Mizuho Increases EastGroup Properties (NYSE:EGP) Price Target to $215.00

EastGroup Properties (NYSE:EGP) had its price target raised by Mizuho from $160.00 to $215.00 in a note issued to investors on Thursday, The Fly reports. Mizuho’s price target would indicate a potential upside of 3.61% from the stock’s previous close.

A number of other research firms also recently weighed in on EGP. Morgan Stanley raised their price target on shares of EastGroup Properties from $175.00 to $215.00 and gave the company an “equal weight” rating in a report on Monday, November 22nd. Royal Bank of Canada raised their target price on shares of EastGroup Properties from $177.00 to $207.00 and gave the company a “sector perform” rating in a research note on Monday, November 8th. Wells Fargo & Company raised their target price on shares of EastGroup Properties from $175.00 to $220.00 and gave the company an “equal weight” rating in a research note on Friday, November 19th. Zacks Investment Research upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $241.00 target price on the stock in a research note on Friday, January 7th. Finally, BTIG Research raised their price target on shares of EastGroup Properties from $164.00 to $248.00 and gave the stock a “buy” rating in a research report on Thursday, December 23rd. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $205.10.

EastGroup Properties stock opened at $207.51 on Thursday. The company has a market capitalization of $8.44 billion, a P/E ratio of 67.37, a P/E/G ratio of 3.84 and a beta of 0.79. The firm’s fifty day simple moving average is $211.65 and its 200-day simple moving average is $187.87. EastGroup Properties has a 1-year low of $131.28 and a 1-year high of $229.84.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Tuesday, October 26th. The real estate investment trust reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.72). The business had revenue of $104.60 million for the quarter, compared to the consensus estimate of $101.40 million. EastGroup Properties had a net margin of 31.12% and a return on equity of 9.13%. The firm’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.36 EPS. As a group, equities research analysts anticipate that EastGroup Properties will post 6.05 EPS for the current year.

In related news, SVP Richard Reid Dunbar sold 500 shares of EastGroup Properties stock in a transaction dated Friday, November 19th. The shares were sold at an average price of $204.27, for a total transaction of $102,135.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John F. Coleman sold 3,199 shares of EastGroup Properties stock in a transaction dated Tuesday, November 16th. The shares were sold at an average price of $206.57, for a total transaction of $660,817.43. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in EGP. Consolidated Planning Corp bought a new position in shares of EastGroup Properties in the third quarter worth about $29,000. Strategic Blueprint LLC bought a new position in shares of EastGroup Properties in the second quarter worth about $33,000. Dark Forest Capital Management LP acquired a new stake in shares of EastGroup Properties during the 2nd quarter worth approximately $61,000. Arkadios Wealth Advisors grew its position in shares of EastGroup Properties by 21.7% during the 3rd quarter. Arkadios Wealth Advisors now owns 438 shares of the real estate investment trust’s stock worth $73,000 after buying an additional 78 shares during the period. Finally, Private Capital Group LLC grew its holdings in EastGroup Properties by 30.2% during the third quarter. Private Capital Group LLC now owns 561 shares of the real estate investment trust’s stock valued at $94,000 after purchasing an additional 130 shares during the period. 89.96% of the stock is owned by hedge funds and other institutional investors.

About EastGroup Properties

EastGroup Properties, Inc is an equity real estate investment trust, which engages in the development, acquisition and operation of industrial properties in the United States. It operates through Industrial Properties segment. Its portfolio consists of distribution facilities in Florida, California, Texas, Arizona, and North Carolina.

Featured Story: What is a Secondary Public Offering?

The Fly logo

Analyst Recommendations for EastGroup Properties (NYSE:EGP)

Receive News & Ratings for EastGroup Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for EastGroup Properties and related companies with MarketBeat.com's FREE daily email newsletter.