EastGroup Properties (NYSE:EGP) Given New $190.00 Price Target at Robert W. Baird

EastGroup Properties (NYSE:EGP) had its price target decreased by equities researchers at Robert W. Baird from $194.00 to $190.00 in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Robert W. Baird’s price target would indicate a potential upside of 13.75% from the company’s previous close.

A number of other research firms have also recently commented on EGP. Truist Financial cut their target price on EastGroup Properties from $180.00 to $177.00 and set a “buy” rating on the stock in a research report on Monday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of EastGroup Properties in a report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 target price on the stock. StockNews.com raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a report on Sunday, April 27th. Evercore ISI lifted their price objective on EastGroup Properties from $179.00 to $180.00 and gave the company an “in-line” rating in a report on Thursday, April 24th. Finally, Royal Bank of Canada cut their price objective on EastGroup Properties from $189.00 to $183.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 29th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, EastGroup Properties presently has a consensus rating of “Moderate Buy” and an average target price of $187.40.

EastGroup Properties Stock Up 1.2 %

Shares of NYSE EGP opened at $167.04 on Wednesday. The business has a 50-day moving average of $168.20 and a two-hundred day moving average of $169.76. The company has a market capitalization of $8.77 billion, a price-to-earnings ratio of 35.92, a price-to-earnings-growth ratio of 3.35 and a beta of 1.05. EastGroup Properties has a 1 year low of $137.67 and a 1 year high of $192.61. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.11 by $0.01. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The firm had revenue of $174.45 million during the quarter, compared to the consensus estimate of $169.67 million. During the same period in the prior year, the company posted $1.98 earnings per share. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, analysts forecast that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EastGroup Properties

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of EastGroup Properties by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust’s stock worth $1,121,978,000 after acquiring an additional 72,199 shares during the last quarter. Cohen & Steers Inc. boosted its position in EastGroup Properties by 141.6% in the 4th quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust’s stock valued at $458,347,000 after buying an additional 1,673,663 shares during the last quarter. FMR LLC grew its stake in EastGroup Properties by 1.4% during the 4th quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust’s stock valued at $253,496,000 after purchasing an additional 21,432 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in shares of EastGroup Properties by 24.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust’s stock worth $226,888,000 after buying an additional 273,217 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of EastGroup Properties by 234.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust’s stock valued at $215,267,000 after purchasing an additional 856,971 shares in the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

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.