Investment analysts at Jefferies Financial Group initiated coverage on shares of Eastgroup Properties (NYSE:EGP) in a research report issued on Sunday. The brokerage set a “hold” rating and a $100.23 price target on the real estate investment trust’s stock. Jefferies Financial Group’s target price would indicate a potential downside of 0.20% from the stock’s current price.

A number of other brokerages have also recently commented on EGP. Zacks Investment Research raised Eastgroup Properties from a “hold” rating to a “buy” rating and set a $111.00 price target on the stock in a research report on Thursday. Citigroup upped their price target on Eastgroup Properties from $90.00 to $94.00 and gave the company a “neutral” rating in a research report on Tuesday, October 30th. ValuEngine raised Eastgroup Properties from a “hold” rating to a “buy” rating in a research report on Tuesday, October 23rd. Finally, SunTrust Banks set a $92.00 price target on Eastgroup Properties and gave the company a “hold” rating in a research report on Tuesday, October 23rd. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Eastgroup Properties has an average rating of “Hold” and an average price target of $98.02.

NYSE:EGP traded down $1.26 during trading on Friday, reaching $100.43. The company’s stock had a trading volume of 172,753 shares, compared to its average volume of 140,349. The company has a market capitalization of $3.62 billion, a PE ratio of 23.58, a price-to-earnings-growth ratio of 4.12 and a beta of 0.69. Eastgroup Properties has a 12 month low of $77.74 and a 12 month high of $101.91.

Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings results on Thursday, October 18th. The real estate investment trust reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.14. Eastgroup Properties had a return on equity of 10.69% and a net margin of 29.80%. The firm had revenue of $75.30 million for the quarter, compared to analysts’ expectations of $74.65 million. During the same quarter in the prior year, the firm earned $1.08 EPS. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, sell-side analysts forecast that Eastgroup Properties will post 4.67 EPS for the current year.

In related news, EVP John F. Coleman sold 10,000 shares of the stock in a transaction dated Wednesday, November 28th. The stock was sold at an average price of $99.57, for a total transaction of $995,700.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director H C. Bailey, Jr. sold 264 shares of the stock in a transaction dated Wednesday, October 31st. The stock was sold at an average price of $97.01, for a total value of $25,610.64. The disclosure for this sale can be found here. Insiders have sold a total of 16,264 shares of company stock worth $1,621,011 in the last three months. 2.90% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Connable Office Inc. lifted its holdings in Eastgroup Properties by 19.2% during the 3rd quarter. Connable Office Inc. now owns 3,374 shares of the real estate investment trust’s stock worth $323,000 after purchasing an additional 544 shares in the last quarter. Raymond James & Associates increased its stake in Eastgroup Properties by 1.1% in the 2nd quarter. Raymond James & Associates now owns 49,663 shares of the real estate investment trust’s stock worth $4,746,000 after acquiring an additional 548 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in Eastgroup Properties by 4.6% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 13,089 shares of the real estate investment trust’s stock worth $1,251,000 after acquiring an additional 576 shares during the last quarter. MetLife Investment Advisors LLC increased its stake in Eastgroup Properties by 4.0% in the 2nd quarter. MetLife Investment Advisors LLC now owns 15,737 shares of the real estate investment trust’s stock worth $1,504,000 after acquiring an additional 600 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Eastgroup Properties by 7.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,334 shares of the real estate investment trust’s stock worth $893,000 after acquiring an additional 644 shares during the last quarter. 94.61% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Eastgroup Properties (NYSE:EGP)

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