EastGroup Properties (NYSE:EGP) Rating Increased to Overweight at JPMorgan Chase & Co.

EastGroup Properties (NYSE:EGP) was upgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Thursday, Marketbeat Ratings reports. The firm currently has a $231.00 target price on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 13.32% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. Wells Fargo & Company increased their price objective on shares of EastGroup Properties from $221.00 to $232.00 and gave the company an “overweight” rating in a research note on Tuesday, September 1st. Truist Financial increased their price objective on shares of EastGroup Properties from $215.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Citigroup increased their price objective on shares of EastGroup Properties from $235.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, July 24th. BTIG Research increased their price objective on shares of EastGroup Properties from $218.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, July 1st. Finally, Barclays increased their price objective on shares of EastGroup Properties from $210.00 to $228.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Thirteen 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, EastGroup Properties has an average rating of “Moderate Buy” and an average target price of $221.37.

EastGroup Properties Stock Up 0.6%

EGP traded up $1.25 during trading hours on Thursday, reaching $203.85. 438,317 shares of the stock traded hands, compared to its average volume of 401,154. The firm’s fifty day simple moving average is $204.38 and its two-hundred day simple moving average is $200.82. The company has a market cap of $10.96 billion, a price-to-earnings ratio of 35.70, a PEG ratio of 2.96 and a beta of 1.01. EastGroup Properties has a fifty-two week low of $164.80 and a fifty-two week high of $226.71. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.16 and a quick ratio of 0.16.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Cbre Investment Management Listed Real Assets LLC lifted its position in shares of EastGroup Properties by 5.1% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 711,109 shares of the real estate investment trust’s stock worth $126,677,000 after buying an additional 34,515 shares during the last quarter. Corient Private Wealth LLC lifted its position in EastGroup Properties by 22.1% in the 4th quarter. Corient Private Wealth LLC now owns 29,516 shares of the real estate investment trust’s stock valued at $5,260,000 after purchasing an additional 5,341 shares during the last quarter. California State Teachers Retirement System lifted its position in EastGroup Properties by 22.7% in the 1st quarter. California State Teachers Retirement System now owns 62,095 shares of the real estate investment trust’s stock valued at $11,493,000 after purchasing an additional 11,504 shares during the last quarter. B. Metzler seel. Sohn & Co. AG bought a new stake in EastGroup Properties in the 2nd quarter valued at about $3,753,000. Finally, Heartland Advisors Inc. lifted its position in EastGroup Properties by 13.7% in the 4th quarter. Heartland Advisors Inc. now owns 42,705 shares of the real estate investment trust’s stock valued at $7,607,000 after purchasing an additional 5,160 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors.

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.