EastGroup Properties, Inc. (NYSE:EGP) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP) have received a consensus recommendation of “Moderate Buy” from the seventeen research firms that are presently covering the firm, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $191.65.

EGP has been the topic of several analyst reports. StockNews.com raised EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Monday, February 10th. Jefferies Financial Group raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and boosted their target price for the stock from $174.00 to $194.00 in a research report on Thursday, January 2nd. Truist Financial raised their price target on shares of EastGroup Properties from $168.00 to $180.00 and gave the company a “hold” rating in a report on Friday, February 14th. Raymond James raised shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $185.00 to $200.00 in a research note on Wednesday, December 11th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of EastGroup Properties in a research report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price objective for the company.

EastGroup Properties Price Performance

EGP opened at $184.65 on Tuesday. EastGroup Properties has a 52-week low of $155.10 and a 52-week high of $192.61. The company has a 50 day moving average of $169.58 and a two-hundred day moving average of $175.17. The company has a market cap of $9.61 billion, a P/E ratio of 39.71, a P/E/G ratio of 3.35 and a beta of 1.00. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. On average, analysts expect that EastGroup Properties will post 8.94 earnings per share for the current year.

Hedge Funds Weigh In On EastGroup Properties

Several large investors have recently added to or reduced their stakes in EGP. Creative Planning lifted its position in shares of EastGroup Properties by 4.8% in the 3rd quarter. Creative Planning now owns 2,555 shares of the real estate investment trust’s stock worth $477,000 after buying an additional 117 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of EastGroup Properties by 35.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,869 shares of the real estate investment trust’s stock valued at $351,000 after purchasing an additional 488 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of EastGroup Properties by 7.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock worth $252,000 after purchasing an additional 90 shares during the period. abrdn plc lifted its holdings in shares of EastGroup Properties by 10.3% in the 3rd quarter. abrdn plc now owns 9,913 shares of the real estate investment trust’s stock worth $1,852,000 after purchasing an additional 924 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in EastGroup Properties by 13.8% during the 3rd quarter. Van ECK Associates Corp now owns 20,448 shares of the real estate investment trust’s stock valued at $3,705,000 after purchasing an additional 2,481 shares during the period. 92.14% of the stock is currently owned by 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.