EastGroup Properties Inc. (EGP) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of EastGroup Properties Inc. (NYSE:EGP) from a hold rating to a buy rating in a research report report published on Tuesday morning. They currently have $77.00 target price on the stock.
According to Zacks, “EastGroup Properties is a self-administered real estate investment trust focused on ownership, acquisition and selective development of industrial properties. The company pursues a three-pronged investment strategy that includes: the acquisition of industrial properties at favorable initial yields, with opportunities to improve cash flow performance through management; selective development of industrial properties in markets where they already has a presence and where market conditions justify such investments; and the acquisition of existing public & private companies. “
EGP has been the subject of several other reports. Cantor Fitzgerald upgraded EastGroup Properties from a sell rating to a hold rating and increased their price target for the stock from $63.00 to $71.00 in a report on Friday, October 21st. BTIG Research started coverage on EastGroup Properties in a report on Thursday, August 25th. They issued a neutral rating for the company. Mizuho started coverage on EastGroup Properties in a report on Wednesday, September 28th. They issued a buy rating and a $83.00 price target for the company. Finally, Morgan Stanley started coverage on EastGroup Properties in a report on Tuesday, September 6th. They issued an underweight rating and a $65.00 price target for the company. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $68.55.
Shares of EastGroup Properties (NYSE:EGP) opened at 69.00 on Tuesday. The company has a 50-day moving average price of $67.36 and a 200 day moving average price of $69.36. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of 24.36 and a beta of 0.97. EastGroup Properties has a 12-month low of $49.31 and a 12-month high of $76.00.
EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, October 19th. The company reported $1.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.04. EastGroup Properties had a return on equity of 15.76% and a net margin of 37.03%. The company earned $63.19 million during the quarter, compared to the consensus estimate of $62.41 million. During the same period in the prior year, the company earned $0.94 earnings per share. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. Equities research analysts expect that EastGroup Properties will post $4.01 earnings per share for the current fiscal year.
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Institutional investors have recently made changes to their positions in the company. Advisor Group Inc. purchased a new position in shares of EastGroup Properties during the second quarter worth $110,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of 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 during the period. Wolverine Trading LLC purchased a new position in shares of EastGroup Properties during the second quarter worth $202,000. FCA Corp TX purchased a new position in shares of EastGroup Properties during the second quarter worth $207,000. Finally, Ingalls & Snyder LLC purchased a new position in shares of EastGroup Properties during the second quarter worth $207,000. Institutional investors own 95.56% of the company’s stock.
About EastGroup Properties
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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