Eastgroup Properties (NYSE:EGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, Zacks.com reports. The brokerage currently has a $151.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.37% from the stock’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 brokerages have also recently commented on EGP. Stifel Nicolaus set a $145.00 target price on shares of Eastgroup Properties and gave the stock a “buy” rating in a report on Friday, October 25th. Citigroup upped their target price on shares of Eastgroup Properties from $109.00 to $129.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. ValuEngine lowered shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley upped their target price on shares of Eastgroup Properties from $120.00 to $130.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 10th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $134.00.
Eastgroup Properties (NYSE:EGP) last released its earnings results on Wednesday, October 23rd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.25 by ($0.65). The company had revenue of $83.94 million during the quarter, compared to analysts’ expectations of $83.24 million. Eastgroup Properties had a net margin of 28.07% and a return on equity of 9.16%. The firm’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.17 earnings per share. Analysts anticipate that Eastgroup Properties will post 4.96 EPS for the current year.
In related news, Director David H. Hoster II sold 6,000 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $132.84, for a total transaction of $797,040.00. Following the transaction, the director now owns 167,646 shares of the company’s stock, valued at approximately $22,270,094.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.00% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Retirement Systems of Alabama boosted its position in Eastgroup Properties by 2.1% during the 3rd quarter. Retirement Systems of Alabama now owns 48,823 shares of the real estate investment trust’s stock valued at $6,104,000 after buying an additional 1,019 shares during the period. California State Teachers Retirement System lifted its position in shares of Eastgroup Properties by 3.4% in the 3rd quarter. California State Teachers Retirement System now owns 57,836 shares of the real estate investment trust’s stock worth $7,231,000 after purchasing an additional 1,920 shares during the period. Carillon Tower Advisers Inc. purchased a new stake in shares of Eastgroup Properties in the 3rd quarter worth about $19,430,000. Mason Street Advisors LLC lifted its position in shares of Eastgroup Properties by 0.5% in the 3rd quarter. Mason Street Advisors LLC now owns 19,697 shares of the real estate investment trust’s stock worth $2,463,000 after purchasing an additional 107 shares during the period. Finally, Campbell & CO Investment Adviser LLC lifted its position in shares of Eastgroup Properties by 165.9% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 5,026 shares of the real estate investment trust’s stock worth $628,000 after purchasing an additional 3,136 shares during the period. 89.61% of the stock is currently owned by institutional investors.
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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