Wedbush Increases EastGroup Properties (NYSE:EGP) Price Target to $209.00

EastGroup Properties (NYSE:EGP) had its target price upped by investment analysts at Wedbush from $208.00 to $209.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Wedbush’s price target points to a potential upside of 15.30% from the stock’s current price.

Several other research firms also recently weighed in on EGP. Mizuho lowered their price target on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. Royal Bank of Canada upped their price objective on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 30th. Barclays raised their target price on EastGroup Properties from $175.00 to $198.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Evercore ISI dropped their price objective on shares of EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a research note on Thursday, April 25th. Finally, KeyCorp increased their target price on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $186.29.

EastGroup Properties Price Performance

NYSE:EGP traded down $4.66 during trading hours on Monday, hitting $181.26. The stock had a trading volume of 203,811 shares, compared to its average volume of 284,867. The firm has a market capitalization of $8.73 billion, a price-to-earnings ratio of 39.54, a P/E/G ratio of 2.93 and a beta of 0.98. EastGroup Properties has a one year low of $154.75 and a one year high of $192.61. The company has a 50 day simple moving average of $173.80 and a two-hundred day simple moving average of $173.71. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $159.09 million during the quarter, compared to analysts’ expectations of $156.70 million. During the same period in the prior year, the firm earned $1.89 EPS. EastGroup Properties’s quarterly revenue was up 13.7% on a year-over-year basis. Research analysts forecast that EastGroup Properties will post 8.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC bought a new stake in EastGroup Properties during the 4th quarter valued at approximately $31,000. Gradient Investments LLC purchased a new stake in shares of EastGroup Properties in the second quarter valued at $32,000. Mather Group LLC. purchased a new position in shares of EastGroup Properties during the first quarter valued at approximately $42,000. EverSource Wealth Advisors LLC boosted its holdings in EastGroup Properties by 1,938.5% during the 4th quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 252 shares during the period. Finally, Brown Brothers Harriman & Co. bought a new position in shares of EastGroup Properties in the fourth quarter worth about $55,000. 92.14% of the stock is currently owned by institutional investors.

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.