Royal Bank of Canada Cuts EastGroup Properties (NYSE:EGP) Price Target to $172.00

EastGroup Properties (NYSE:EGP) had its price target reduced by stock analysts at Royal Bank of Canada from $190.00 to $172.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s target price suggests a potential upside of 8.68% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the company. JPMorgan Chase & Co. lowered their price target on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating on the stock in a report on Thursday. KeyCorp lowered their price target on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. Mizuho reiterated a “neutral” rating and set a $185.00 target price on shares of EastGroup Properties in a report on Tuesday, April 2nd. BMO Capital Markets initiated coverage on EastGroup Properties in a report on Monday, April 22nd. They set an “outperform” rating and a $190.00 target price on the stock. Finally, Truist Financial increased their target price on EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a report on Tuesday, February 20th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $184.00.

EastGroup Properties Price Performance

Shares of EGP traded down $1.59 on Monday, reaching $158.27. The stock had a trading volume of 101,642 shares, compared to its average volume of 287,740. The firm has a market capitalization of $7.62 billion, a PE ratio of 34.23, a PEG ratio of 2.78 and a beta of 0.96. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average of $172.39 and a 200 day moving average of $174.81. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85.

Insider Buying and Selling

In related news, CFO Brent Wood sold 2,500 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total value of $456,850.00. Following the transaction, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EGP. Zurcher Kantonalbank Zurich Cantonalbank raised its position in EastGroup Properties by 6.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,765 shares of the real estate investment trust’s stock valued at $2,958,000 after purchasing an additional 1,035 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of EastGroup Properties during the third quarter valued at about $5,223,000. Advisor Partners II LLC lifted its stake in shares of EastGroup Properties by 54.7% in the third quarter. Advisor Partners II LLC now owns 2,968 shares of the real estate investment trust’s stock worth $494,000 after acquiring an additional 1,050 shares in the last quarter. Park Avenue Securities LLC purchased a new position in shares of EastGroup Properties during the 3rd quarter valued at approximately $450,000. Finally, Inspire Investing LLC grew its position in shares of EastGroup Properties by 4.9% during the third quarter. Inspire Investing LLC now owns 7,825 shares of the real estate investment trust’s stock worth $1,303,000 after buying an additional 369 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.