JPMorgan Chase & Co. Has Lowered Expectations for EastGroup Properties (NYSE:EGP) Stock Price

EastGroup Properties (NYSE:EGP) had its price target dropped by stock analysts at JPMorgan Chase & Co. from $231.00 to $220.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 10.00% from the company’s previous close.

Several other analysts have also weighed in on EGP. KeyCorp lifted their price objective on EastGroup Properties from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Monday, July 13th. Piper Sandler cut their target price on EastGroup Properties from $268.00 to $246.00 and set an “overweight” rating for the company in a research note on Monday, October 12th. Weiss Ratings cut EastGroup Properties from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 9th. Barclays raised their target price on EastGroup Properties from $210.00 to $228.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Finally, BTIG Research boosted their price target on shares of EastGroup Properties from $218.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, July 1st. Twelve investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties has a consensus rating of “Moderate Buy” and an average target price of $220.59.

EastGroup Properties Trading Up 2.5%

EGP stock traded up $4.94 during trading on Thursday, reaching $199.99. 588,834 shares of the stock were exchanged, compared to its average volume of 422,094. EastGroup Properties has a twelve month low of $172.17 and a twelve month high of $226.71. The company has a market capitalization of $10.76 billion, a P/E ratio of 33.90, a price-to-earnings-growth ratio of 4.17 and a beta of 1.00. The stock has a 50 day simple moving average of $198.89 and a 200-day simple moving average of $197.89.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.97). The firm had revenue of $199.44 million for the quarter, compared to the consensus estimate of $197.51 million. EastGroup Properties had a net margin of 41.05% and a return on equity of 8.90%. The company’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.27 earnings per share. Equities analysts predict that EastGroup Properties will post 9.62 EPS for the current year.

Insider Buying and Selling

In related news, CFO Staci Tyler sold 1,600 shares of the firm’s stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $201.69, for a total transaction of $322,704.00. Following the completion of the sale, the chief financial officer directly owned 13,584 shares of the company’s stock, valued at $2,739,756.96. This trade represents a 10.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of EastGroup Properties

Large investors have recently made changes to their positions in the business. Pension & Wealth Management Advisors Inc. bought a new position in shares of EastGroup Properties in the third quarter valued at about $25,000. Integrated Wealth Concepts LLC bought a new stake in EastGroup Properties during the 2nd quarter worth about $26,000. CX Institutional grew its holdings in EastGroup Properties by 115.9% during the 3rd quarter. CX Institutional now owns 149 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 80 shares during the last quarter. Glen Eagle Advisors LLC grew its stake in shares of EastGroup Properties by 96.3% during the first quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 104 shares during the last quarter. Finally, Avalon Trust Co acquired a new stake in shares of EastGroup Properties in the first quarter valued at approximately $46,000. Institutional investors own 92.14% of the company’s stock.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.

Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.