Wells Fargo & Company Trims EastGroup Properties (NYSE:EGP) Target Price to $170.00

EastGroup Properties (NYSE:EGP – Get Rating) had its price target cut by equities researchers at Wells Fargo & Company from $184.00 to $170.00 in a research report issued to clients and investors on Monday, The Fly reports. Wells Fargo & Company‘s target price indicates a potential upside of 2.84% from the company’s current price.

A number of other research analysts also recently commented on EGP. StockNews.com began coverage on EastGroup Properties in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Zacks Investment Research downgraded EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Friday, April 15th. Piper Sandler dropped their price target on EastGroup Properties from $230.00 to $210.00 in a research note on Monday. Truist Financial dropped their price target on EastGroup Properties from $200.00 to $175.00 and set a “hold” rating for the company in a research note on Tuesday, May 31st. Finally, Mizuho dropped their price target on EastGroup Properties from $215.00 to $180.00 and set a “na” rating for the company in a research note on Tuesday, May 17th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $202.50.

Shares of EastGroup Properties stock opened at $165.30 on Monday. The firm has a 50-day moving average of $184.60 and a 200-day moving average of $196.47. The stock has a market cap of $6.89 billion, a PE ratio of 34.87, a PEG ratio of 3.21 and a beta of 0.88. EastGroup Properties has a 52-week low of $151.22 and a 52-week high of $229.84. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.05 and a current ratio of 0.05.

EastGroup Properties (NYSE:EGP – Get Rating) last announced its earnings results 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 quarter in the prior year, the firm posted $1.45 earnings per share. Equities research analysts predict that EastGroup Properties will post 6.79 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. Toroso Investments LLC increased its stake in shares of EastGroup Properties by 22.1% in the first quarter. Toroso Investments LLC now owns 2,705 shares of the real estate investment trust’s stock valued at $550,000 after buying an additional 490 shares during the period. Meiji Yasuda Asset Management Co Ltd. bought a new stake in EastGroup Properties in the first quarter valued at approximately $1,441,000. Eventide Asset Management LLC boosted its holdings in EastGroup Properties by 68.2% in the first quarter. Eventide Asset Management LLC now owns 50,800 shares of the real estate investment trust’s stock valued at $10,327,000 after acquiring an additional 20,600 shares during the last quarter. First Republic Investment Management Inc. boosted its holdings in EastGroup Properties by 17.2% in the first quarter. First Republic Investment Management Inc. now owns 20,962 shares of the real estate investment trust’s stock valued at $4,261,000 after acquiring an additional 3,069 shares during the last quarter. Finally, Family Management Corp bought a new stake in EastGroup Properties in the first quarter valued at approximately $404,000. 91.02% of the stock is owned by institutional investors.

About EastGroup Properties (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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