EastGroup Properties (NYSE:EGP) PT Lowered to $183.00

EastGroup Properties (NYSE:EGP) had its target price dropped by JPMorgan Chase & Co. from $190.00 to $183.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 14.48% from the stock’s current price.

Several other equities research analysts have also recently commented on EGP. Barclays lowered their target price on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating for the company in a research note on Monday, April 29th. KeyCorp dropped their price objective on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a report on Tuesday. Royal Bank of Canada raised their target price on shares of EastGroup Properties from $180.00 to $190.00 and gave the company a “sector perform” rating in a research note on Friday, February 16th. Evercore ISI dropped their price target on shares of EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a research note on Thursday, April 25th. Finally, 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 price objective on the stock. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, EastGroup Properties currently has a consensus rating of “Hold” and a consensus price target of $185.13.

EastGroup Properties Trading Up 0.8 %

EGP opened at $159.86 on Thursday. EastGroup Properties has a 1-year low of $154.75 and a 1-year high of $188.85. The stock has a market capitalization of $7.70 billion, a PE ratio of 34.68, a PEG ratio of 2.75 and a beta of 0.96. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average price of $172.39 and a two-hundred day moving average price of $174.67.

Insiders Place Their Bets

In other news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the transaction, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at $18,752,230.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in EGP. Exchange Traded Concepts LLC increased its position in shares of EastGroup Properties by 13.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,589 shares of the real estate investment trust’s stock worth $265,000 after purchasing an additional 190 shares during the last quarter. Monument Capital Management acquired a new stake in EastGroup Properties in the third quarter valued at $379,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in EastGroup Properties by 6.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,765 shares of the real estate investment trust’s stock worth $2,958,000 after acquiring an additional 1,035 shares during the last quarter. Mackenzie Financial Corp bought a new stake in shares of EastGroup Properties during the third quarter worth approximately $5,223,000. Finally, Advisor Partners II LLC grew its position in shares of EastGroup Properties by 54.7% in the third quarter. Advisor Partners II LLC now owns 2,968 shares of the real estate investment trust’s stock valued at $494,000 after purchasing an additional 1,050 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Company Profile

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.