EastGroup Properties (NYSE:EGP) Price Target Raised to $205.00 at Truist Financial

EastGroup Properties (NYSE:EGP) had its price target raised by equities researchers at Truist Financial from $203.00 to $205.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the real estate investment trust’s stock. Truist Financial’s price target would suggest a potential upside of 7.39% from the stock’s previous close.

A number of other research firms have also recently weighed in on EGP. Robert W. Baird set a $203.00 price target on shares of EastGroup Properties in a report on Wednesday, February 11th. Mizuho restated a “neutral” rating and issued a $172.00 target price (down from $180.00) on shares of EastGroup Properties in a research note on Thursday, December 4th. BNP Paribas Exane raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $207.00 price target on the stock in a report on Monday, October 27th. Evercore set a $188.00 price objective on EastGroup Properties in a report on Friday, February 6th. Finally, Citigroup boosted their target price on EastGroup Properties from $210.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, EastGroup Properties currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.47.

EastGroup Properties Stock Down 0.0%

Shares of NYSE:EGP traded down $0.03 on Tuesday, reaching $190.89. The company had a trading volume of 30,209 shares, compared to its average volume of 392,490. The firm has a market capitalization of $10.18 billion, a PE ratio of 39.20, a PEG ratio of 2.79 and a beta of 1.11. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47. EastGroup Properties has a 52-week low of $137.67 and a 52-week high of $193.14. The firm’s 50 day simple moving average is $183.24 and its 200-day simple moving average is $175.70.

Institutional Investors Weigh In On EastGroup Properties

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of EastGroup Properties by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 7,350,473 shares of the real estate investment trust’s stock valued at $1,244,141,000 after buying an additional 43,633 shares during the period. Cohen & Steers Inc. raised its position in EastGroup Properties by 7.0% during the fourth quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust’s stock valued at $545,746,000 after acquiring an additional 200,617 shares in the last quarter. State Street Corp raised its position in EastGroup Properties by 0.6% during the third quarter. State Street Corp now owns 2,683,711 shares of the real estate investment trust’s stock valued at $458,320,000 after acquiring an additional 15,918 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in EastGroup Properties by 16.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,303,804 shares of the real estate investment trust’s stock valued at $410,404,000 after acquiring an additional 318,261 shares during the period. Finally, Norges Bank purchased a new stake in EastGroup Properties in the 4th quarter worth approximately $281,054,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.