Wells Fargo & Company Issues Positive Forecast for EastGroup Properties (NYSE:EGP) Stock Price

EastGroup Properties (NYSE:EGP) had its price target increased by stock analysts at Wells Fargo & Company from $232.00 to $236.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 18.06% from the company’s previous close.

A number of other research firms have also weighed in on EGP. Royal Bank Of Canada raised their target price on EastGroup Properties from $208.00 to $220.00 and gave the company a “sector perform” rating in a report on Monday, August 3rd. Robert W. Baird set a $221.00 target price on shares of EastGroup Properties in a research report on Friday, July 31st. Truist Financial reduced their target price on EastGroup Properties from $230.00 to $215.00 and set a “buy” rating for the company in a report on Friday. Evercore set a $199.00 price target on EastGroup Properties in a research report on Friday, October 2nd. Finally, Cantor Fitzgerald cut their price objective on EastGroup Properties from $235.00 to $220.00 and set an “overweight” rating on the stock in a research report on Monday, October 26th. Twelve equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $219.94.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock opened at $199.90 on Monday. The firm has a market capitalization of $10.75 billion, a P/E ratio of 33.88, a P/E/G ratio of 3.98 and a beta of 0.94. EastGroup Properties has a fifty-two week low of $172.17 and a fifty-two week high of $226.71. The company’s 50 day moving average price is $198.79 and its two-hundred day moving average price is $198.05.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.97). EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. The company had revenue of $199.44 million for the quarter, compared to analyst estimates of $197.51 million. During the same period in the previous year, the firm posted $2.27 earnings per share. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. On average, analysts expect that EastGroup Properties will post 9.64 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Staci Tyler sold 1,600 shares of the stock in a transaction on Friday, October 23rd. The shares were sold at an average price of $201.69, for a total transaction of $322,704.00. Following the transaction, the chief financial officer owned 13,584 shares of the company’s stock, valued at approximately $2,739,756.96. This trade represents a 10.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.00% of the stock is owned by insiders.

Institutional Trading of EastGroup Properties

Several large investors have recently added to or reduced their stakes in EGP. BlackRock Inc. purchased a new stake in EastGroup Properties in the second quarter worth about $1,553,186,000. Principal Financial Group Inc. lifted its holdings in shares of EastGroup Properties by 1.1% during the first quarter. Principal Financial Group Inc. now owns 2,328,714 shares of the real estate investment trust’s stock valued at $431,028,000 after purchasing an additional 24,910 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of EastGroup Properties by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 799,996 shares of the real estate investment trust’s stock worth $148,070,000 after purchasing an additional 26,727 shares in the last quarter. Deutsche Bank AG bought a new stake in shares of EastGroup Properties in the 2nd quarter worth approximately $114,775,000. Finally, Bank of America Corp DE purchased a new stake in shares of EastGroup Properties in the 2nd quarter worth approximately $94,505,000. 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 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.