Royal Bank Of Canada Lowers EastGroup Properties (NYSE:EGP) Price Target to $182.00

Key Points

• Royal Bank of Canada has lowered its price target for EastGroup Properties from $183.00 to $182.00, indicating a potential upside of 11.40% from the current price.
• Other analysts have mixed ratings, with Barclays and Piper Sandler both reducing their price targets, while Raymond James Financial maintained a "strong-buy" rating.
• EastGroup Properties has seen significant activity from hedge funds, with many increasing their stakes, reflecting a strong interest in the stock among institutional investors.

EastGroup Properties (NYSE:EGP - Get Free Report) had its price objective cut by stock analysts at Royal Bank Of Canada from $183.00 to $182.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "sector perform" rating on the real estate investment trust's stock. Royal Bank Of Canada's target price suggests a potential upside of 12.32% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. Wall Street Zen raised EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Wells Fargo & Company set a $215.00 target price on EastGroup Properties and gave the stock an "overweight" rating in a report on Sunday, July 13th. Piper Sandler lowered their target price on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Truist Financial lowered their target price on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, EastGroup Properties currently has an average rating of "Moderate Buy" and an average target price of $189.31.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock traded down $1.20 during trading on Tuesday, reaching $162.04. 496,103 shares of the company's stock were exchanged, compared to its average volume of 462,776. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.16 and a current ratio of 0.16. EastGroup Properties has a 1-year low of $137.67 and a 1-year high of $192.21. The company has a market cap of $8.64 billion, a P/E ratio of 35.00, a PEG ratio of 3.32 and a beta of 0.98. The firm's 50-day moving average price is $168.31 and its 200 day moving average price is $169.71.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, topping 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 business had revenue of $177.29 million during the quarter, compared to analysts' expectations of $175.80 million. During the same quarter in the prior year, the firm earned $2.05 EPS. The business's revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, research analysts anticipate that EastGroup Properties will post 8.94 earnings per share for the current year.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors and hedge funds have recently made changes to their positions in EGP. Teacher Retirement System of Texas boosted its holdings in EastGroup Properties by 2.8% in the second quarter. Teacher Retirement System of Texas now owns 22,408 shares of the real estate investment trust's stock worth $3,745,000 after acquiring an additional 616 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in EastGroup Properties by 6.2% in the second quarter. State of New Jersey Common Pension Fund D now owns 43,057 shares of the real estate investment trust's stock worth $7,196,000 after acquiring an additional 2,500 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in EastGroup Properties by 1.7% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 57,571 shares of the real estate investment trust's stock worth $9,621,000 after acquiring an additional 962 shares in the last quarter. First Citizens Bank & Trust Co. bought a new position in EastGroup Properties in the second quarter worth approximately $680,000. Finally, Aurora Investment Counsel boosted its holdings in EastGroup Properties by 2.1% in the second quarter. Aurora Investment Counsel now owns 9,230 shares of the real estate investment trust's stock worth $1,543,000 after acquiring an additional 188 shares in the last quarter. Institutional investors 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.