EastGroup Properties (NYSE:EGP) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.
According to Zacks, "EastGroup Properties is a self-administered real estate investment trust focused on ownership, acquisition and selective development of industrial properties. The company pursues a three-pronged investment strategy that includes: the acquisition of industrial properties at favorable initial yields, with opportunities to improve cash flow performance through management; selective development of industrial properties in markets where they already has a presence and where market conditions justify such investments; and the acquisition of existing public & private companies. "
Several other research analysts have also recently weighed in on the company. Royal Bank of Canada increased their price objective on EastGroup Properties from $144.00 to $163.00 and gave the stock a "sector perform" rating in a research report on Tuesday, June 1st. Mizuho initiated coverage on EastGroup Properties in a research report on Wednesday, July 14th. They set a "neutral" rating and a $160.00 price objective on the stock. BTIG Research increased their price objective on EastGroup Properties from $158.00 to $164.00 and gave the stock a "buy" rating in a research report on Friday, April 16th. Morgan Stanley increased their price objective on EastGroup Properties from $153.00 to $160.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 15th. Finally, Wells Fargo & Company raised their price target on EastGroup Properties from $148.00 to $168.00 and gave the stock an "equal weight" rating in a research report on Monday, June 7th. Nine investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of "Hold" and an average target price of $159.00.
EastGroup Properties stock traded down $0.13 during mid-day trading on Wednesday, hitting $175.24. 113,678 shares of the company's stock traded hands, compared to its average volume of 175,302. The company has a 50 day moving average of $164.98. EastGroup Properties has a fifty-two week low of $118.76 and a fifty-two week high of $177.26. The stock has a market capitalization of $7.01 billion, a PE ratio of 61.49, a price-to-earnings-growth ratio of 4.46 and a beta of 0.72.
EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Tuesday, April 27th. The real estate investment trust reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.39 by ($0.70). The business had revenue of $97.90 million for the quarter, compared to analyst estimates of $94.62 million. EastGroup Properties had a net margin of 30.19% and a return on equity of 8.89%. The company's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.31 EPS. As a group, sell-side analysts forecast that EastGroup Properties will post 5.83 earnings per share for the current fiscal year.
In related news, EVP John F. Coleman sold 5,760 shares of the firm's stock in a transaction dated Friday, April 30th. The stock was sold at an average price of $156.74, for a total value of $902,822.40. Following the sale, the executive vice president now directly owns 91,479 shares of the company's stock, valued at $14,338,418.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.60% of the company's stock.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in EastGroup Properties by 1.2% in the first quarter. BlackRock Inc. now owns 5,697,162 shares of the real estate investment trust's stock valued at $816,292,000 after buying an additional 65,906 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of EastGroup Properties by 4.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,710,152 shares of the real estate investment trust's stock valued at $388,311,000 after purchasing an additional 123,763 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of EastGroup Properties by 12.6% during the first quarter. JPMorgan Chase & Co. now owns 2,433,469 shares of the real estate investment trust's stock valued at $348,668,000 after purchasing an additional 271,972 shares in the last quarter. Brown Advisory Inc. boosted its stake in shares of EastGroup Properties by 3.6% during the first quarter. Brown Advisory Inc. now owns 977,643 shares of the real estate investment trust's stock valued at $140,076,000 after purchasing an additional 33,596 shares in the last quarter. Finally, Eaton Vance Management boosted its stake in shares of EastGroup Properties by 41.8% during the first quarter. Eaton Vance Management now owns 969,746 shares of the real estate investment trust's stock valued at $138,946,000 after purchasing an additional 285,700 shares in the last quarter. 91.12% of the stock is currently owned by institutional investors and hedge funds.
EastGroup Properties Company Profile
EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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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