EastGroup Properties (NYSE:EGP – Get Free Report) had its price objective dropped by stock analysts at Royal Bank of Canada from $190.00 to $172.00 in a report issued on Monday, Benzinga reports. The brokerage currently 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 8.46% from the company’s current price.
A number of other equities research analysts also recently weighed in on the company. Robert W. Baird dropped their target price on EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Evercore ISI decreased their target price on shares of EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a research report on Thursday, April 25th. Truist Financial lifted their price target 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. Piper Sandler dropped their price objective on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Finally, JPMorgan Chase & Co. dropped their price target on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating for the company in a research note on Thursday. 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 currently has a consensus rating of “Hold” and a consensus target price of $184.00.
EastGroup Properties Stock Performance
Shares of EastGroup Properties stock traded down $1.28 on Monday, hitting $158.59. The stock had a trading volume of 201,931 shares, compared to its average volume of 288,854. The stock has a market cap of $7.63 billion, a price-to-earnings ratio of 34.23, a price-to-earnings-growth ratio of 2.78 and a beta of 0.96. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85. The business’s 50 day moving average is $172.39 and its two-hundred day moving average is $174.81.
Insider Activity at EastGroup Properties
In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the transaction, the chief financial officer now owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On EastGroup Properties
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. increased its position in shares of EastGroup Properties by 15.0% during the 4th quarter. Pacer Advisors Inc. now owns 61,527 shares of the real estate investment trust’s stock valued at $11,293,000 after purchasing an additional 8,002 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in shares of EastGroup Properties by 2.2% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 361,853 shares of the real estate investment trust’s stock valued at $66,414,000 after purchasing an additional 7,724 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in EastGroup Properties by 3.5% in the third quarter. The Manufacturers Life Insurance Company now owns 272,447 shares of the real estate investment trust’s stock worth $45,370,000 after purchasing an additional 9,160 shares during the last quarter. Russell Investments Group Ltd. boosted its position in EastGroup Properties by 5.2% during the fourth quarter. Russell Investments Group Ltd. now owns 347,083 shares of the real estate investment trust’s stock valued at $63,763,000 after buying an additional 17,128 shares during the period. Finally, Invesco Ltd. grew its stake in shares of EastGroup Properties by 12.7% during the third quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock valued at $120,975,000 after buying an additional 81,636 shares during the last quarter. Hedge funds and other institutional investors 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.