EastGroup Properties, Inc. (EGP) Price Target Raised to $87.00
EastGroup Properties, Inc. (NYSE:EGP) had its price target hoisted by Citigroup Inc. from $84.00 to $87.00 in a research report issued on Monday. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Citigroup Inc.’s price objective would suggest a potential downside of 3.13% from the company’s current price.
Other equities research analysts also recently issued reports about the company. ValuEngine raised EastGroup Properties from a “hold” rating to a “buy” rating in a report on Monday, September 11th. Sandler O’Neill raised EastGroup Properties from a “hold” rating to a “buy” rating and increased their price objective for the company from $90.00 to $104.00 in a report on Tuesday, September 5th. Zacks Investment Research raised EastGroup Properties from a “hold” rating to a “buy” rating and set a $99.00 price objective for the company in a report on Monday, October 2nd. Bank of America Corporation raised EastGroup Properties from a “neutral” rating to a “buy” rating and increased their price objective for the company from $91.00 to $96.00 in a report on Wednesday, August 16th. Finally, DA Davidson set a $100.00 price objective on EastGroup Properties and gave the company a “hold” rating in a report on Friday, October 20th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $87.25.
Shares of EastGroup Properties (NYSE EGP) traded down 1.10% during mid-day trading on Monday, reaching $89.81. 153,140 shares of the company’s stock traded hands. EastGroup Properties has a one year low of $63.99 and a one year high of $93.61. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of 37.64 and a beta of 0.98. The firm’s 50-day moving average is $89.94 and its 200 day moving average is $84.97.
EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.61. The business had revenue of $68.75 million during the quarter, compared to the consensus estimate of $68.74 million. EastGroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.04 earnings per share. Analysts predict that EastGroup Properties will post $2.42 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in EGP. Integrated Investment Consultants LLC acquired a new stake in EastGroup Properties in the third quarter valued at $115,000. First Mercantile Trust Co. increased its position in shares of EastGroup Properties by 1.8% in the second quarter. First Mercantile Trust Co. now owns 1,720 shares of the real estate investment trust’s stock valued at $144,000 after buying an additional 30 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of EastGroup Properties by 10.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,454 shares of the real estate investment trust’s stock valued at $206,000 after buying an additional 234 shares in the last quarter. Riverhead Capital Management LLC increased its position in shares of EastGroup Properties by 25.0% in the second quarter. Riverhead Capital Management LLC now owns 2,500 shares of the real estate investment trust’s stock valued at $210,000 after buying an additional 500 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of EastGroup Properties in the second quarter valued at $216,000. 95.99% of the stock is owned by institutional investors.
EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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