EastGroup Properties (NYSE:EGP) Stock Rating Upgraded by Evercore ISI

EastGroup Properties (NYSE:EGP) was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a report released on Monday, MarketBeat reports. The brokerage currently has a $204.00 target price on the real estate investment trust’s stock, up from their previous target price of $192.00. Evercore ISI’s target price indicates a potential upside of 8.80% from the company’s current price.

EGP has been the subject of several other reports. Wedbush increased their price objective on EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. BNP Paribas initiated coverage on shares of EastGroup Properties in a report on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price target for the company. Barclays raised their price objective on shares of EastGroup Properties from $175.00 to $198.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. KeyCorp boosted their target price on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Royal Bank of Canada lifted their price objective on EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $192.00.

EastGroup Properties Stock Up 1.4 %

EGP stock opened at $187.50 on Monday. The stock has a market capitalization of $9.03 billion, a price-to-earnings ratio of 40.67, a price-to-earnings-growth ratio of 2.74 and a beta of 0.99. The company has a 50-day moving average of $184.32 and a two-hundred day moving average of $174.34. EastGroup Properties has a 52-week low of $154.75 and a 52-week high of $192.61. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The company had revenue of $159.09 million for the quarter, compared to analyst estimates of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The firm’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.89 EPS. As a group, equities research analysts anticipate that EastGroup Properties will post 8.32 EPS for the current year.

Hedge Funds Weigh In On EastGroup Properties

Hedge funds and other institutional investors have recently bought and sold shares of the business. Gradient Investments LLC acquired a new position in shares of EastGroup Properties in the 2nd quarter valued at $32,000. Quest Partners LLC lifted its stake in EastGroup Properties by 10,400.0% in the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 208 shares during the period. Mather Group LLC. acquired a new position in EastGroup Properties in the first quarter valued at about $42,000. EverSource Wealth Advisors LLC boosted its holdings in EastGroup Properties by 1,938.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 252 shares during the last quarter. Finally, Brown Brothers Harriman & Co. bought a new stake in shares of EastGroup Properties in the 4th quarter valued at about $55,000. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Company Profile

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.