EastGroup Properties (NYSE:EGP) Price Target Cut to $178.00

EastGroup Properties (NYSE:EGP) had its price objective reduced by investment analysts at Evercore ISI from $190.00 to $178.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price target points to a potential upside of 14.16% from the stock’s previous close.

EGP has been the subject of several other research reports. Truist Financial raised their price target on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a research report on Tuesday, February 20th. Royal Bank of Canada raised their price target on shares of EastGroup Properties from $180.00 to $190.00 and gave the company a “sector perform” rating in a research report on Friday, February 16th. KeyCorp raised their price target on shares of EastGroup Properties from $188.00 to $198.00 and gave the company an “overweight” rating in a research report on Monday, February 12th. BMO Capital Markets assumed coverage on shares of EastGroup Properties in a research report on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price target for the company. Finally, JPMorgan Chase & Co. assumed coverage on shares of EastGroup Properties in a report on Thursday, April 11th. They issued a “neutral” rating and a $190.00 price objective on the stock. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $189.00.

EastGroup Properties Stock Performance

Shares of EGP stock opened at $155.92 on Thursday. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.64. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $188.85. The stock has a market capitalization of $7.49 billion, a PE ratio of 33.82, a P/E/G ratio of 2.50 and a beta of 0.93. The firm has a 50 day moving average of $175.34 and a two-hundred day moving average of $175.11.

Insider Buying and Selling

In related news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the sale, the chief financial officer now directly owns 102,617 shares in the company, valued at approximately $18,752,230.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EGP. CWM LLC increased its stake in EastGroup Properties by 5.4% in the third quarter. CWM LLC now owns 1,396 shares of the real estate investment trust’s stock valued at $232,000 after purchasing an additional 71 shares during the period. Exchange Traded Concepts LLC increased its stake in EastGroup Properties by 13.6% in the third quarter. Exchange Traded Concepts LLC now owns 1,589 shares of the real estate investment trust’s stock valued at $265,000 after purchasing an additional 190 shares during the period. Monument Capital Management acquired a new position in EastGroup Properties in the third quarter valued at $379,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in EastGroup Properties by 6.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,765 shares of the real estate investment trust’s stock valued at $2,958,000 after purchasing an additional 1,035 shares during the period. Finally, Mackenzie Financial Corp acquired a new position in EastGroup Properties in the third quarter valued at $5,223,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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.