Truist Financial Lowers EastGroup Properties (NYSE:EGP) Price Target to $186.00

EastGroup Properties (NYSE:EGP) had its price target reduced by Truist Financial from $190.00 to $186.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s target price points to a potential upside of 8.75% from the company’s current price.

A number of other analysts also recently issued reports on the stock. StockNews.com downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Morgan Stanley increased their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Evercore ISI boosted their price objective on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Wedbush reaffirmed an “outperform” rating and issued a $209.00 target price on shares of EastGroup Properties in a research note on Friday, October 25th. Finally, KeyCorp upped their price objective on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, EastGroup Properties currently has a consensus rating of “Hold” and an average target price of $191.21.

EastGroup Properties Price Performance

Shares of EGP opened at $171.04 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. The company’s fifty day moving average price is $180.77 and its 200-day moving average price is $176.29. EastGroup Properties has a 1-year low of $155.23 and a 1-year high of $192.61. The firm has a market capitalization of $8.47 billion, a PE ratio of 35.34, a price-to-earnings-growth ratio of 2.61 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The business had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.95 earnings per share. On average, equities research analysts predict that EastGroup Properties will post 8.35 EPS for the current year.

Institutional Investors Weigh In On EastGroup Properties

Large investors have recently added to or reduced their stakes in the business. FMR LLC lifted its stake in EastGroup Properties by 67.9% in the third quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock worth $291,081,000 after acquiring an additional 629,827 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in EastGroup Properties by 355.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 391,594 shares of the real estate investment trust’s stock valued at $73,158,000 after buying an additional 305,555 shares during the last quarter. Vanguard Group Inc. increased its holdings in EastGroup Properties by 3.2% in the first quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock valued at $1,233,785,000 after buying an additional 210,207 shares during the last quarter. Ceredex Value Advisors LLC acquired a new stake in EastGroup Properties in the second quarter valued at $35,131,000. Finally, Boston Partners lifted its holdings in EastGroup Properties by 26.1% during 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 last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

About EastGroup Properties

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.