Eastgroup Properties Inc (EGP) Receives Consensus Rating of “Hold” from Brokerages

Eastgroup Properties Inc (NYSE:EGP) has been given an average recommendation of “Hold” by the fifteen analysts that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $86.90.

A number of brokerages have commented on EGP. Sandler O’Neill restated a “buy” rating and set a $95.00 price objective on shares of Eastgroup Properties in a research report on Wednesday, February 7th. Zacks Investment Research lowered Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, January 31st. Mizuho lowered Eastgroup Properties from a “buy” rating to a “neutral” rating in a research report on Monday, October 23rd. Cantor Fitzgerald restated a “hold” rating and set a $79.00 price objective on shares of Eastgroup Properties in a research report on Friday, October 20th. Finally, SunTrust Banks upgraded Eastgroup Properties from a “sell” rating to a “hold” rating in a research report on Monday, January 22nd.

In related news, CFO Brent Wood sold 3,300 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $90.26, for a total value of $297,858.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Bruce Corkern sold 3,586 shares of the firm’s stock in a transaction that occurred on 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 quarter, insiders have sold 19,136 shares of company stock valued at $1,779,599. 2.90% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the stock. Integrated Investment Consultants LLC bought a new position in shares of Eastgroup Properties in the 3rd quarter valued at approximately $115,000. SeaCrest Wealth Management LLC bought a new position in shares of Eastgroup Properties in the 4th quarter valued at approximately $148,000. Everence Capital Management Inc. bought a new position in shares of Eastgroup Properties in the 3rd quarter valued at approximately $202,000. Cubist Systematic Strategies LLC bought a new position in shares of Eastgroup Properties in the 2nd quarter valued at approximately $216,000. Finally, MML Investors Services LLC bought a new position in shares of Eastgroup Properties in the 4th quarter valued at approximately $218,000. 95.82% of the stock is currently owned by institutional investors and hedge funds.

Shares of Eastgroup Properties (EGP) traded up $0.55 during midday trading on Tuesday, reaching $80.61. The company’s stock had a trading volume of 301,761 shares, compared to its average volume of 237,529. Eastgroup Properties has a 12-month low of $69.53 and a 12-month high of $95.03. The firm has a market cap of $2,764.30, a price-to-earnings ratio of 33.17, a PEG ratio of 4.03 and a beta of 0.92.

Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, January 31st. The real estate investment trust reported $0.51 EPS for the quarter, topping the Zacks’ 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 firm had revenue of $71.36 million during the quarter, compared to analyst estimates of $69.66 million. During the same period last year, the company posted $1.08 EPS. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. sell-side analysts expect that Eastgroup Properties will post 4.5 earnings per share for the current fiscal year.

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About Eastgroup Properties

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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