EastGroup Properties (NYSE:EGP) Upgraded by StockNews.com to "Hold" Rating

EastGroup Properties (NYSE:EGP - Get Free Report) was upgraded by analysts at StockNews.com from a "sell" rating to a "hold" rating in a research note issued on Sunday.

A number of other brokerages have also recently weighed in on EGP. Evercore ISI raised their price target on EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a research report on Thursday, April 24th. Jefferies Financial Group raised EastGroup Properties from a "hold" rating to a "buy" rating and raised their price target for the stock from $174.00 to $194.00 in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft started coverage on EastGroup Properties in a research note on Tuesday, January 14th. They set a "buy" rating and a $180.00 price objective on the stock. Robert W. Baird raised their price target on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. Finally, Truist Financial upgraded shares of EastGroup Properties from a "hold" rating to a "buy" rating and set a $180.00 target price on the stock in a research report on Thursday, April 10th. Nine 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, the company currently has a consensus rating of "Moderate Buy" and an average target price of $186.94.

EastGroup Properties Stock Performance

Shares of EGP traded down $1.09 during mid-day trading on Friday, reaching $162.02. 144,963 shares of the company's stock were exchanged, compared to its average volume of 368,569. The stock has a market capitalization of $8.51 billion, a PE ratio of 34.84, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94. The business's fifty day simple moving average is $170.39 and its 200-day simple moving average is $170.44. 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 has a 52-week low of $137.67 and a 52-week high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, beating 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 quarter in the previous year, the firm posted $1.98 EPS. The firm's revenue for the quarter was up 13.1% on a year-over-year basis. On average, equities research analysts expect that EastGroup Properties will post 8.94 earnings per share for the current year.

Institutional Trading of EastGroup Properties

Several institutional investors and hedge funds have recently bought and sold shares of EGP. Citizens National Bank Trust Department acquired a new position in EastGroup Properties in the first quarter worth $26,000. Crowley Wealth Management Inc. acquired a new position in shares of EastGroup Properties in the 4th quarter valued at about $29,000. Canton Hathaway LLC bought a new stake in shares of EastGroup Properties during the 4th quarter valued at about $30,000. Thurston Springer Miller Herd & Titak Inc. raised its stake 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 acquiring an additional 302 shares during the period. Finally, Mather Group LLC. lifted its holdings in EastGroup Properties by 74.2% in the first quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock worth $64,000 after acquiring an additional 155 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company's stock.

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.