Evercore ISI Reiterates “$185.00” Price Target for EastGroup Properties (NYSE:EGP)

EastGroup Properties (NYSE:EGPGet Rating) has been assigned a $185.00 target price by equities research analysts at Evercore ISI in a research report issued on Monday, Stock Target Advisor reports. Evercore ISI’s price objective would indicate a potential upside of 24.60% from the company’s current price.

Several other equities analysts have also issued reports on the stock. Piper Sandler cut their price objective on shares of EastGroup Properties from $230.00 to $210.00 and set an “overweight” rating on the stock in a report on Monday, June 6th. Truist Financial cut their price objective on shares of EastGroup Properties from $200.00 to $175.00 and set a “hold” rating on the stock in a report on Tuesday, May 31st. StockNews.com started coverage on shares of EastGroup Properties in a report on Thursday, March 31st. They set a “hold” rating on the stock. Wells Fargo & Company cut their price objective on shares of EastGroup Properties from $184.00 to $170.00 and set an “equal weight” rating on the stock in a report on Monday, June 6th. Finally, Mizuho cut their price objective on shares of EastGroup Properties from $215.00 to $180.00 and set a “na” rating on the stock in a report on Tuesday, May 17th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $200.56.

Shares of NYSE:EGP traded down $1.72 during trading on Monday, reaching $148.48. 17,451 shares of the company were exchanged, compared to its average volume of 282,940. The firm has a market capitalization of $6.19 billion, a PE ratio of 31.32, a P/E/G ratio of 2.87 and a beta of 0.88. The business’s fifty day simple moving average is $174.86 and its 200-day simple moving average is $193.00. EastGroup Properties has a 12-month low of $148.33 and a 12-month 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.

EastGroup Properties (NYSE:EGPGet Rating) last issued its earnings results on Tuesday, April 26th. The real estate investment trust reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.81). EastGroup Properties had a return on equity of 12.84% and a net margin of 45.65%. During the same quarter in the previous year, the business earned $1.45 EPS. On average, sell-side analysts anticipate that EastGroup Properties will post 6.82 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of EGP. BlackRock Inc. increased its stake in shares of EastGroup Properties by 22.4% during the fourth quarter. BlackRock Inc. now owns 6,579,597 shares of the real estate investment trust’s stock worth $1,499,159,000 after purchasing an additional 1,203,642 shares in the last quarter. Vanguard Group Inc. boosted its holdings in EastGroup Properties by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 6,172,033 shares of the real estate investment trust’s stock valued at $1,254,651,000 after purchasing an additional 133,344 shares during the last quarter. State Street Corp boosted its holdings in 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 valued at $492,949,000 after purchasing an additional 248,538 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of EastGroup Properties by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 820,216 shares of the real estate investment trust’s stock worth $186,886,000 after acquiring an additional 17,169 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of EastGroup Properties by 14.5% in the 1st quarter. Invesco Ltd. now owns 786,394 shares of the real estate investment trust’s stock worth $159,857,000 after acquiring an additional 99,844 shares during the last quarter. Institutional investors own 91.02% of the company’s stock.

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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