Eastgroup Properties (NYSE:EGP) Cut to “Hold” at Zacks Investment Research

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Eastgroup Properties (NYSE:EGP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “EastGroup Properties is a self-administered real estate investment trust focused on ownership, acquisition and selective development of industrial properties. The company pursues a three-pronged investment strategy that includes: the acquisition of industrial properties at favorable initial yields, with opportunities to improve cash flow performance through management; selective development of industrial properties in markets where they already has a presence and where market conditions justify such investments; and the acquisition of existing public & private companies. “

A number of other research analysts have also recently weighed in on the stock. SunTrust Banks lifted their target price on shares of Eastgroup Properties from $92.00 to $98.00 and gave the company a “hold” rating in a research note on Tuesday, February 19th. Morgan Stanley lifted their target price on shares of Eastgroup Properties from $105.00 to $110.00 and gave the company an “equal weight” rating in a research note on Monday, June 3rd. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $103.14.

Shares of Eastgroup Properties stock traded up $1.12 on Wednesday, hitting $115.60. 170,100 shares of the company’s stock were exchanged, compared to its average volume of 282,683. The stock has a market capitalization of $4.24 billion, a PE ratio of 24.75, a P/E/G ratio of 4.54 and a beta of 0.82. Eastgroup Properties has a 1 year low of $87.69 and a 1 year high of $116.45. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.02 and a quick ratio of 0.02.

Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings results on Monday, April 22nd. The real estate investment trust reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.02. The business had revenue of $78.79 million for the quarter, compared to analysts’ expectations of $78.83 million. Eastgroup Properties had a net margin of 26.82% and a return on equity of 9.19%. The company’s revenue was up 9.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.16 EPS. As a group, research analysts anticipate that Eastgroup Properties will post 4.89 EPS for the current year.

In related news, insider John F. Coleman sold 10,000 shares of Eastgroup Properties stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $111.09, for a total transaction of $1,110,900.00. Following the transaction, the insider now owns 99,657 shares in the company, valued at approximately $11,070,896.13. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David H. Hoster II sold 942 shares of Eastgroup Properties stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $110.83, for a total transaction of $104,401.86. Following the transaction, the director now owns 174,588 shares in the company, valued at approximately $19,349,588.04. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. Connable Office Inc. lifted its stake in Eastgroup Properties by 3.1% in the 1st quarter. Connable Office Inc. now owns 3,400 shares of the real estate investment trust’s stock worth $380,000 after purchasing an additional 103 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its stake in Eastgroup Properties by 0.7% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 15,412 shares of the real estate investment trust’s stock worth $1,414,000 after purchasing an additional 113 shares in the last quarter. Assetmark Inc. lifted its stake in Eastgroup Properties by 9.8% in the 1st quarter. Assetmark Inc. now owns 1,416 shares of the real estate investment trust’s stock worth $158,000 after purchasing an additional 126 shares in the last quarter. Rehmann Capital Advisory Group lifted its stake in Eastgroup Properties by 23.5% in the 4th quarter. Rehmann Capital Advisory Group now owns 766 shares of the real estate investment trust’s stock worth $70,000 after purchasing an additional 146 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Eastgroup Properties by 1.3% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,520 shares of the real estate investment trust’s stock worth $1,398,000 after purchasing an additional 162 shares in the last quarter. Institutional investors and hedge funds own 94.38% of the company’s stock.

About Eastgroup Properties

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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