Evercore ISI Trims EastGroup Properties (NYSE:EGP) Target Price to $178.00

EastGroup Properties (NYSE:EGP) had its price target reduced by equities research analysts at Evercore ISI from $190.00 to $178.00 in a report released on Thursday, Benzinga reports. The firm currently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price objective suggests a potential upside of 13.85% from the stock’s current price.

Several other research analysts have also commented on EGP. Mizuho reiterated a “neutral” rating and set a $185.00 price target on shares of EastGroup Properties in a report on Tuesday, April 2nd. Truist Financial boosted their price objective on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a report on Tuesday, February 20th. Barclays assumed coverage on shares of EastGroup Properties in a research note on Wednesday, March 27th. They set an “equal weight” rating and a $181.00 price target on the stock. BMO Capital Markets started coverage on EastGroup Properties in a research report on Monday. They set an “outperform” rating and a $190.00 price objective for the company. Finally, Royal Bank of Canada upped their price target on EastGroup Properties from $180.00 to $190.00 and gave the company a “sector perform” rating in a report on Friday, February 16th. Ten analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $189.00.

EastGroup Properties Price Performance

EastGroup Properties stock traded down $1.65 during trading on Thursday, reaching $156.34. The company had a trading volume of 16,127 shares, compared to its average volume of 284,540. The firm’s 50-day simple moving average is $176.44 and its 200 day simple moving average is $175.37. EastGroup Properties has a 1-year low of $154.75 and a 1-year high of $188.85. The firm has a market capitalization of $7.51 billion, a PE ratio of 33.96, a price-to-earnings-growth ratio of 2.63 and a beta of 0.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28.

Insiders Place Their Bets

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total value of $456,850.00. Following the sale, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EastGroup Properties

A number of large investors have recently modified their holdings of EGP. Venturi Wealth Management LLC raised its holdings in shares of EastGroup Properties by 51.6% during the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 66 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of EastGroup Properties by 0.7% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,087 shares of the real estate investment trust’s stock valued at $1,680,000 after buying an additional 67 shares during the period. CWM LLC raised its holdings in shares of EastGroup Properties by 5.4% during the 3rd quarter. CWM LLC now owns 1,396 shares of the real estate investment trust’s stock valued at $232,000 after buying an additional 71 shares during the period. Baker Avenue Asset Management LP raised its holdings in shares of EastGroup Properties by 18.2% during the 3rd quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust’s stock valued at $78,000 after buying an additional 72 shares during the period. Finally, UniSuper Management Pty Ltd raised its holdings in shares of EastGroup Properties by 0.8% during the 3rd quarter. UniSuper Management Pty Ltd now owns 12,500 shares of the real estate investment trust’s stock valued at $2,082,000 after buying an additional 100 shares during the period. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

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.