Eastgroup Properties (EGP) Price Target Raised to $94.00 at Citigroup

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Eastgroup Properties (NYSE:EGP) had its price objective increased by equities research analysts at Citigroup from $90.00 to $94.00 in a note issued to investors on Tuesday. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s target price suggests a potential downside of 3.91% from the stock’s current price.

A number of other equities analysts have also recently weighed in on EGP. Zacks Investment Research cut shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, July 11th. ValuEngine raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating in a research report on Tuesday, October 23rd. SunTrust Banks set a $92.00 price objective on shares of Eastgroup Properties and gave the stock a “hold” rating in a report on Tuesday, October 23rd. Wells Fargo & Co raised their price objective on shares of Eastgroup Properties from $96.00 to $98.00 and gave the stock a “market perform” rating in a report on Monday, July 30th. Finally, Bank of America raised their price objective on shares of Eastgroup Properties from $100.00 to $103.00 and gave the stock a “buy” rating in a report on Monday, July 16th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $97.11.

Shares of NYSE EGP traded up $1.06 during midday trading on Tuesday, reaching $97.83. 34,603 shares of the stock were exchanged, compared to its average volume of 216,110. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 22.96, a P/E/G ratio of 3.95 and a beta of 0.76. Eastgroup Properties has a 12 month low of $77.74 and a 12 month high of $99.39.

Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings results on Thursday, October 18th. The real estate investment trust reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.14. The company had revenue of $75.30 million for the quarter, compared to analysts’ expectations of $74.65 million. Eastgroup Properties had a net margin of 29.80% and a return on equity of 10.69%. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period last year, the firm posted $1.08 earnings per share. As a group, analysts forecast that Eastgroup Properties will post 4.67 EPS for the current fiscal year.

In other Eastgroup Properties news, EVP Brent Wood sold 4,700 shares of Eastgroup Properties stock in a transaction on Friday, August 17th. The shares were sold at an average price of $97.40, for a total value of $457,780.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John F. Coleman sold 5,000 shares of Eastgroup Properties stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $96.27, for a total transaction of $481,350.00. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Arizona State Retirement System increased its stake in shares of Eastgroup Properties by 1.9% during the 3rd quarter. Arizona State Retirement System now owns 51,843 shares of the real estate investment trust’s stock worth $4,957,000 after purchasing an additional 979 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Eastgroup Properties by 11.4% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 21,626 shares of the real estate investment trust’s stock worth $2,068,000 after purchasing an additional 2,221 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Eastgroup Properties by 462.2% during the 3rd quarter. First Trust Advisors LP now owns 30,106 shares of the real estate investment trust’s stock worth $2,879,000 after purchasing an additional 24,751 shares during the last quarter. Mitsubishi UFJ Asset Management UK Ltd. increased its stake in shares of Eastgroup Properties by 27.5% during the 3rd quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 13,900 shares of the real estate investment trust’s stock worth $1,329,000 after purchasing an additional 3,000 shares during the last quarter. Finally, First Hawaiian Bank acquired a new position in shares of Eastgroup Properties during the 3rd quarter worth about $492,000. Hedge funds and other institutional investors own 93.14% of the company’s stock.

Eastgroup Properties Company Profile

EastGroup Properties, Inc 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.

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Analyst Recommendations for Eastgroup Properties (NYSE:EGP)

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