Zacks Investment Research upgraded shares of Eastgroup Properties (NYSE:EGP) from a sell rating to a hold rating in a report issued on Tuesday, January 16th. They currently have $95.00 price objective on the real estate investment trust’s stock.
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. “
Several other brokerages have also recently issued reports on EGP. ValuEngine cut Eastgroup Properties from a buy rating to a hold rating in a report on Saturday, September 30th. Citigroup upped their price objective on Eastgroup Properties from $84.00 to $87.00 and gave the stock a neutral rating in a report on Monday, October 30th. KeyCorp reaffirmed a hold rating on shares of Eastgroup Properties in a report on Sunday, September 24th. Mizuho downgraded Eastgroup Properties from a buy rating to a neutral rating in a research report on Monday, October 23rd. Finally, SunTrust Banks set a $85.00 target price on Eastgroup Properties and gave the company a sell rating in a research report on Sunday, October 29th. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Eastgroup Properties currently has an average rating of Hold and a consensus price target of $87.42.
Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, January 31st. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. Eastgroup Properties had a return on equity of 11.76% and a net margin of 30.34%. The company had revenue of $71.36 million during the quarter, compared to the consensus estimate of $69.66 million. During the same period in the previous year, the company posted $1.08 EPS. The firm’s revenue was up 7.6% on a year-over-year basis. sell-side analysts expect that Eastgroup Properties will post 4.5 EPS for the current fiscal year.
In other Eastgroup Properties news, Director David H. Hoster II sold 12,250 shares of the stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $94.10, for a total value of $1,152,725.00. Following the completion of the sale, the director now directly owns 173,880 shares in the company, valued at $16,362,108. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Brent Wood sold 3,300 shares of the firm’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $90.26, for a total value of $297,858.00. The disclosure for this sale can be found here. Insiders have sold a total of 19,136 shares of company stock valued at $1,779,599 over the last 90 days. 2.90% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Eastgroup Properties by 1.4% in the second quarter. Vanguard Group Inc. now owns 5,481,319 shares of the real estate investment trust’s stock worth $459,334,000 after purchasing an additional 73,355 shares during the last quarter. BlackRock Inc. raised its stake in shares of Eastgroup Properties by 3.0% in the fourth quarter. BlackRock Inc. now owns 5,393,662 shares of the real estate investment trust’s stock worth $476,693,000 after purchasing an additional 154,784 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Eastgroup Properties by 10.8% in the third quarter. JPMorgan Chase & Co. now owns 2,715,422 shares of the real estate investment trust’s stock worth $239,934,000 after purchasing an additional 265,123 shares during the last quarter. State Street Corp raised its stake in shares of Eastgroup Properties by 3.8% in the second quarter. State Street Corp now owns 1,299,564 shares of the real estate investment trust’s stock worth $108,905,000 after purchasing an additional 47,824 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Eastgroup Properties by 8.5% during the second quarter. Northern Trust Corp now owns 614,906 shares of the real estate investment trust’s stock worth $51,529,000 after acquiring an additional 48,269 shares during the period. Hedge funds and other institutional investors own 96.10% of the company’s stock.
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About Eastgroup Properties
EastGroup Properties, Inc is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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