EastGroup Properties (NYSE:EGP) Lowered to Hold at Zacks Investment Research

EastGroup Properties (NYSE:EGP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday, Zacks.com reports.

According to Zacks, “EastGroup Properties is a self-administered real estate investment trust focused on ownership, acquisition and selective development of industrial properties. The company pursues a three-pronged investment strategy that includes: the acquisition of industrial properties at favorable initial yields, with opportunities to improve cash flow performance through management; selective development of industrial properties in markets where they already has a presence and where market conditions justify such investments; and the acquisition of existing public & private companies. “

A number of other research analysts also recently commented on the stock. Royal Bank of Canada increased their price objective on shares of EastGroup Properties from $177.00 to $207.00 and gave the company a “sector perform” rating in a research note on Monday, November 8th. Evercore ISI reissued a “hold” rating and set a $164.00 target price on shares of EastGroup Properties in a report on Friday, October 8th. Truist increased their price objective on shares of EastGroup Properties from $152.00 to $163.00 and gave the stock a “hold” rating in a report on Monday, August 23rd. Wells Fargo & Company increased their price objective on shares of EastGroup Properties from $175.00 to $220.00 and gave the stock an “equal weight” rating in a report on Friday, November 19th. Finally, Robert W. Baird reaffirmed a “neutral” rating on shares of EastGroup Properties in a report on Monday, September 6th. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, EastGroup Properties presently has a consensus rating of “Hold” and an average target price of $190.20.

Shares of EGP stock traded up $1.63 on Thursday, hitting $209.65. The stock had a trading volume of 127,679 shares, compared to its average volume of 168,868. The stock has a market capitalization of $8.53 billion, a price-to-earnings ratio of 68.07, a price-to-earnings-growth ratio of 3.91 and a beta of 0.77. The business has a 50 day simple moving average of $185.29. EastGroup Properties has a 52-week low of $130.93 and a 52-week high of $209.87.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Tuesday, October 26th. The real estate investment trust reported $0.76 EPS for the quarter, missing the Zacks’ consensus estimate of $1.48 by ($0.72). EastGroup Properties had a net margin of 31.12% and a return on equity of 9.13%. The company had revenue of $104.60 million for the quarter, compared to the consensus estimate of $101.40 million. During the same quarter last year, the company earned $1.36 earnings per share. The company’s revenue was up 13.7% compared to the same quarter last year. On average, analysts predict that EastGroup Properties will post 6.05 earnings per share for the current year.

In other EastGroup Properties news, EVP John F. Coleman sold 1,900 shares of the business’s stock in a transaction dated Wednesday, September 15th. The stock was sold at an average price of $175.38, for a total transaction of $333,222.00. Following the completion of the sale, the executive vice president now directly owns 89,579 shares of the company’s stock, valued at approximately $15,710,365.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Richard Reid Dunbar sold 500 shares of the company’s stock in a transaction dated Friday, November 19th. The shares were sold at an average price of $204.27, for a total value of $102,135.00. The disclosure for this sale can be found here. Insiders have sold 5,599 shares of company stock worth $1,096,174 in the last ninety days. 1.60% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in EGP. Zimmer Partners LP bought a new stake in EastGroup Properties in the second quarter worth approximately $76,058,000. FMR LLC grew its holdings in EastGroup Properties by 237,405.4% during the second quarter. FMR LLC now owns 266,006 shares of the real estate investment trust’s stock worth $43,744,000 after buying an additional 265,894 shares in the last quarter. Scout Investments Inc. bought a new stake in EastGroup Properties during the third quarter worth $37,991,000. Invesco Ltd. grew its holdings in EastGroup Properties by 26.8% during the second quarter. Invesco Ltd. now owns 764,840 shares of the real estate investment trust’s stock worth $125,778,000 after buying an additional 161,872 shares in the last quarter. Finally, Eaton Vance Management grew its holdings in EastGroup Properties by 11.3% during the third quarter. Eaton Vance Management now owns 1,035,329 shares of the real estate investment trust’s stock worth $172,992,000 after buying an additional 104,885 shares in the last quarter. 92.68% of the stock is currently owned by institutional investors and hedge funds.

About EastGroup Properties

EastGroup Properties, Inc is an equity real estate investment trust, which engages in the development, acquisition and operation of industrial properties in the United States. It operates through Industrial Properties segment. Its portfolio consists of distribution facilities in Florida, California, Texas, Arizona, and North Carolina.

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