Mizuho Raises EastGroup Properties (NYSE:EGP) Price Target to $215.00

EastGroup Properties (NYSE:EGP) had its price objective hoisted by equities research analysts at Mizuho from $160.00 to $215.00 in a research note issued to investors on Thursday, The Fly reports. Mizuho’s price target would suggest a potential upside of 3.61% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Evercore ISI restated a “hold” rating and issued a $164.00 price objective on shares of EastGroup Properties in a research note on Friday, October 8th. BTIG Research lifted their target price on EastGroup Properties from $164.00 to $248.00 and gave the company a “buy” rating in a report on Thursday, December 23rd. Berenberg Bank initiated coverage on EastGroup Properties in a report on Wednesday, October 20th. They set a “buy” rating and a $215.00 target price for the company. Zacks Investment Research raised EastGroup Properties from a “hold” rating to a “buy” rating and set a $241.00 target price for the company in a report on Friday, January 7th. Finally, Wells Fargo & Company lifted their target price on EastGroup Properties from $175.00 to $220.00 and gave the company an “equal weight” rating in a report on Friday, November 19th. Eight investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $205.10.

Shares of EastGroup Properties stock opened at $207.51 on Thursday. EastGroup Properties has a 52-week low of $131.28 and a 52-week high of $229.84. The stock’s 50-day simple moving average is $211.65 and its 200 day simple moving average is $187.87. The stock has a market capitalization of $8.44 billion, a P/E ratio of 67.37, a P/E/G ratio of 3.84 and a beta of 0.79.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Tuesday, October 26th. The real estate investment trust reported $0.76 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.48 by ($0.72). EastGroup Properties had a net margin of 31.12% and a return on equity of 9.13%. The firm had revenue of $104.60 million during the quarter, compared to the consensus estimate of $101.40 million. During the same quarter in the prior year, the firm posted $1.36 earnings per share. The company’s revenue was up 13.7% on a year-over-year basis. Research analysts predict that EastGroup Properties will post 6.05 earnings per share for the current fiscal year.

In other EastGroup Properties news, SVP Richard Reid Dunbar sold 500 shares of the company’s stock in a transaction that occurred on Friday, November 19th. The stock was sold at an average price of $204.27, for a total value of $102,135.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John F. Coleman sold 3,199 shares of the company’s stock in a transaction that occurred on Tuesday, November 16th. The stock was sold at an average price of $206.57, for a total value of $660,817.43. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in EastGroup Properties by 1.8% in the second quarter. Vanguard Group Inc. now owns 5,898,758 shares of the real estate investment trust’s stock valued at $970,051,000 after purchasing an additional 101,733 shares during the last quarter. State Street Corp lifted its position in EastGroup Properties by 0.7% in the second quarter. State Street Corp now owns 2,000,622 shares of the real estate investment trust’s stock valued at $330,576,000 after purchasing an additional 14,016 shares during the last quarter. Deutsche Bank AG lifted its position in EastGroup Properties by 4.9% in the third quarter. Deutsche Bank AG now owns 1,144,111 shares of the real estate investment trust’s stock valued at $190,643,000 after purchasing an additional 53,835 shares during the last quarter. Eaton Vance Management lifted its position in EastGroup Properties by 11.3% in the third quarter. Eaton Vance Management now owns 1,035,329 shares of the real estate investment trust’s stock valued at $172,992,000 after purchasing an additional 104,885 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in EastGroup Properties by 1.0% in the third quarter. Geode Capital Management LLC now owns 803,047 shares of the real estate investment trust’s stock valued at $133,811,000 after purchasing an additional 8,226 shares during the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Company Profile

EastGroup Properties, Inc is an equity real estate investment trust, which engages in the development, acquisition and operation of industrial properties in the United States. It operates through Industrial Properties segment. Its portfolio consists of distribution facilities in Florida, California, Texas, Arizona, and North Carolina.

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