EastGroup Properties (NYSE:EGP) Price Target Cut to $172.00

EastGroup Properties (NYSE:EGP) had its price objective dropped by equities researchers at Royal Bank of Canada from $190.00 to $172.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target indicates a potential upside of 6.11% from the company’s previous close.

Several other research analysts have also recently issued reports on EGP. Mizuho reissued a “neutral” rating and issued a $185.00 price objective on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Truist Financial increased their price target on EastGroup Properties from $186.00 to $188.00 and gave the stock a “hold” rating in a research report on Tuesday, February 20th. BMO Capital Markets started coverage on EastGroup Properties in a report on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price objective for the company. Robert W. Baird dropped their target price on shares of EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Finally, KeyCorp reduced their price target on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a report on Tuesday, April 30th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $184.00.

EastGroup Properties Trading Up 2.2 %

Shares of EGP opened at $162.09 on Monday. The firm has a market capitalization of $7.80 billion, a price-to-earnings ratio of 35.16, a PEG ratio of 2.78 and a beta of 0.96. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10. EastGroup Properties has a 1-year low of $154.75 and a 1-year high of $188.85. The company has a 50-day moving average of $171.68 and a 200 day moving average of $174.84.

Insider Activity

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction that occurred 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 owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of EastGroup Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. New York Life Investment Management LLC raised its stake in shares of EastGroup Properties by 651.0% in the fourth quarter. New York Life Investment Management LLC now owns 15,186 shares of the real estate investment trust’s stock worth $2,787,000 after purchasing an additional 13,164 shares during the last quarter. Pacer Advisors Inc. raised its position in EastGroup Properties by 15.0% during the 4th quarter. Pacer Advisors Inc. now owns 61,527 shares of the real estate investment trust’s stock worth $11,293,000 after buying an additional 8,002 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in EastGroup Properties by 2.2% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 361,853 shares of the real estate investment trust’s stock valued at $66,414,000 after acquiring an additional 7,724 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of EastGroup Properties by 3.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 272,447 shares of the real estate investment trust’s stock valued at $45,370,000 after acquiring an additional 9,160 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of EastGroup Properties by 5.2% in the fourth quarter. Russell Investments Group Ltd. now owns 347,083 shares of the real estate investment trust’s stock worth $63,763,000 after acquiring an additional 17,128 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.