EastGroup Properties (NYSE:EGP) Raised to Overweight at JPMorgan Chase & Co.

EastGroup Properties (NYSE:EGP) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Thursday, September 24th, Marketbeat reports. The firm presently has a $231.00 price target on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 17.88% from the stock’s current price.

Several other equities research analysts also recently issued reports on the company. Morgan Stanley raised their price target on EastGroup Properties from $215.00 to $231.00 and gave the company an “equal weight” rating in a report on Wednesday, May 27th. KeyCorp raised their price target on EastGroup Properties from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, July 13th. Weiss Ratings downgraded EastGroup Properties from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, September 9th. Truist Financial raised their price target on EastGroup Properties from $215.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, Robert W. Baird set a $221.00 price target on EastGroup Properties in a report on Friday, July 31st. Thirteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, EastGroup Properties presently has an average rating of “Moderate Buy” and an average target price of $221.37.

EastGroup Properties Stock Down 0.8%

Shares of NYSE EGP traded down $1.50 during trading hours on Thursday, hitting $195.95. The company had a trading volume of 37,409 shares, compared to its average volume of 405,513. The stock has a market capitalization of $10.54 billion, a P/E ratio of 34.39, a price-to-earnings-growth ratio of 2.95 and a beta of 1.01. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.45. EastGroup Properties has a 1-year low of $166.11 and a 1-year high of $226.71. The firm’s 50 day moving average is $202.43 and its 200-day moving average is $201.24.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, July 22nd. The real estate investment trust reported $1.40 EPS for the quarter, beating the consensus estimate of $1.31 by $0.09. EastGroup Properties had a return on equity of 8.61% and a net margin of 40.47%.The company had revenue of $193.33 million during the quarter, compared to the consensus estimate of $193.61 million. During the same quarter in the prior year, the firm posted $2.21 EPS. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. On average, analysts expect that EastGroup Properties will post 9.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of EastGroup Properties in the second quarter worth $1,553,186,000. Cohen & Steers Inc. increased its position in shares of EastGroup Properties by 7.0% in the fourth quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust’s stock worth $545,746,000 after purchasing an additional 200,617 shares during the period. Principal Financial Group Inc. increased its position in shares of EastGroup Properties by 1.1% in the first quarter. Principal Financial Group Inc. now owns 2,328,714 shares of the real estate investment trust’s stock worth $431,028,000 after purchasing an additional 24,910 shares during the period. Norges Bank bought a new position in shares of EastGroup Properties in the fourth quarter worth $281,054,000. Finally, Geode Capital Management LLC grew its position in EastGroup Properties by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 1,153,355 shares of the real estate investment trust’s stock valued at $205,495,000 after acquiring an additional 26,191 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP) is a self-administered and self-managed equity real estate investment trust (REIT) that develops, acquires, owns and operates industrial properties. Its portfolio is primarily composed of distribution and warehouse facilities designed to support customers’ logistics, manufacturing and regional fulfillment needs.

The company focuses on functional, well-located industrial properties in major Sun Belt markets, with an emphasis on infill locations near population centers, transportation networks and business districts.