EastGroup Properties (NYSE:EGP) Rating Lowered to “Neutral” at Mizuho

EastGroup Properties (NYSE:EGP) was downgraded by Mizuho from an “outperform” rating to a “neutral” rating in a research note issued on Thursday, Marketbeat.com reports. They currently have a $172.00 price target on the real estate investment trust’s stock. Mizuho’s price target indicates a potential downside of 4.57% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. BNP Paribas upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $207.00 price target for the company in a research report on Monday, October 27th. Cantor Fitzgerald lifted their target price on shares of EastGroup Properties from $190.00 to $200.00 and gave the company an “overweight” rating in a report on Monday, October 27th. KeyCorp raised EastGroup Properties from a “sector weight” rating to an “overweight” rating and set a $200.00 target price on the stock in a research report on Thursday. Truist Financial upped their price target on EastGroup Properties from $177.00 to $188.00 and gave the stock a “buy” rating in a research note on Wednesday, November 12th. Finally, Barclays raised EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties currently has an average rating of “Moderate Buy” and an average target price of $190.89.

EastGroup Properties Price Performance

NYSE:EGP opened at $180.24 on Thursday. EastGroup Properties has a 52 week low of $137.67 and a 52 week high of $188.89. The stock’s fifty day moving average is $176.12 and its two-hundred day moving average is $170.30. The company has a market capitalization of $9.62 billion, a P/E ratio of 37.87, a P/E/G ratio of 2.70 and a beta of 1.11. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.42.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Thursday, October 23rd. The real estate investment trust reported $2.27 earnings per share for the quarter, missing analysts’ consensus estimates of $2.28 by ($0.01). The business had revenue of $182.14 million for the quarter, compared to analysts’ expectations of $181.88 million. EastGroup Properties had a return on equity of 7.28% and a net margin of 35.58%.The business’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.13 earnings per share. EastGroup Properties has set its FY 2025 guidance at 8.940-8.980 EPS and its Q4 2025 guidance at 2.300-2.340 EPS. Equities analysts expect that EastGroup Properties will post 8.94 EPS for the current year.

Insider Transactions at EastGroup Properties

In related news, EVP Richard Reid Dunbar sold 2,000 shares of EastGroup Properties stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $175.00, for a total value of $350,000.00. Following the completion of the transaction, the executive vice president directly owned 20,630 shares in the company, valued at approximately $3,610,250. This trade represents a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On EastGroup Properties

A number of hedge funds have recently bought and sold shares of EGP. Vanguard Group Inc. boosted its stake in shares of EastGroup Properties by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 7,350,473 shares of the real estate investment trust’s stock valued at $1,244,141,000 after buying an additional 43,633 shares during the period. State Street Corp raised its holdings in EastGroup Properties by 0.6% in the third quarter. State Street Corp now owns 2,683,711 shares of the real estate investment trust’s stock valued at $458,320,000 after acquiring an additional 15,918 shares in the last quarter. Principal Financial Group Inc. raised its holdings in EastGroup Properties by 43.5% in the third quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock valued at $336,076,000 after acquiring an additional 602,253 shares in the last quarter. Norges Bank purchased a new position in EastGroup Properties in the second quarter worth approximately $252,405,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in EastGroup Properties by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,318,090 shares of the real estate investment trust’s stock worth $232,184,000 after acquiring an additional 342,620 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

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.