EastGroup Properties (NYSE:EGP) Price Target Cut to $183.00 by Analysts at JPMorgan Chase & Co.

EastGroup Properties (NYSE:EGP) had its price objective decreased by research analysts at JPMorgan Chase & Co. from $190.00 to $183.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 16.00% from the company’s current price.

Several other brokerages also recently issued reports on EGP. Royal Bank of Canada raised their price objective on shares of EastGroup Properties from $180.00 to $190.00 and gave the stock a “sector perform” rating in a research note on Friday, February 16th. Evercore ISI lowered their price objective on shares of EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a research note on Thursday, April 25th. KeyCorp lowered their price objective on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a research note on Tuesday. Piper Sandler lowered their price objective on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, BMO Capital Markets initiated coverage on shares of EastGroup Properties in a research note on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price objective on the stock. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $185.13.

EastGroup Properties Stock Performance

EGP stock traded up $0.90 during midday trading on Thursday, hitting $157.76. 56,438 shares of the company traded hands, compared to its average volume of 286,521. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. The business has a 50 day simple moving average of $173.28 and a 200-day simple moving average of $174.84. The stock has a market capitalization of $7.59 billion, a price-to-earnings ratio of 34.20, a price-to-earnings-growth ratio of 2.47 and a beta of 0.96.

Insider Buying and Selling at EastGroup Properties

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction on 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 directly owns 102,617 shares of the company’s stock, valued at $18,752,230.58. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its stake in shares of EastGroup Properties by 6.2% in the first quarter. BNP Paribas Financial Markets now owns 57,443 shares of the real estate investment trust’s stock valued at $10,327,000 after buying an additional 3,346 shares in the last quarter. Retirement Systems of Alabama increased its stake in shares of EastGroup Properties by 3.2% in the first quarter. Retirement Systems of Alabama now owns 59,899 shares of the real estate investment trust’s stock valued at $10,768,000 after buying an additional 1,873 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of EastGroup Properties by 14.9% in the first quarter. Van ECK Associates Corp now owns 18,210 shares of the real estate investment trust’s stock valued at $3,274,000 after buying an additional 2,356 shares in the last quarter. Yousif Capital Management LLC increased its stake in shares of EastGroup Properties by 0.6% in the first quarter. Yousif Capital Management LLC now owns 23,282 shares of the real estate investment trust’s stock valued at $4,185,000 after buying an additional 146 shares in the last quarter. Finally, SYSTM Wealth Solutions LLC increased its stake in shares of EastGroup Properties by 24.2% in the first quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after buying an additional 65 shares in the last quarter. 92.14% of the stock is owned by 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.