EastGroup Properties (NYSE:EGP) Price Target Raised to $186.00 at Morgan Stanley

EastGroup Properties (NYSE:EGP) had its target price lifted by investment analysts at Morgan Stanley from $158.00 to $186.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s price objective suggests a potential upside of 0.69% from the stock’s previous close.

Several other equities research analysts have also weighed in on EGP. Wedbush upped their target price on shares of EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Barclays upped their price objective on shares of EastGroup Properties from $175.00 to $198.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. cut their target price on shares of EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Evercore ISI decreased their price target on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a research report on Thursday, April 25th. Finally, Truist Financial increased their target price on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, EastGroup Properties has a consensus rating of “Hold” and a consensus target price of $186.79.

EastGroup Properties Stock Performance

NYSE:EGP opened at $184.73 on Thursday. The firm has a market capitalization of $8.89 billion, a PE ratio of 40.07, a price-to-earnings-growth ratio of 2.93 and a beta of 0.98. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $192.61. The firm has a 50-day moving average price of $178.13 and a 200 day moving average price of $173.84.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. During the same quarter last year, the business earned $1.89 EPS. EastGroup Properties’s quarterly revenue was up 13.7% compared to the same quarter last year. Research analysts anticipate that EastGroup Properties will post 8.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Cerity Partners LLC acquired a new position in EastGroup Properties in the fourth quarter valued at approximately $288,000. Xponance Inc. boosted its position in shares of EastGroup Properties by 3.4% in the 4th quarter. Xponance Inc. now owns 5,553 shares of the real estate investment trust’s stock worth $1,019,000 after purchasing an additional 182 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of EastGroup Properties by 1.7% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,259 shares of the real estate investment trust’s stock worth $1,883,000 after purchasing an additional 172 shares during the period. Duality Advisers LP bought a new stake in EastGroup Properties in the fourth quarter valued at about $334,000. Finally, GAMMA Investing LLC acquired a new position in EastGroup Properties in the fourth quarter valued at about $31,000. 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.