Wedbush Reiterates “Outperform” Rating for EastGroup Properties (NYSE:EGP)

EastGroup Properties (NYSE:EGP)‘s stock had its “outperform” rating reissued by stock analysts at Wedbush in a report issued on Friday, Benzinga reports. They currently have a $209.00 price target on the real estate investment trust’s stock. Wedbush’s price target suggests a potential upside of 17.68% from the company’s previous close.

Several other research firms also recently commented on EGP. Truist Financial upped their price objective on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Evercore ISI raised their price objective on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday, October 7th. Barclays lowered their price objective on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. Morgan Stanley lifted their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Finally, Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $175.00 to $200.00 in a report on Thursday, September 5th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $191.73.

EastGroup Properties Stock Down 0.5 %

EGP traded down $0.93 during midday trading on Friday, reaching $177.60. 81,551 shares of the company were exchanged, compared to its average volume of 295,556. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21. The company’s fifty day moving average price is $184.18 and its 200 day moving average price is $175.43. The company has a market cap of $8.55 billion, a price-to-earnings ratio of 38.60, a price-to-earnings-growth ratio of 2.65 and a beta of 0.99. EastGroup Properties has a one year low of $155.23 and a one year high of $192.61.

EastGroup Properties (NYSE:EGP) last released its earnings results 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). The business had revenue of $162.88 million during the quarter, compared to the consensus estimate of $161.52 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The business’s revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.95 earnings per share. As a group, analysts expect that EastGroup Properties will post 8.32 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in EastGroup Properties by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock worth $1,233,785,000 after buying an additional 210,207 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in EastGroup Properties by 7.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock worth $175,359,000 after buying an additional 71,614 shares during the period. Boston Partners boosted its holdings in EastGroup Properties by 26.1% in the 1st quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock worth $171,399,000 after buying an additional 197,427 shares during the period. Dimensional Fund Advisors LP boosted its holdings in EastGroup Properties by 7.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust’s stock worth $123,848,000 after buying an additional 53,083 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in EastGroup Properties by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 479,323 shares of the real estate investment trust’s stock worth $81,533,000 after buying an additional 2,418 shares during the period. Institutional investors 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.