EastGroup Properties (NYSE:EGP) Upgraded by Raymond James Financial to “Moderate Buy” Rating

EastGroup Properties (NYSE:EGP) was upgraded by analysts at Raymond James Financial to a “moderate buy” rating in a report issued on Wednesday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Royal Bank Of Canada raised their target price on EastGroup Properties from $195.00 to $208.00 and gave the stock a “sector perform” rating in a research note on Tuesday, April 28th. KeyCorp boosted their price target on EastGroup Properties from $205.00 to $210.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Morgan Stanley increased their price objective on EastGroup Properties from $215.00 to $231.00 and gave the company an “equal weight” rating in a report on Wednesday, May 27th. Truist Financial raised their price objective on EastGroup Properties from $205.00 to $215.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Finally, Wall Street Zen upgraded EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties currently has a consensus rating of “Moderate Buy” and a consensus target price of $210.12.

EastGroup Properties Stock Up 1.3%

EGP stock opened at $200.08 on Wednesday. The stock has a market capitalization of $10.76 billion, a PE ratio of 36.38, a price-to-earnings-growth ratio of 2.97 and a beta of 1.04. EastGroup Properties has a 52 week low of $159.37 and a 52 week high of $207.72. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.45. The firm has a 50 day moving average of $200.83 and a 200 day moving average of $190.81.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.50. The business had revenue of $190.26 million for the quarter, compared to analyst estimates of $193.84 million. EastGroup Properties had a net margin of 39.69% and a return on equity of 8.37%. EastGroup Properties’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.15 EPS. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. Sell-side analysts forecast that EastGroup Properties will post 9.57 earnings per share for the current year.

Insider Activity at EastGroup Properties

In related news, Director David Michael Fields sold 504 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $195.77, for a total transaction of $98,668.08. Following the sale, the director directly owned 3,531 shares of the company’s stock, valued at $691,263.87. This trade represents a 12.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is owned by insiders.

Institutional Investors Weigh In On EastGroup Properties

Hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of EastGroup Properties during the 4th quarter valued at approximately $281,054,000. Principal Financial Group Inc. grew its position in EastGroup Properties by 16.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,303,804 shares of the real estate investment trust’s stock valued at $410,404,000 after buying an additional 318,261 shares during the period. Alyeska Investment Group L.P. grew its position in EastGroup Properties by 98.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 566,295 shares of the real estate investment trust’s stock valued at $100,880,000 after buying an additional 280,819 shares during the period. Centersquare Investment Management LLC increased its holdings in EastGroup Properties by 619.9% in the third quarter. Centersquare Investment Management LLC now owns 297,319 shares of the real estate investment trust’s stock valued at $50,324,000 after buying an additional 256,019 shares in the last quarter. Finally, Cohen & Steers Inc. raised its position in shares of EastGroup Properties by 7.0% in the fourth quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust’s stock worth $545,746,000 after acquiring an additional 200,617 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.