Shares of EastGroup Properties, Inc. (NYSE:EGP) have been assigned a consensus rating of “Hold” from the twelve brokerages that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $79.50.

Several equities analysts have issued reports on the stock. KeyCorp restated a “neutral” rating on shares of EastGroup Properties in a research note on Friday. Bank of America Corporation upgraded shares of EastGroup Properties from a “neutral” rating to a “buy” rating and upped their target price for the company from $91.00 to $96.00 in a research note on Wednesday, August 16th. Zacks Investment Research cut shares of EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Stifel Nicolaus restated a “hold” rating and set a $85.00 target price on shares of EastGroup Properties in a research note on Friday, July 28th. Finally, Cantor Fitzgerald restated a “hold” rating and set a $75.00 target price on shares of EastGroup Properties in a research note on Tuesday, July 25th.

Shares of EastGroup Properties (EGP) traded up 0.51% during midday trading on Tuesday, reaching $86.55. 76,246 shares of the company’s stock traded hands. The firm has a market cap of $2.97 billion, a PE ratio of 36.52 and a beta of 0.98. The company has a 50 day moving average of $84.88 and a 200 day moving average of $79.48. EastGroup Properties has a 52-week low of $63.99 and a 52-week high of $88.12.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.60. The business had revenue of $67.90 million for the quarter, compared to analysts’ expectations of $67.16 million. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.05%. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.99 EPS. On average, equities analysts predict that EastGroup Properties will post $2.42 EPS for the current fiscal year.

In other news, Director David H. Hoster II sold 1,259 shares of the stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $84.00, for a total value of $105,756.00. Following the transaction, the director now owns 186,130 shares in the company, valued at approximately $15,634,920. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the company. First Mercantile Trust Co. boosted its position in shares of EastGroup Properties by 1.8% in the second quarter. First Mercantile Trust Co. now owns 1,720 shares of the real estate investment trust’s stock valued at $144,000 after buying an additional 30 shares during the period. Glen Harbor Capital Management LLC boosted its position in shares of EastGroup Properties by 5.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,760 shares of the real estate investment trust’s stock valued at $129,000 after buying an additional 88 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of EastGroup Properties by 8.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,220 shares of the real estate investment trust’s stock valued at $163,000 after buying an additional 168 shares during the period. Elkfork Partners LLC boosted its position in shares of EastGroup Properties by 5.3% in the first quarter. Elkfork Partners LLC now owns 2,240 shares of the real estate investment trust’s stock valued at $165,000 after buying an additional 112 shares during the period. Finally, Daiwa Securities Group Inc. boosted its position in shares of EastGroup Properties by 31.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,500 shares of the real estate investment trust’s stock valued at $184,000 after buying an additional 600 shares during the period. Hedge funds and other institutional investors own 95.05% of the company’s stock.

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EastGroup Properties Company Profile

EastGroup Properties, Inc is an equity real estate investment trust (REIT). 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.

Analyst Recommendations for EastGroup Properties (NYSE:EGP)

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