Eastgroup Properties (NYSE:EGP) had its price target increased by SunTrust Banks from $105.00 to $115.00 in a report issued on Tuesday, BenzingaRatingsTable reports. The brokerage currently has a hold rating on the real estate investment trust’s stock.
Several other brokerages have also recently weighed in on EGP. Morgan Stanley upped their price target on Eastgroup Properties from $105.00 to $110.00 and gave the stock an equal weight rating in a research note on Monday, June 3rd. Zacks Investment Research raised Eastgroup Properties from a hold rating to a buy rating and set a $134.00 price target on the stock in a research note on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $110.65.
Shares of EGP stock opened at $122.79 on Tuesday. The stock has a market capitalization of $4.60 billion, a PE ratio of 26.29, a price-to-earnings-growth ratio of 5.12 and a beta of 0.80. The business has a fifty day moving average price of $119.01. Eastgroup Properties has a twelve month low of $87.69 and a twelve month high of $123.03.
In related news, Director David H. Hoster II sold 942 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $110.83, for a total value of $104,401.86. Following the sale, the director now directly owns 174,588 shares of the company’s stock, valued at $19,349,588.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.00% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC boosted its holdings in Eastgroup Properties by 1,773.3% in the second quarter. Tower Research Capital LLC TRC now owns 562 shares of the real estate investment trust’s stock worth $65,000 after acquiring an additional 532 shares in the last quarter. Quantamental Technologies LLC bought a new position in shares of Eastgroup Properties during the first quarter valued at $67,000. Steward Partners Investment Advisory LLC bought a new position in shares of Eastgroup Properties during the second quarter valued at $81,000. Private Capital Group LLC lifted its holdings in shares of Eastgroup Properties by 45.1% during the first quarter. Private Capital Group LLC now owns 721 shares of the real estate investment trust’s stock valued at $81,000 after purchasing an additional 224 shares in the last quarter. Finally, Huntington National Bank lifted its holdings in shares of Eastgroup Properties by 84.1% during the first quarter. Huntington National Bank now owns 766 shares of the real estate investment trust’s stock valued at $85,000 after purchasing an additional 350 shares in the last quarter. 92.56% of the stock is currently owned by institutional investors and hedge funds.
Eastgroup Properties Company Profile
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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