Truist Financial Issues Pessimistic Forecast for EastGroup Properties (NYSE:EGP) Stock Price

EastGroup Properties (NYSE:EGP) had its price objective decreased by investment analysts at Truist Financial from $180.00 to $177.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Truist Financial’s price target would indicate a potential upside of 5.78% from the stock’s current price.

Several other analysts also recently commented on the stock. Evercore ISI upped their price objective on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an “in-line” rating in a report on Thursday, April 24th. Deutsche Bank Aktiengesellschaft initiated coverage on EastGroup Properties in a research note on Tuesday, January 14th. They set a “buy” rating and a $180.00 price objective for the company. Barclays lowered their target price on EastGroup Properties from $193.00 to $182.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 30th. Raymond James set a $190.00 price target on EastGroup Properties and gave the company a “strong-buy” rating in a research report on Monday, April 14th. Finally, StockNews.com upgraded EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Sunday, April 27th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $187.00.

EastGroup Properties Stock Performance

EastGroup Properties stock traded up $0.16 during mid-day trading on Monday, reaching $167.33. 40,311 shares of the company traded hands, compared to its average volume of 368,873. EastGroup Properties has a fifty-two week low of $137.67 and a fifty-two week high of $192.61. The firm’s fifty day moving average is $169.44 and its two-hundred day moving average is $170.03. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market capitalization of $8.79 billion, a price-to-earnings ratio of 36.00, a price-to-earnings-growth ratio of 3.35 and a beta of 1.05.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.01. The company had revenue of $174.45 million during the quarter, compared to analysts’ expectations of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The firm’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.98 EPS. On average, equities research analysts expect that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently made changes to their positions in EGP. Bar Harbor Wealth Management boosted its holdings in EastGroup Properties by 0.3% in the 1st quarter. Bar Harbor Wealth Management now owns 23,344 shares of the real estate investment trust’s stock valued at $4,112,000 after purchasing an additional 66 shares during the last quarter. Optas LLC increased its stake in EastGroup Properties by 5.1% during the first quarter. Optas LLC now owns 1,397 shares of the real estate investment trust’s stock worth $246,000 after acquiring an additional 68 shares during the last quarter. KBC Group NV increased its position in shares of EastGroup Properties by 3.5% during the 1st quarter. KBC Group NV now owns 2,058 shares of the real estate investment trust’s stock worth $363,000 after purchasing an additional 69 shares during the last quarter. CIBC Asset Management Inc raised its holdings in EastGroup Properties by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust’s stock valued at $234,000 after buying an additional 72 shares during the period. Finally, Moran Wealth Management LLC boosted its stake in EastGroup Properties by 1.1% during the first quarter. Moran Wealth Management LLC now owns 6,521 shares of the real estate investment trust’s stock worth $1,149,000 after buying an additional 73 shares during the period. Institutional investors and hedge funds own 92.14% of the company’s stock.

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.