EastGroup Properties, Inc. (EGP) Rating Increased to Buy at Zacks Investment Research
EastGroup Properties, Inc. (NYSE:EGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm presently has a $99.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.62% 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 research firms have also weighed in on EGP. ValuEngine upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. Sandler O’Neill raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and increased their target price for the stock from $90.00 to $104.00 in a report on Tuesday, September 5th. KeyCorp restated a “hold” rating on shares of EastGroup Properties in a research report on Sunday, September 24th. Stifel Nicolaus restated a “hold” rating and issued a $85.00 price target on shares of EastGroup Properties in a research report on Friday, July 28th. Finally, Bank of America Corporation raised shares of EastGroup Properties from a “neutral” rating to a “buy” rating and lifted their price target for the company from $91.00 to $96.00 in a report on Wednesday, August 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. EastGroup Properties currently has a consensus rating of “Hold” and an average target price of $83.90.
Shares of EastGroup Properties (NYSE:EGP) opened at 88.69 on Monday. EastGroup Properties has a 12 month low of $63.99 and a 12 month high of $91.51. The company has a 50 day moving average price of $88.32 and a 200-day moving average price of $82.76. The firm has a market capitalization of $3.03 billion, a PE ratio of 37.17 and a beta of 0.98.
EastGroup Properties (NYSE:EGP) last released its earnings results on Tuesday, July 25th. The real estate investment trust reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.60. The company had revenue of $67.90 million for the quarter, compared to the consensus estimate of $67.16 million. EastGroup Properties had a return on equity of 12.05% and a net margin of 30.20%. EastGroup Properties’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.99 EPS. Equities research analysts expect that EastGroup Properties will post $2.42 EPS for the current fiscal year.
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Several hedge funds have recently added to or reduced their stakes in EGP. Eqis Capital Management Inc. lifted its stake in shares of EastGroup Properties by 22.2% in the 3rd quarter. Eqis Capital Management Inc. now owns 3,528 shares of the real estate investment trust’s stock worth $311,000 after acquiring an additional 640 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of EastGroup Properties by 0.8% during the second quarter. Public Employees Retirement System of Ohio now owns 38,562 shares of the real estate investment trust’s stock valued at $3,231,000 after acquiring an additional 301 shares during the period. Piedmont Investment Advisors LLC acquired a new position in shares of EastGroup Properties during the second quarter valued at approximately $614,000. Ameritas Investment Partners Inc. increased its stake in shares of EastGroup Properties by 6.8% during the second quarter. Ameritas Investment Partners Inc. now owns 2,915 shares of the real estate investment trust’s stock valued at $244,000 after acquiring an additional 186 shares during the period. Finally, Susquehanna International Group LLP raised its holdings in EastGroup Properties by 67.8% during the second quarter. Susquehanna International Group LLP now owns 7,422 shares of the real estate investment trust’s stock worth $622,000 after purchasing an additional 3,000 shares in the last quarter. Institutional investors own 96.42% of the company’s stock.
EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust (REIT). 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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