Zacks Investment Research Upgrades EastGroup Properties Inc. (EGP) to “Buy”
EastGroup Properties Inc. (NYSE:EGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $77.00 target price on the stock. Zacks Investment Research’s price target indicates a potential upside of 12.72% from the stock’s previous close.
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. “
Several other brokerages have also recently issued reports on EGP. Morgan Stanley began coverage on shares of EastGroup Properties in a report on Tuesday, September 6th. They issued an “underweight” rating and a $65.00 target price on the stock. Mizuho began coverage on shares of EastGroup Properties in a report on Wednesday, September 28th. They issued a “buy” rating and a $83.00 target price on the stock. BTIG Research began coverage on shares of EastGroup Properties in a report on Thursday, August 25th. They issued a “neutral” rating on the stock. Finally, Cantor Fitzgerald upgraded shares of EastGroup Properties from a “sell” rating to a “hold” rating and raised their target price for the stock from $63.00 to $71.00 in a report on Friday, October 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. EastGroup Properties presently has a consensus rating of “Hold” and an average price target of $68.55.
Shares of EastGroup Properties (NYSE:EGP) opened at 68.31 on Tuesday. EastGroup Properties has a 1-year low of $49.31 and a 1-year high of $76.00. The company has a market cap of $2.24 billion, a price-to-earnings ratio of 24.12 and a beta of 0.97. The stock has a 50 day moving average of $67.35 and a 200 day moving average of $69.40.
EastGroup Properties (NYSE:EGP) last issued its earnings results on Wednesday, October 19th. The company reported $1.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.04. EastGroup Properties had a net margin of 37.03% and a return on equity of 15.76%. The firm had revenue of $63.19 million for the quarter, compared to analysts’ expectations of $62.41 million. During the same quarter last year, the business earned $0.94 earnings per share. The business’s revenue was up 8.0% on a year-over-year basis. On average, equities analysts forecast that EastGroup Properties will post $4.01 EPS for the current year.
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Institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. purchased a new position in shares of EastGroup Properties during the second quarter valued at approximately $110,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of EastGroup Properties by 5.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,965 shares of the company’s stock valued at $145,000 after buying an additional 108 shares in the last quarter. Navellier & Associates Inc purchased a new position in shares of EastGroup Properties during the third quarter valued at approximately $213,000. Wolverine Trading LLC purchased a new position in shares of EastGroup Properties during the second quarter valued at approximately $202,000. Finally, FCA Corp TX purchased a new position in shares of EastGroup Properties during the second quarter valued at approximately $207,000. 95.56% of the stock is owned by institutional investors and hedge funds.
EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust. The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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