EastGroup Properties Inc. (EGP) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of EastGroup Properties Inc. (NYSE:EGP) from a hold rating to a buy rating in a research report report published on Tuesday. Zacks Investment Research currently has $77.00 price target on the stock.
According to Zacks, “EastGroup Properties is a self-administered real estate investment trust focused on ownership, acquisition and selective development of industrial properties. The company pursues a three-pronged investment strategy that includes: the acquisition of industrial properties at favorable initial yields, with opportunities to improve cash flow performance through management; selective development of industrial properties in markets where they already has a presence and where market conditions justify such investments; and the acquisition of existing public & private companies. “
A number of other analysts have also commented on the company. Mizuho started coverage on EastGroup Properties in a report on Wednesday, September 28th. They set a buy rating and a $83.00 price objective for the company. Cantor Fitzgerald raised EastGroup Properties from a sell rating to a hold rating and boosted their price objective for the stock from $63.00 to $71.00 in a report on Friday, October 21st. BTIG Research started coverage on EastGroup Properties in a report on Thursday, August 25th. They set a neutral rating for the company. Finally, Morgan Stanley started coverage on EastGroup Properties in a report on Tuesday, September 6th. They set an underweight rating and a $65.00 price objective for the company. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $68.55.
EastGroup Properties (NYSE:EGP) opened at 69.00 on Tuesday. The stock’s 50 day moving average price is $67.36 and its 200-day moving average price is $69.36. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 24.36 and a beta of 0.97. EastGroup Properties has a 52 week low of $49.31 and a 52 week high of $76.00.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Wednesday, October 19th. The company reported $1.04 EPS for the quarter, hitting analysts’ consensus estimates of $1.04. The firm earned $63.19 million during the quarter, compared to analyst estimates of $62.41 million. EastGroup Properties had a return on equity of 15.76% and a net margin of 37.03%. The company’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 EPS. On average, equities research analysts forecast that EastGroup Properties will post $4.01 earnings per share for the current fiscal year.
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A number of institutional investors have recently bought and sold shares of the stock. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in EastGroup Properties by 0.4% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 5,359 shares of the company’s stock valued at $394,000 after buying an additional 21 shares during the last quarter. BKD Wealth Advisors LLC increased its stake in EastGroup Properties by 0.9% in the third quarter. BKD Wealth Advisors LLC now owns 3,605 shares of the company’s stock valued at $265,000 after buying an additional 31 shares in the last quarter. US Bancorp DE increased its stake in EastGroup Properties by 1.0% in the second quarter. US Bancorp DE now owns 9,366 shares of the company’s stock valued at $645,000 after buying an additional 96 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in EastGroup Properties by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the company’s stock valued at $986,000 after buying an additional 100 shares in the last quarter. Finally, American International Group Inc. increased its stake in EastGroup Properties by 0.4% in the third quarter. American International Group Inc. now owns 23,715 shares of the company’s stock valued at $1,744,000 after buying an additional 101 shares in the last quarter. Institutional investors and hedge funds own 95.56% of the company’s stock.
EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust. The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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