Piper Sandler Trims EastGroup Properties (NYSE:EGP) Target Price to $210.00

EastGroup Properties (NYSE:EGPGet Rating) had its target price reduced by analysts at Piper Sandler from $230.00 to $210.00 in a research report issued to clients and investors on Monday, The Fly reports. Piper Sandler’s target price would indicate a potential upside of 27.04% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Truist Financial reduced their price target on EastGroup Properties from $200.00 to $175.00 and set a “hold” rating on the stock in a report on Tuesday, May 31st. Zacks Investment Research downgraded EastGroup Properties from a “buy” rating to a “hold” rating in a report on Friday, April 15th. StockNews.com began coverage on EastGroup Properties in a report on Thursday, March 31st. They set a “hold” rating on the stock. Mizuho reduced their price objective on EastGroup Properties from $215.00 to $180.00 and set a “na” rating on the stock in a report on Tuesday, May 17th. Finally, Wells Fargo & Company reduced their price objective on EastGroup Properties from $220.00 to $184.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 15th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $202.50.

Shares of EGP stock opened at $165.30 on Monday. EastGroup Properties has a 1 year low of $151.22 and a 1 year high of $229.84. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.05 and a quick ratio of 0.05. The stock’s 50 day simple moving average is $184.60 and its two-hundred day simple moving average is $196.47. The company has a market cap of $6.89 billion, a PE ratio of 34.87, a price-to-earnings-growth ratio of 3.21 and a beta of 0.88.

EastGroup Properties (NYSE:EGPGet Rating) last issued its quarterly earnings data on Tuesday, April 26th. The real estate investment trust reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.81). EastGroup Properties had a net margin of 45.65% and a return on equity of 12.84%. During the same period in the previous year, the company earned $1.45 EPS. Equities research analysts expect that EastGroup Properties will post 6.79 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in EGP. BlackRock Inc. boosted its position in EastGroup Properties by 22.4% during the 4th quarter. BlackRock Inc. now owns 6,579,597 shares of the real estate investment trust’s stock valued at $1,499,159,000 after acquiring an additional 1,203,642 shares in the last quarter. Norges Bank acquired a new stake in shares of EastGroup Properties in the 4th quarter worth $85,438,000. State Street Corp boosted its position in shares of EastGroup Properties by 11.5% in the 1st quarter. State Street Corp now owns 2,412,188 shares of the real estate investment trust’s stock worth $492,949,000 after purchasing an additional 248,538 shares in the last quarter. Millennium Management LLC boosted its position in shares of EastGroup Properties by 153.2% in the 4th quarter. Millennium Management LLC now owns 326,670 shares of the real estate investment trust’s stock worth $74,432,000 after purchasing an additional 197,667 shares in the last quarter. Finally, Citadel Advisors LLC acquired a new stake in shares of EastGroup Properties in the 4th quarter worth $43,732,000. 91.02% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Company Profile (Get Rating)

EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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.

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