Brokerages Set EastGroup Properties Inc. (EGP) Target Price at $69.33
Shares of EastGroup Properties Inc. (NYSE:EGP) have received a consensus rating of “Hold” from the fourteen brokerages that are currently covering the firm. Two equities research analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $67.88.
EGP has been the subject of a number of research analyst reports. Morgan Stanley initiated coverage on shares of EastGroup Properties in a research note on Tuesday, September 6th. They set an “underweight” rating and a $65.00 price objective for the company. Mizuho initiated coverage on shares of EastGroup Properties in a research note on Wednesday, September 28th. They set a “buy” rating and a $83.00 price objective for the company. Zacks Investment Research raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research note on Wednesday, September 21st. BTIG Research initiated coverage on shares of EastGroup Properties in a research note on Thursday, August 25th. They set a “neutral” rating for the company. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $70.00 price objective on shares of EastGroup Properties in a research note on Thursday, July 28th.
Shares of EastGroup Properties (NYSE:EGP) opened at 65.86 on Tuesday. EastGroup Properties has a one year low of $49.31 and a one year high of $76.00. The firm has a market cap of $2.16 billion, a PE ratio of 23.26 and a beta of 0.97. The company has a 50-day moving average of $68.35 and a 200 day moving average of $69.03.
EastGroup Properties (NYSE:EGP) last announced its earnings results on Wednesday, October 19th. The company reported $1.04 earnings per share for the quarter, meeting the consensus estimate of $1.04. EastGroup Properties had a net margin of 37.03% and a return on equity of 15.76%. The firm earned $63.19 million during the quarter, compared to the consensus estimate of $62.41 million. During the same quarter in the previous year, the company posted $0.94 EPS. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. On average, equities research analysts expect that EastGroup Properties will post $4.01 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the company. Advisor Group Inc. bought a new position in EastGroup Properties during the second quarter worth $110,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in EastGroup Properties by 5.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,965 shares of the company’s stock worth $145,000 after buying an additional 108 shares in the last quarter. Wolverine Trading LLC bought a new position in EastGroup Properties during the second quarter worth $202,000. FCA Corp TX bought a new position in EastGroup Properties during the second quarter worth $207,000. Finally, Ingalls & Snyder LLC bought a new position in EastGroup Properties during the second quarter worth $207,000. Hedge funds and other institutional investors own 94.65% of the company’s stock.
EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust. The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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