ValuEngine cut shares of Eastgroup Properties (NYSE:EGP) from a buy rating to a hold rating in a report published on Tuesday.

EGP has been the topic of a number of other research reports. Zacks Investment Research cut Eastgroup Properties from a buy rating to a hold rating in a research note on Wednesday, July 11th. Sandler O’Neill set a $105.00 price objective on Eastgroup Properties and gave the stock a buy rating in a research note on Monday, July 23rd. Bank of America boosted their price objective on Eastgroup Properties from $100.00 to $103.00 and gave the stock a buy rating in a research note on Monday, July 16th. Citigroup boosted their price objective on Eastgroup Properties from $87.00 to $90.00 and gave the stock a neutral rating in a research note on Wednesday, July 25th. Finally, Mizuho restated a hold rating and set a $92.00 price objective on shares of Eastgroup Properties in a research note on Monday, July 30th. Ten research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Eastgroup Properties has a consensus rating of Hold and an average target price of $95.09.

Shares of EGP opened at $95.08 on Tuesday. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of 21.57, a P/E/G ratio of 4.44 and a beta of 0.77. Eastgroup Properties has a 12 month low of $77.74 and a 12 month high of $99.39.

Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings data on Thursday, July 19th. The real estate investment trust reported $0.49 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.49. The company had revenue of $74.90 million for the quarter, compared to analysts’ expectations of $72.60 million. Eastgroup Properties had a return on equity of 10.26% and a net margin of 28.00%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.05 earnings per share. sell-side analysts expect that Eastgroup Properties will post 4.62 EPS for the current year.

In related news, Director H C. Bailey, Jr. sold 265 shares of the business’s stock in a transaction dated Tuesday, July 3rd. The stock was sold at an average price of $96.44, for a total value of $25,556.60. Following the transaction, the director now owns 3,759 shares in the company, valued at $362,517.96. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Brent Wood sold 4,700 shares of the business’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $97.40, for a total value of $457,780.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,965 shares of company stock worth $964,687. Insiders own 2.30% of the company’s stock.

Several large investors have recently added to or reduced their stakes in EGP. Millennium Management LLC acquired a new position in shares of Eastgroup Properties in the fourth quarter worth about $1,001,000. Fort Washington Investment Advisors Inc. OH acquired a new position in shares of Eastgroup Properties in the first quarter worth about $207,000. Daiwa Securities Group Inc. lifted its stake in shares of Eastgroup Properties by 21.1% in the first quarter. Daiwa Securities Group Inc. now owns 4,600 shares of the real estate investment trust’s stock worth $380,000 after acquiring an additional 800 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Eastgroup Properties by 4.6% in the first quarter. Rhumbline Advisers now owns 99,945 shares of the real estate investment trust’s stock worth $8,261,000 after acquiring an additional 4,385 shares in the last quarter. Finally, Comerica Bank lifted its stake in shares of Eastgroup Properties by 2.3% in the first quarter. Comerica Bank now owns 49,737 shares of the real estate investment trust’s stock worth $4,194,000 after acquiring an additional 1,117 shares in the last quarter. Institutional investors and hedge funds own 93.98% of the company’s stock.

About Eastgroup Properties

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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Analyst Recommendations for Eastgroup Properties (NYSE:EGP)

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