Deutsche Bank Aktiengesellschaft Initiates Coverage on EastGroup Properties (NYSE:EGP)

Investment analysts at Deutsche Bank Aktiengesellschaft initiated coverage on shares of EastGroup Properties (NYSE:EGP) in a note issued to investors on Tuesday,Benzinga reports. The firm set a “buy” rating and a $180.00 price target on the real estate investment trust’s stock. Deutsche Bank Aktiengesellschaft’s price target would suggest a potential upside of 13.59% from the company’s current price.

Several other research firms also recently weighed in on EGP. Jefferies Financial Group raised EastGroup Properties from a “hold” rating to a “buy” rating and increased their price objective for the company from $174.00 to $194.00 in a report on Thursday, January 2nd. Morgan Stanley reduced their price target on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a research report on Monday, December 30th. Royal Bank of Canada restated a “sector perform” rating and issued a $186.00 price objective on shares of EastGroup Properties in a research note on Wednesday, October 30th. Truist Financial decreased their target price on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Finally, Barclays reduced their price objective on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, EastGroup Properties presently has an average rating of “Moderate Buy” and a consensus target price of $190.88.

EastGroup Properties Trading Up 1.8 %

Shares of EastGroup Properties stock opened at $158.46 on Tuesday. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. The company has a fifty day simple moving average of $167.42 and a 200-day simple moving average of $177.11. The stock has a market cap of $7.84 billion, a price-to-earnings ratio of 32.74, a PEG ratio of 2.23 and a beta of 1.00. EastGroup Properties has a 12-month low of $155.10 and a 12-month high of $192.61.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The company had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. During the same quarter in the prior year, the company earned $1.95 EPS. The business’s revenue was up 11.2% on a year-over-year basis. On average, equities analysts forecast that EastGroup Properties will post 8.35 EPS for the current fiscal year.

Institutional Investors Weigh In On EastGroup Properties

Hedge funds and other institutional investors have recently modified their holdings of the stock. V Square Quantitative Management LLC increased its stake in EastGroup Properties by 47.7% in the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 61 shares in the last quarter. Quest Partners LLC grew its holdings in EastGroup Properties by 10,400.0% in the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 208 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of EastGroup Properties in the second quarter valued at $66,000. GAMMA Investing LLC raised its stake in shares of EastGroup Properties by 90.7% during the 3rd quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 255 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of EastGroup Properties in the 3rd quarter worth about $102,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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.