EastGroup Properties (NYSE:EGP) PT Lowered to $175.00 at Barclays

EastGroup Properties (NYSE:EGP) had its price objective reduced by investment analysts at Barclays from $181.00 to $175.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the real estate investment trust’s stock. Barclays‘s price objective suggests a potential upside of 10.60% from the company’s previous close.

A number of other equities analysts have also issued reports on EGP. Evercore ISI decreased their target price on shares of EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a research report on Thursday. Royal Bank of Canada increased 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 report on Friday, February 16th. Piper Sandler reduced their price objective on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating for the company in a research report on Monday. Mizuho restated a “neutral” rating and set a $185.00 price objective on shares of EastGroup Properties in a research report on Tuesday, April 2nd. Finally, BMO Capital Markets assumed coverage on shares of EastGroup Properties in a research report on Monday, April 22nd. They set an “outperform” rating and a $190.00 price objective for the company. Ten research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $187.60.

EastGroup Properties Price Performance

EGP traded up $2.31 on Monday, reaching $158.23. The company had a trading volume of 62,759 shares, compared to its average volume of 287,159. The company has a fifty day moving average of $174.81 and a 200-day moving average of $175.09. The company has a market capitalization of $7.62 billion, a P/E ratio of 34.35, a PEG ratio of 2.47 and a beta of 0.93. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. EastGroup Properties has a one year low of $154.75 and a one year high of $188.85.

Insider Buying and Selling at EastGroup Properties

In other news, CFO Brent Wood sold 2,500 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the sale, 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 is available through the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Trading of EastGroup Properties

A number of hedge funds have recently made changes to their positions in the stock. SYSTM Wealth Solutions LLC lifted its position in shares of EastGroup Properties by 24.2% in the first quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock worth $60,000 after purchasing an additional 65 shares in the last quarter. Venturi Wealth Management LLC raised its position in EastGroup Properties by 51.6% during the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 66 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in EastGroup Properties by 0.7% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,087 shares of the real estate investment trust’s stock valued at $1,680,000 after acquiring an additional 67 shares in the last quarter. Baker Avenue Asset Management LP raised its position in EastGroup Properties by 18.2% during the third quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust’s stock valued at $78,000 after acquiring an additional 72 shares in the last quarter. Finally, UniSuper Management Pty Ltd raised its position in EastGroup Properties by 0.8% during the third quarter. UniSuper Management Pty Ltd now owns 12,500 shares of the real estate investment trust’s stock valued at $2,082,000 after acquiring an additional 100 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

About EastGroup Properties

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.