EastGroup Properties, Inc. (NYSE:EGP)‘s stock had its “hold” rating reiterated by Cantor Fitzgerald in a research note issued to investors on Friday, October 20th. They presently have a $79.00 price objective on the real estate investment trust’s stock. Cantor Fitzgerald’s price objective indicates a potential downside of 13.01% from the company’s previous close.
The analysts wrote, “3Q FFO/sh. at $1.08 was inline with Cantor/Consensus (FactSet). The line- item variance to our estimates includes higher income from real estate operations (+$0.02) offset by higher real estate expenses (+$0.01) and interest expense (+ $0.01). GAAP rental rates (new and renewal) were up 20.9% vs. 13.9% in 2Q and occupancy and % leased were strong at 95.6% and 97.4%. GAAP SSNOI was up 3.1% vs. 2.5% in 2Q, with further seq.””
A number of other brokerages have also recently weighed in on EGP. Stifel Nicolaus reiterated a “hold” rating and issued a $85.00 target price on shares of EastGroup Properties in a report on Friday, July 28th. ValuEngine lowered EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Saturday, September 30th. KeyCorp reissued a “hold” rating on shares of EastGroup Properties in a research report on Sunday, September 24th. Zacks Investment Research raised EastGroup Properties from a “hold” rating to a “buy” rating and set a $99.00 price objective on the stock in a research report on Monday, October 2nd. Finally, Bank of America Corporation raised EastGroup Properties from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $91.00 to $96.00 in a research report on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $86.18.
Shares of EastGroup Properties (NYSE EGP) opened at 90.81 on Friday. The company’s 50-day moving average price is $89.95 and its 200 day moving average price is $84.78. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 38.06 and a beta of 0.98. EastGroup Properties has a 12-month low of $63.99 and a 12-month high of $93.61.
EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.61. EastGroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The business had revenue of $68.75 million for the quarter, compared to analysts’ expectations of $68.74 million. During the same quarter last year, the firm earned $1.04 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. On average, equities analysts predict that EastGroup Properties will post $2.42 earnings per share for the current year.
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A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in EastGroup Properties by 1.4% during 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 in the last quarter. BlackRock Inc. increased its holdings in shares of EastGroup Properties by 2.6% in the second quarter. BlackRock Inc. now owns 4,961,740 shares of the real estate investment trust’s stock valued at $415,793,000 after buying an additional 124,476 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of EastGroup Properties by 2.8% in the second quarter. JPMorgan Chase & Co. now owns 2,450,299 shares of the real estate investment trust’s stock valued at $205,335,000 after buying an additional 66,858 shares in the last quarter. State Street Corp increased its holdings 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 valued at $108,905,000 after buying an additional 47,824 shares in the last quarter. Finally, Uniplan Investment Counsel Inc. increased its holdings in shares of EastGroup Properties by 42.9% in the second quarter. Uniplan Investment Counsel Inc. now owns 779,163 shares of the real estate investment trust’s stock valued at $46,349,000 after buying an additional 233,802 shares in the last quarter. 96.39% of the stock is currently owned by hedge funds and other institutional investors.
EastGroup Properties Company Profile
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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