EastGroup Properties (NYSE:EGP) Price Target Cut to $178.00

EastGroup Properties (NYSE:EGP) had its price target reduced by analysts at Evercore ISI from $190.00 to $178.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price objective points to a potential upside of 14.16% from the company’s current price.

Several other equities research analysts also recently issued reports on the stock. Royal Bank of Canada boosted their price objective on shares of EastGroup Properties from $180.00 to $190.00 and gave the stock a “sector perform” rating in a research note on Friday, February 16th. BMO Capital Markets initiated coverage on shares of EastGroup Properties in a research note on Monday, April 22nd. They issued an “outperform” rating and a $190.00 target price for the company. JPMorgan Chase & Co. initiated coverage on shares of EastGroup Properties in a research note on Thursday, April 11th. They issued a “neutral” rating and a $190.00 target price for the company. Mizuho restated a “neutral” rating and issued a $185.00 target price on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Finally, Truist Financial upped their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a research note on Tuesday, February 20th. Ten equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $189.00.

EastGroup Properties Price Performance

EGP opened at $155.92 on Thursday. 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 52-week low of $154.75 and a 52-week high of $188.85. The company has a 50 day moving average of $175.34 and a two-hundred day moving average of $175.11. The company has a market cap of $7.49 billion, a P/E ratio of 33.82, a P/E/G ratio of 2.50 and a beta of 0.93.

Insider Activity at EastGroup Properties

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the sale, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at $18,752,230.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Institutional Trading of EastGroup Properties

Institutional investors and hedge funds have recently modified their holdings of the business. Yousif Capital Management LLC boosted its stake in EastGroup Properties by 0.6% during the 1st quarter. Yousif Capital Management LLC now owns 23,282 shares of the real estate investment trust’s stock valued at $4,185,000 after purchasing an additional 146 shares during the period. SYSTM Wealth Solutions LLC grew its holdings in EastGroup Properties by 24.2% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock worth $60,000 after buying an additional 65 shares in the last quarter. Tritonpoint Wealth LLC increased its position in EastGroup Properties by 6.9% in the 1st quarter. Tritonpoint Wealth LLC now owns 3,500 shares of the real estate investment trust’s stock valued at $605,000 after acquiring an additional 225 shares during the period. New York State Teachers Retirement System raised its stake in EastGroup Properties by 1.0% during the 1st quarter. New York State Teachers Retirement System now owns 60,130 shares of the real estate investment trust’s stock valued at $10,810,000 after acquiring an additional 600 shares in the last quarter. Finally, Center for Financial Planning Inc. raised its stake in EastGroup Properties by 350.0% during the 1st quarter. Center for Financial Planning Inc. now owns 1,350 shares of the real estate investment trust’s stock valued at $243,000 after acquiring an additional 1,050 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

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.