EastGroup Properties (NYSE:EGP) Upgraded to “Overweight” at JPMorgan Chase & Co.

EastGroup Properties (NYSE:EGP) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Thursday, Marketbeat.com reports. The firm presently has a $231.00 price target on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 13.48% from the company’s previous close.

EGP has been the topic of several other reports. Barclays upped their target price on EastGroup Properties from $210.00 to $228.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. BTIG Research raised their price target on shares of EastGroup Properties from $218.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, July 1st. Royal Bank Of Canada increased their price target on EastGroup Properties from $208.00 to $220.00 and gave the stock a “sector perform” rating in a research report on Monday, August 3rd. Wells Fargo & Company boosted their price objective on EastGroup Properties from $221.00 to $232.00 and gave the company an “overweight” rating in a report on Tuesday, September 1st. Finally, Raymond James Financial initiated coverage on EastGroup Properties in a research note on Wednesday, June 17th. They issued an “outperform” rating and a $241.00 target price on the stock. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, EastGroup Properties has an average rating of “Moderate Buy” and a consensus target price of $221.37.

EastGroup Properties Stock Up 0.5%

NYSE EGP traded up $0.96 during trading on Thursday, reaching $203.56. 318,813 shares of the company’s stock traded hands, compared to its average volume of 400,302. EastGroup Properties has a 12-month low of $164.80 and a 12-month high of $226.71. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.16 and a quick ratio of 0.16. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of 35.70, a price-to-earnings-growth ratio of 2.96 and a beta of 1.01. The company’s 50 day simple moving average is $204.38 and its two-hundred day simple moving average is $200.82.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, July 22nd. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%. The firm had revenue of $193.33 million for the quarter, compared to the consensus estimate of $193.61 million. During the same period last year, the firm earned $2.21 earnings per share. The company’s quarterly revenue was up 9.0% on a year-over-year basis. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. As a group, sell-side analysts forecast that EastGroup Properties will post 9.6 EPS for the current fiscal year.

Institutional Trading of EastGroup Properties

A number of hedge funds and other institutional investors have recently modified their holdings of EGP. Tidal Investments LLC grew its holdings in shares of EastGroup Properties by 2.8% in the second quarter. Tidal Investments LLC now owns 61,568 shares of the real estate investment trust’s stock valued at $12,469,000 after purchasing an additional 1,684 shares during the period. Van Hulzen Asset Management LLC boosted its holdings in EastGroup Properties by 26.8% in the 2nd quarter. Van Hulzen Asset Management LLC now owns 1,420 shares of the real estate investment trust’s stock valued at $288,000 after purchasing an additional 300 shares during the last quarter. NorthRock Partners LLC purchased a new stake in shares of EastGroup Properties in the 2nd quarter valued at approximately $202,000. Integrated Wealth Concepts LLC acquired a new stake in shares of EastGroup Properties during the 2nd quarter worth approximately $26,000. Finally, Squarepoint Ops LLC raised its position in shares of EastGroup Properties by 415.1% during the 2nd quarter. Squarepoint Ops LLC now owns 30,301 shares of the real estate investment trust’s stock valued at $6,137,000 after buying an additional 24,419 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust that owns, develops, acquires and operates industrial properties. The company focuses primarily on business distribution space, including functional warehouse and light industrial facilities designed to support local and regional distribution, manufacturing and service businesses.

EastGroup concentrates its portfolio in major Sun Belt markets, with a presence in states including Arizona, California, Florida, Georgia, Nevada, North Carolina, Oklahoma, Tennessee and Texas.