Eastgroup Properties’ (EGP) Buy Rating Reiterated at Sandler O’Neill

Eastgroup Properties (NYSE:EGP)‘s stock had its “buy” rating reiterated by stock analysts at Sandler O’Neill in a report released on Wednesday. They presently have a $95.00 price target on the real estate investment trust’s stock. Sandler O’Neill’s target price suggests a potential upside of 17.63% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Zacks Investment Research cut Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, October 25th. Bank of America raised their target price on Eastgroup Properties from $100.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. Morgan Stanley reissued an “equal weight” rating and issued a $82.00 target price on shares of Eastgroup Properties in a research report on Thursday, December 14th. Cantor Fitzgerald reissued a “hold” rating and issued a $79.00 target price on shares of Eastgroup Properties in a research report on Friday, October 20th. Finally, DA Davidson set a $100.00 target price on Eastgroup Properties and gave the stock a “hold” rating in a research report on Friday, October 20th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. Eastgroup Properties currently has a consensus rating of “Hold” and an average price target of $87.42.

Eastgroup Properties (NYSE EGP) traded down $0.05 during trading on Wednesday, hitting $80.76. The company had a trading volume of 274,907 shares, compared to its average volume of 220,158. Eastgroup Properties has a 12 month low of $69.53 and a 12 month high of $95.03. The stock has a market capitalization of $2,810.77, a PE ratio of 33.23, a PEG ratio of 4.09 and a beta of 0.92.

Eastgroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, January 31st. The real estate investment trust reported $0.51 EPS for the quarter, beating the consensus estimate of $0.49 by $0.02. Eastgroup Properties had a return on equity of 11.76% and a net margin of 30.34%. The company had revenue of $71.36 million for the quarter, compared to analysts’ expectations of $69.66 million. During the same period last year, the firm posted $1.08 earnings per share. Eastgroup Properties’s revenue was up 7.6% compared to the same quarter last year. equities analysts expect that Eastgroup Properties will post 4.5 EPS for the current year.

In other news, Director David H. Hoster II sold 12,250 shares of Eastgroup Properties stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $94.10, for a total transaction of $1,152,725.00. Following the transaction, the director now directly owns 173,880 shares of the company’s stock, valued at approximately $16,362,108. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bruce Corkern sold 3,586 shares of Eastgroup Properties stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $91.75, for a total value of $329,015.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,136 shares of company stock worth $1,779,599. Insiders own 2.90% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. lifted its position in shares of Eastgroup Properties by 6.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,915 shares of the real estate investment trust’s stock valued at $244,000 after buying an additional 186 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Eastgroup Properties by 0.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 38,562 shares of the real estate investment trust’s stock valued at $3,231,000 after buying an additional 301 shares in the last quarter. Advisor Group Inc. lifted its position in shares of Eastgroup Properties by 17.7% during the 2nd quarter. Advisor Group Inc. now owns 2,747 shares of the real estate investment trust’s stock valued at $220,000 after buying an additional 414 shares in the last quarter. Comerica Bank lifted its position in shares of Eastgroup Properties by 1.1% during the 3rd quarter. Comerica Bank now owns 49,407 shares of the real estate investment trust’s stock valued at $4,437,000 after buying an additional 550 shares in the last quarter. Finally, Eqis Capital Management Inc. lifted its position in shares of Eastgroup Properties by 22.2% during the 3rd quarter. Eqis Capital Management Inc. now owns 3,528 shares of the real estate investment trust’s stock valued at $311,000 after buying an additional 640 shares in the last quarter. 96.10% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Eastgroup Properties (NYSE:EGP)

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