Wells Fargo & Company Has Lowered Expectations for EastGroup Properties (NYSE:EGP) Stock Price

EastGroup Properties (NYSE:EGP) had its price target reduced by research analysts at Wells Fargo & Company from $199.00 to $187.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 9.37% from the company’s current price.

A number of other brokerages have also issued reports on EGP. Piper Sandler decreased their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Robert W. Baird lowered their target price on EastGroup Properties from $194.00 to $190.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. Evercore ISI raised their price target on EastGroup Properties from $179.00 to $180.00 and gave the stock an “in-line” rating in a research note on Thursday, April 24th. StockNews.com raised EastGroup Properties from a “sell” rating to a “hold” rating in a research note on Sunday, April 27th. Finally, Truist Financial dropped their price objective on EastGroup Properties from $180.00 to $177.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $186.60.

EastGroup Properties Price Performance

EGP opened at $170.99 on Monday. The firm has a market capitalization of $8.98 billion, a P/E ratio of 36.77, a PEG ratio of 3.35 and a beta of 1.05. The stock has a fifty day moving average of $166.54 and a 200-day moving average of $169.42. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties has a 12-month low of $137.67 and a 12-month high of $192.61.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.01. The firm had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same period last year, the company posted $1.98 EPS. Equities analysts forecast that EastGroup Properties will post 8.94 EPS for the current fiscal year.

Institutional Trading of EastGroup Properties

Hedge funds and other institutional investors have recently modified their holdings of the business. Citizens National Bank Trust Department bought a new stake in EastGroup Properties during the 1st quarter worth approximately $26,000. Assetmark Inc. increased its holdings in shares of EastGroup Properties by 1,035.7% in the first quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 145 shares during the period. Crowley Wealth Management Inc. purchased a new stake in shares of EastGroup Properties in the fourth quarter worth $29,000. Canton Hathaway LLC bought a new stake in EastGroup Properties during the fourth quarter valued at $30,000. Finally, Mather Group LLC. grew its position in EastGroup Properties by 74.2% during the first quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust’s stock worth $64,000 after buying an additional 155 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

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.