Eastgroup Properties (NYSE:EGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm currently has a $111.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.16% from the company’s previous close.
According to Zacks, “EastGroup Properties is a self-administered real estate investment trust focused on ownership, acquisition and selective development of industrial properties. The company pursues a three-pronged investment strategy that includes: the acquisition of industrial properties at favorable initial yields, with opportunities to improve cash flow performance through management; selective development of industrial properties in markets where they already has a presence and where market conditions justify such investments; and the acquisition of existing public & private companies. “
A number of other research firms have also issued reports on EGP. ValuEngine lowered shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Tuesday, September 4th. SunTrust Banks set a $92.00 target price on shares of Eastgroup Properties and gave the company a “hold” rating in a research note on Tuesday, October 23rd. Jefferies Financial Group started coverage on shares of Eastgroup Properties in a research note on Friday, November 30th. They issued a “hold” rating and a $99.00 target price on the stock. Finally, Citigroup raised their target price on shares of Eastgroup Properties from $90.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday, October 30th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $97.90.
Eastgroup Properties (NYSE:EGP) last posted its earnings results on Thursday, October 18th. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.14. Eastgroup Properties had a net margin of 29.80% and a return on equity of 10.69%. The business had revenue of $75.30 million for the quarter, compared to analyst estimates of $74.65 million. During the same period last year, the business posted $1.08 EPS. Eastgroup Properties’s revenue was up 9.6% compared to the same quarter last year. Equities analysts anticipate that Eastgroup Properties will post 4.67 EPS for the current fiscal year.
In other Eastgroup Properties news, EVP John F. Coleman sold 10,000 shares of the firm’s stock in a transaction on Wednesday, November 28th. The shares were sold at an average price of $99.57, for a total value of $995,700.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director H C. Bailey, Jr. sold 264 shares of the firm’s stock in a transaction on Wednesday, October 31st. The stock was sold at an average price of $97.01, for a total transaction of $25,610.64. The disclosure for this sale can be found here. Insiders sold a total of 16,264 shares of company stock worth $1,621,011 over the last 90 days. Company insiders own 2.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of EGP. Federated Investors Inc. PA acquired a new stake in Eastgroup Properties in the 2nd quarter worth $115,000. NumerixS Investment Technologies Inc acquired a new stake in Eastgroup Properties in the 2nd quarter worth $133,000. Lido Advisors LLC acquired a new stake in Eastgroup Properties in the 2nd quarter worth $203,000. Nissay Asset Management Corp Japan ADV acquired a new stake in Eastgroup Properties in the 2nd quarter worth $207,000. Finally, OppenheimerFunds Inc. acquired a new stake in Eastgroup Properties in the 2nd quarter worth $222,000. Institutional investors own 94.61% 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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