KeyCorp Increases EastGroup Properties (NYSE:EGP) Price Target to $198.00

EastGroup Properties (NYSE:EGP) had its price objective raised by analysts at KeyCorp from $178.00 to $198.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. KeyCorp’s price target would suggest a potential upside of 5.79% from the stock’s previous close.

EGP has been the subject of several other reports. Royal Bank of Canada lifted their price target on shares of EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a report on Tuesday. Mizuho dropped their target price on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating for the company in a research report on Friday, May 31st. Barclays upped their price objective on shares of EastGroup Properties from $175.00 to $198.00 and gave the company an “equal weight” rating in a research report on Tuesday. Wedbush upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $162.00 to $208.00 in a report on Monday, July 22nd. Finally, BNP Paribas initiated coverage on shares of EastGroup Properties in a research note on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price objective for the company. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, EastGroup Properties presently has a consensus rating of “Hold” and an average target price of $184.20.

EastGroup Properties Stock Up 0.1 %

EGP stock traded up $0.10 during midday trading on Tuesday, reaching $187.17. The company had a trading volume of 91,665 shares, compared to its average volume of 284,512. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $192.61. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $9.12 billion, a P/E ratio of 40.64, a PEG ratio of 2.91 and a beta of 0.98. The company has a 50 day moving average of $171.87 and a two-hundred day moving average of $173.49.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The business had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The firm’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.89 EPS. On average, equities research analysts expect that EastGroup Properties will post 8.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of EGP. Raymond James Financial Services Advisors Inc. grew its stake in shares of EastGroup Properties by 11.2% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 5,658 shares of the real estate investment trust’s stock worth $1,038,000 after acquiring an additional 572 shares during the period. State of Alaska Department of Revenue increased its position in EastGroup Properties by 1.1% in the fourth quarter. State of Alaska Department of Revenue now owns 26,686 shares of the real estate investment trust’s stock worth $4,897,000 after purchasing an additional 301 shares during the last quarter. State of Michigan Retirement System increased its position in EastGroup Properties by 2.8% during the fourth quarter. State of Michigan Retirement System now owns 11,127 shares of the real estate investment trust’s stock valued at $2,042,000 after acquiring an additional 300 shares during the last quarter. Venturi Wealth Management LLC increased its position in EastGroup Properties by 51.6% during the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 66 shares during the last quarter. Finally, Trust Point Inc. bought a new position in shares of EastGroup Properties in the fourth quarter worth about $237,000. 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.