EastGroup Properties (NYSE:EGP) Stock Gets Price Target Trim from Truist Financial

EastGroup Properties (NYSE:EGP) had its price target cut by equities researchers at Truist Financial from $230.00 to $215.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. Truist Financial‘s price target suggests a potential upside of 7.58% from the company’s previous close.

Several other research analysts have also issued reports on the stock. Cantor Fitzgerald dropped their price target on shares of EastGroup Properties from $235.00 to $220.00 and set an “overweight” rating for the company in a research report on Monday. Weiss Ratings cut shares of EastGroup Properties from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 9th. Robert W. Baird set a $221.00 price target on EastGroup Properties in a research note on Friday, July 31st. JPMorgan Chase & Co. dropped their price target on EastGroup Properties from $231.00 to $220.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Royal Bank Of Canada increased their target price on EastGroup Properties from $208.00 to $220.00 and gave the stock a “sector perform” rating in a report on Monday, August 3rd. Twelve investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $219.71.

EastGroup Properties Stock Performance

Shares of NYSE EGP traded up $0.09 during trading hours on Friday, hitting $199.85. The stock had a trading volume of 53,487 shares, compared to its average volume of 420,309. The company has a market capitalization of $10.75 billion, a P/E ratio of 33.89, a P/E/G ratio of 3.90 and a beta of 1.00. EastGroup Properties has a 52 week low of $172.17 and a 52 week high of $226.71. The firm’s 50-day moving average price is $198.85 and its two-hundred day moving average price is $197.97.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.97). The company had revenue of $199.44 million during the quarter, compared to analyst estimates of $197.51 million. EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. EastGroup Properties’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.27 EPS. As a group, analysts expect that EastGroup Properties will post 9.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other EastGroup Properties news, CFO Staci Tyler sold 1,600 shares of the business’s stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $201.69, for a total transaction of $322,704.00. Following the completion of the transaction, the chief financial officer owned 13,584 shares of the company’s stock, valued at approximately $2,739,756.96. The trade was a 10.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is owned by insiders.

Institutional Trading of EastGroup Properties

Institutional investors have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC acquired a new stake in EastGroup Properties in the second quarter worth $26,000. Pension & Wealth Management Advisors Inc. bought a new position in shares of EastGroup Properties during the third quarter valued at about $25,000. CX Institutional grew its position in EastGroup Properties by 115.9% in the 3rd quarter. CX Institutional now owns 149 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 80 shares in the last quarter. Glen Eagle Advisors LLC lifted its position in shares of EastGroup Properties by 96.3% during the 1st quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust’s stock worth $39,000 after buying an additional 104 shares in the last quarter. Finally, Avalon Trust Co purchased a new position in shares of EastGroup Properties in the 1st quarter worth approximately $46,000. 92.14% of the stock is currently owned by institutional investors.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.

Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.