EastGroup Properties (NYSE:EGP) Stock Price Target Lowered at Cantor Fitzgerald

EastGroup Properties (NYSE:EGP) had its price objective cut by equities researchers at Cantor Fitzgerald from $235.00 to $220.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Cantor Fitzgerald‘s target price indicates a potential upside of 10.41% from the company’s current price.

A number of other equities research analysts have also recently issued reports on EGP. Robert W. Baird set a $221.00 target price on EastGroup Properties in a research report on Friday, July 31st. Truist Financial upped their price target on EastGroup Properties from $215.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. BTIG Research raised their price objective on shares of EastGroup Properties from $218.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, July 1st. Piper Sandler lowered their target price on shares of EastGroup Properties from $268.00 to $246.00 and set an “overweight” rating on the stock in a report on Monday, October 12th. Finally, Evercore set a $199.00 price target on shares of EastGroup Properties in a research report on Friday, October 2nd. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $219.37.

EastGroup Properties Stock Up 0.1%

EastGroup Properties stock opened at $199.26 on Monday. EastGroup Properties has a 12 month low of $172.17 and a 12 month high of $226.71. The company’s fifty day simple moving average is $199.14 and its 200-day simple moving average is $202.48. The stock has a market cap of $10.72 billion, a P/E ratio of 33.77, a P/E/G ratio of 4.17 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last posted 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 firm had revenue of $199.44 million for the quarter, compared to analysts’ expectations of $197.51 million. EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period last year, the business earned $2.27 earnings per share. On average, equities research analysts expect that EastGroup Properties will post 9.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Fifth Third Wealth Advisors LLC grew its stake in EastGroup Properties by 4.1% in the first quarter. Fifth Third Wealth Advisors LLC now owns 1,520 shares of the real estate investment trust’s stock valued at $281,000 after purchasing an additional 60 shares during the last quarter. Waverly Advisors LLC lifted its position in EastGroup Properties by 4.2% during the second quarter. Waverly Advisors LLC now owns 1,554 shares of the real estate investment trust’s stock valued at $315,000 after acquiring an additional 62 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in EastGroup Properties by 3.9% in the first quarter. EverSource Wealth Advisors LLC now owns 2,016 shares of the real estate investment trust’s stock worth $373,000 after purchasing an additional 75 shares during the last quarter. CX Institutional boosted its position in shares of 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. Finally, Concurrent Investment Advisors LLC grew its stake in EastGroup Properties by 2.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 4,174 shares of the real estate investment trust’s stock worth $845,000 after buying an additional 82 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Company Profile

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.