EastGroup Properties (NYSE:EGP) Rating Reiterated by Wedbush

EastGroup Properties (NYSE:EGP)‘s stock had its “outperform” rating reiterated by analysts at Wedbush in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $209.00 target price on the real estate investment trust’s stock. Wedbush’s price objective indicates a potential upside of 18.39% from the stock’s previous close. Wedbush also issued estimates for EastGroup Properties’ FY2024 earnings at $8.36 EPS and FY2025 earnings at $9.05 EPS.

Other research analysts also recently issued research reports about the company. Royal Bank of Canada raised their price target on EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 30th. Morgan Stanley upped their price target on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Barclays lowered their price objective on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. KeyCorp upped their target price on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Finally, Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, EastGroup Properties has a consensus rating of “Moderate Buy” and a consensus price target of $191.73.

EastGroup Properties Stock Down 1.1 %

Shares of NYSE EGP opened at $176.53 on Friday. The business has a 50-day moving average of $184.09 and a two-hundred day moving average of $175.41. The company has a market capitalization of $8.60 billion, a price-to-earnings ratio of 36.93, a price-to-earnings-growth ratio of 2.70 and a beta of 0.99. EastGroup Properties has a 1 year low of $155.23 and a 1 year high of $192.61. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). The business had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $161.52 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. EastGroup Properties’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.95 EPS. On average, analysts forecast that EastGroup Properties will post 8.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors have recently made changes to their positions in the stock. Gradient Investments LLC acquired a new stake in shares of EastGroup Properties in the second quarter valued at about $32,000. V Square Quantitative Management LLC increased its holdings in EastGroup Properties by 47.7% in the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 61 shares in the last quarter. Quest Partners LLC increased its holdings in EastGroup Properties by 10,400.0% in the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 208 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in EastGroup Properties by 30.2% in the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 80 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in EastGroup Properties in the second quarter valued at about $66,000. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

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.