EastGroup Properties (NYSE:EGP) Price Target Cut to $172.00

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

EGP has been the subject of several other research reports. Truist Financial upped their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a research report on Tuesday, February 20th. Robert W. Baird lowered their price target on EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. JPMorgan Chase & Co. reduced their price objective on shares of EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating on the stock in a research note on Thursday. KeyCorp lowered their target price on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a research note on Tuesday, April 30th. Finally, Barclays reduced their price target on shares of EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating on the stock in a research report on Monday, April 29th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $184.00.

EastGroup Properties Trading Down 1.0 %

NYSE:EGP traded down $1.59 on Monday, hitting $158.27. 101,642 shares of the stock were exchanged, compared to its average volume of 287,740. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 34.23, a P/E/G ratio of 2.78 and a beta of 0.96. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $188.85. The company’s 50-day moving average price is $172.39 and its 200 day moving average price is $174.81.

Insider Buying and Selling at EastGroup Properties

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

Hedge Funds Weigh In On EastGroup Properties

Large investors have recently modified their holdings of the business. GAMMA Investing LLC acquired a new position in EastGroup Properties during the fourth quarter valued at approximately $31,000. Venturi Wealth Management LLC boosted its holdings in shares of EastGroup Properties by 51.6% in the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 66 shares during the last quarter. ZRC Wealth Management LLC bought a new position in shares of EastGroup Properties in the fourth quarter valued at $37,000. Mather Group LLC. acquired a new position in EastGroup Properties during the first quarter worth $42,000. Finally, Tucker Asset Management LLC bought a new stake in EastGroup Properties during the third quarter worth $44,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Company Profile

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.