EastGroup Properties (NYSE: EGP) raised to buy from Zacks Investment Research
EastGroup Properties (NYSE: EGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released to investors Friday, Zacks.com reports. The brokerage currently has a target price of $ 241.00 on the shares of the REIT. Zacks Investment Research’s target price suggests a potential rise of 14.37% from the stock’s previous close.
According to Zacks, “EastGroup Properties is a self-managed real estate investment trust focused on the selective ownership, acquisition and development of industrial properties. The company pursues a three-pronged investment strategy which includes: acquiring industrial properties at favorable initial returns, with opportunities to improve cash flow performance through management; the selective development of industrial properties in markets where they are already present and where market conditions justify such investments; and the acquisition of existing public and private enterprises. “
A number of other stock analysts have also commented on the company recently. BTIG Research raised its target price on EastGroup Properties from $ 164.00 to $ 248.00 and gave the company a “buy” rating in a report released on Thursday, December 23. Royal Bank of Canada raised its price target on EastGroup Properties from $ 177.00 to $ 207.00 and assigned the stock a “sector performance” rating in a research report published on Monday, November 8. Wells Fargo & Company raised its target price on EastGroup Properties from $ 175.00 to $ 220.00 and gave the stock an “equal weight” rating in a Friday, November 19 research report. Evercore ISI reissued a “hold” note and set a target price of $ 164.00 for EastGroup Properties shares in a research report released on Friday, October 8. Finally, Berenberg Bank took over the coverage of EastGroup properties in a research note on Wednesday, October 20. They set a “buy” rating and a price target of $ 215.00 for the stock. Eight analysts rated the stock with a conservation rating and three gave the stock a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $ 199.60.
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NYSE: EGP traded at $ 4.17 during Friday trading hours, reaching $ 210.72. The company had a trading volume of 182,483 shares, compared to its average volume of 218,637. The company has a 50-day moving average of $ 210.39 and a 200-day moving average of $ 186.25. The company has a market cap of $ 8.57 billion, a P / E ratio of 68.42, a P / E / G ratio of 4.54 and a beta of 0.79. EastGroup Properties has a one-year low of $ 131.28 and a one-year high of $ 229.84.
EastGroup Properties (NYSE: EGP) last released its results on Tuesday, October 26. The real estate investment trust reported earnings per share (EPS) of $ 0.76 for the quarter, missing the Thomson Reuters consensus estimate of $ 1.48 ($ 0.72). The company posted revenue of $ 104.60 million in the quarter, compared to analysts’ expectations of $ 101.40 million. EastGroup Properties had a net margin of 31.12% and a return on equity of 9.13%. The company’s quarterly revenue increased 13.7% compared to the same quarter last year. In the same quarter of the previous year, the company achieved earnings per share of $ 1.36. On average, stock analysts expect EastGroup Properties to post earnings per share of 6.05 for the current year.
In other news, Executive Vice President John F. Coleman sold 3,199 shares of EastGroup Properties in a transaction that took place on Tuesday, November 16. The shares were sold for an average price of $ 206.57, for a total value of $ 660,817.43. The transaction was disclosed in a legal file with the Securities & Exchange Commission, accessible through the SEC website. Additionally, Executive Vice President Richard Reid Dunbar sold 500 shares of the company in a trade that took place on Friday, November 19. The stock was sold at an average price of $ 204.27, for a total trade of $ 102,135. Disclosure of this sale can be found here. 1.60% of the shares are currently owned by insiders of the company.
Several hedge funds have recently changed their positions in EGP. Consolidated Planning Corp purchased a new stake in EastGroup Properties during the third quarter valued at approximately $ 29,000. Strategic Blueprint LLC acquired a new position in shares of EastGroup Properties during the second quarter valued at approximately $ 33,000. FFT Wealth Management LLC acquired a new position in shares of EastGroup Properties during the 2nd quarter valued at approximately $ 56,000. Dark Forest Capital Management LP acquired a new position in shares of EastGroup Properties during the 2nd quarter valued at approximately $ 61,000. Finally, Arkadios Wealth Advisors strengthened its position in EastGroup Properties equities by 21.7% during the 3rd quarter. Arkadios Wealth Advisors now owns 438 real estate investment trust shares worth $ 73,000 after purchasing 78 additional shares in the last quarter. 92.68% of the shares are held by institutional investors.
About EastGroup Properties
EastGroup Properties, Inc is an equity real estate investment trust engaged in the development, acquisition and operation of industrial properties in the United States. It operates through the Industrial Properties segment. Its portfolio consists of distribution facilities in Florida, California, Texas, Arizona and North Carolina.
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