EastGroup Properties (NYSE:EGP) Raised to Outperform at Evercore ISI

EastGroup Properties (NYSE:EGP) was upgraded by investment analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued on Monday, MarketBeat.com reports. The firm presently has a $204.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $192.00. Evercore ISI’s price target would indicate a potential upside of 8.80% from the stock’s current price.

A number of other analysts also recently commented on the company. Wedbush boosted their price objective on EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Royal Bank of Canada upped their price target on EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a report on Tuesday, July 30th. KeyCorp lifted their target price on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Wells Fargo & Company raised EastGroup Properties from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $179.00 to $214.00 in a report on Wednesday, August 28th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $192.00.

EastGroup Properties Stock Up 1.4 %

Shares of EastGroup Properties stock opened at $187.50 on Monday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21. EastGroup Properties has a 1-year low of $154.75 and a 1-year high of $192.61. The business’s fifty day moving average price is $184.32 and its two-hundred day moving average price is $174.34. The company has a market capitalization of $9.03 billion, a P/E ratio of 40.67, a PEG ratio of 2.74 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The company had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.89 earnings per share. As a group, research analysts forecast that EastGroup Properties will post 8.32 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. SYSTM Wealth Solutions LLC increased its holdings in EastGroup Properties by 24.2% in the first quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock worth $60,000 after buying an additional 65 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in EastGroup Properties by 30.2% in the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 80 shares in the last quarter. Securian Asset Management Inc. increased its position in EastGroup Properties by 2.6% during the fourth quarter. Securian Asset Management Inc. now owns 3,945 shares of the real estate investment trust’s stock worth $724,000 after buying an additional 100 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in EastGroup Properties by 0.3% during the second quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock valued at $5,328,000 after buying an additional 103 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV lifted its position in shares of EastGroup Properties by 4.8% in the first quarter. Azzad Asset Management Inc. ADV now owns 2,730 shares of the real estate investment trust’s stock worth $491,000 after buying an additional 124 shares during the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

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.