055 shares during the period. Hedge funds and other institutional investors own 92.14% of the company's stock.

About EastGroup Properties

EastGroup Properties, Inc NYSE: EGP is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company's portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.

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