Evercore ISI Trims EastGroup Properties (NYSE:EGP) Target Price to $178.00

EastGroup Properties (NYSE:EGP) had its target price cut by research analysts at Evercore ISI from $190.00 to $178.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price target suggests a potential upside of 13.71% from the company’s previous close.

Several other analysts have also weighed in on the company. BMO Capital Markets started coverage on EastGroup Properties in a report on Monday. They set an “outperform” rating and a $190.00 price objective on the stock. JPMorgan Chase & Co. started coverage on EastGroup Properties in a report on Thursday, April 11th. They set a “neutral” rating and a $190.00 price objective on the stock. Barclays started coverage on EastGroup Properties in a report on Wednesday, March 27th. They set an “equal weight” rating and a $181.00 price objective on the stock. KeyCorp lifted their price objective on EastGroup Properties from $188.00 to $198.00 and gave the stock an “overweight” rating in a report on Monday, February 12th. Finally, Royal Bank of Canada boosted their price target on EastGroup Properties from $180.00 to $190.00 and gave the company a “sector perform” rating in a research note on Friday, February 16th. Ten equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $189.00.

EastGroup Properties Stock Performance

NYSE EGP traded down $1.45 during trading on Thursday, hitting $156.54. The company’s stock had a trading volume of 12,345 shares, compared to its average volume of 284,479. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.64. The firm has a 50 day moving average price of $176.44 and a 200 day moving average price of $175.37. The firm has a market cap of $7.52 billion, a P/E ratio of 33.96, a price-to-earnings-growth ratio of 2.63 and a beta of 0.93. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $188.85.

Insiders Place Their Bets

In other 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 value of $456,850.00. Following the completion of the transaction, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On EastGroup Properties

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC bought a new stake in EastGroup Properties during the 4th quarter valued at approximately $31,000. Venturi Wealth Management LLC raised its position in 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 worth $36,000 after purchasing an additional 66 shares during the period. ZRC Wealth Management LLC bought a new position in EastGroup Properties in the 4th quarter worth about $37,000. Mather Group LLC. bought a new position in shares of EastGroup Properties during the first quarter valued at approximately $42,000. Finally, Tucker Asset Management LLC purchased a new position in shares of EastGroup Properties in the third quarter worth $44,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

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.