EastGroup Properties (NYSE:EGP) Upgraded to “Overweight” at JPMorgan Chase & Co.

EastGroup Properties (NYSE:EGP) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Thursday, Marketbeat.com reports. The firm currently has a $231.00 price target on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 14.28% from the company’s current price.

A number of other brokerages have also recently issued reports on EGP. Raymond James Financial assumed coverage on shares of EastGroup Properties in a research report on Wednesday, June 17th. They set an “outperform” rating and a $241.00 target price for the company. Citigroup raised their price objective on shares of EastGroup Properties from $235.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Royal Bank Of Canada raised their price objective on shares of EastGroup Properties from $208.00 to $220.00 and gave the company a “sector perform” rating in a research report on Monday, August 3rd. Piper Sandler restated an “overweight” rating on shares of EastGroup Properties in a research report on Thursday, August 13th. Finally, Morgan Stanley raised their price objective on shares of EastGroup Properties from $215.00 to $231.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 27th. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $221.37.

EastGroup Properties Price Performance

Shares of EGP stock traded down $0.37 during mid-day trading on Thursday, reaching $202.13. The company’s stock had a trading volume of 82,842 shares, compared to its average volume of 402,444. EastGroup Properties has a 1-year low of $166.08 and a 1-year high of $226.71. The company has a market cap of $10.87 billion, a P/E ratio of 35.45, a PEG ratio of 2.96 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.16 and a current ratio of 0.16. The firm’s 50-day moving average is $203.96 and its two-hundred day moving average is $200.92.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, July 22nd. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%. The company had revenue of $193.33 million during the quarter, compared to analysts’ expectations of $193.61 million. During the same quarter in the prior year, the company posted $2.21 EPS. The business’s revenue was up 9.0% on a year-over-year basis. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. On average, research analysts predict that EastGroup Properties will post 9.6 earnings per share for the current year.

Hedge Funds Weigh In On EastGroup Properties

Institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its position in EastGroup Properties by 2.8% during the second quarter. Tidal Investments LLC now owns 61,568 shares of the real estate investment trust’s stock worth $12,469,000 after purchasing an additional 1,684 shares during the period. Van Hulzen Asset Management LLC boosted its position in shares of EastGroup Properties by 26.8% in the second quarter. Van Hulzen Asset Management LLC now owns 1,420 shares of the real estate investment trust’s stock valued at $288,000 after acquiring an additional 300 shares during the period. NorthRock Partners LLC bought a new stake in shares of EastGroup Properties in the second quarter valued at about $202,000. Integrated Wealth Concepts LLC bought a new stake in shares of EastGroup Properties in the second quarter valued at about $26,000. Finally, Squarepoint Ops LLC boosted its position in shares of EastGroup Properties by 415.1% in the second quarter. Squarepoint Ops LLC now owns 30,301 shares of the real estate investment trust’s stock valued at $6,137,000 after acquiring an additional 24,419 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust that owns, develops, acquires and operates industrial properties. The company focuses primarily on business distribution space, including functional warehouse and light industrial facilities designed to support local and regional distribution, manufacturing and service businesses.

EastGroup concentrates its portfolio in major Sun Belt markets, with a presence in states including Arizona, California, Florida, Georgia, Nevada, North Carolina, Oklahoma, Tennessee and Texas.