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

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 lowered by Royal Bank Of Canada from $183.00 to $182.00 in a research report 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 price objective would indicate a potential upside of 11.07% from the company's current price.

A number of other equities analysts also recently weighed in on EGP. Piper Sandler reduced their price target on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Robert W. Baird lowered their target price on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Wells Fargo & Company set a $215.00 price target on EastGroup Properties and gave the company an "overweight" rating in a research report on Sunday, July 13th. Barclays lowered their price target on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 30th. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $189.31.

EastGroup Properties Stock Down 0.4%

NYSE EGP traded down $0.72 during trading hours on Tuesday, reaching $163.87. 19,911 shares of the company's stock were exchanged, compared to its average volume of 436,770. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.16 and a current ratio of 0.16. The company has a market capitalization of $8.74 billion, a price-to-earnings ratio of 35.39, a price-to-earnings-growth ratio of 3.37 and a beta of 1.01. The company's 50-day moving average is $168.41 and its two-hundred day moving average is $169.68. EastGroup Properties has a one year low of $137.67 and a one year high of $192.21.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.01. The company had revenue of $177.29 million during the quarter, compared to the consensus estimate of $175.80 million. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The firm's revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.05 earnings per share. On average, analysts forecast that EastGroup Properties will post 8.94 EPS for the current fiscal year.

Institutional Trading of EastGroup Properties

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in EastGroup Properties by 3.0% during the first quarter. Vanguard Group Inc. now owns 7,198,279 shares of the real estate investment trust's stock valued at $1,267,977,000 after purchasing an additional 207,329 shares in the last quarter. Cohen & Steers Inc. lifted its holdings in shares of EastGroup Properties by 141.6% during the fourth quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust's stock worth $458,347,000 after purchasing an additional 1,673,663 shares during the period. FMR LLC grew its position in shares of EastGroup Properties by 1.4% in the 4th quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust's stock valued at $253,496,000 after buying an additional 21,432 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in EastGroup Properties by 24.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust's stock valued at $226,888,000 after purchasing an additional 273,217 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in EastGroup Properties by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,318,090 shares of the real estate investment trust's stock worth $232,184,000 after buying an additional 342,620 shares during the last quarter. 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.