Barclays Initiates Coverage on EastGroup Properties (NYSE:EGP)

Investment analysts at Barclays started coverage on shares of EastGroup Properties (NYSE:EGP) in a note issued to investors on Wednesday, MarketBeat reports. The brokerage set an “equal weight” rating and a $181.00 price target on the real estate investment trust’s stock. Barclays‘s price objective would indicate a potential upside of 0.70% from the company’s current price.

Several other equities research analysts also recently weighed in on the company. Royal Bank of Canada raised their price objective on EastGroup Properties from $180.00 to $190.00 and gave the company a “sector perform” rating in a report on Friday, February 16th. KeyCorp lifted their target price on EastGroup Properties from $188.00 to $198.00 and gave the stock an “overweight” rating in a report on Monday, February 12th. Truist Financial lifted their target price on EastGroup Properties from $186.00 to $188.00 and gave the stock a “hold” rating in a report on Tuesday, February 20th. Finally, Mizuho downgraded EastGroup Properties from a “buy” rating to a “neutral” rating and set a $185.00 target price on the stock. in a report on Tuesday, December 5th. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $188.23.

EastGroup Properties Trading Up 0.9 %

NYSE EGP opened at $179.75 on Wednesday. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.64. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85. The company has a market cap of $8.62 billion, a price-to-earnings ratio of 40.76, a price-to-earnings-growth ratio of 2.79 and a beta of 0.93. The business’s fifty day moving average is $180.34 and its 200 day moving average is $175.34.

Insider Activity

In other news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total value of $456,850.00. Following the transaction, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by company insiders.

Institutional Trading of EastGroup Properties

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EGP. Quarry LP bought a new stake in EastGroup Properties in the 2nd quarter valued at about $27,000. Dark Forest Capital Management LP increased its position in EastGroup Properties by 3,380.0% in the 1st quarter. Dark Forest Capital Management LP now owns 174 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 169 shares in the last quarter. GAMMA Investing LLC bought a new stake in EastGroup Properties in the 4th quarter valued at about $31,000. Venturi Wealth Management LLC increased its holdings in EastGroup Properties by 51.6% during the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 66 shares in the last quarter. Finally, ZRC Wealth Management LLC bought a new stake in EastGroup Properties during the 4th quarter worth approximately $37,000. 92.14% of the stock is owned by institutional investors.

About EastGroup Properties

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.