EastGroup Properties (NYSE:EGP) PT Lowered to $172.00 at Royal Bank of Canada

EastGroup Properties (NYSE:EGP) had its price objective lowered by equities researchers at Royal Bank of Canada from $190.00 to $172.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target points to a potential upside of 6.11% from the stock’s current price.

A number of other equities research analysts also recently commented on EGP. Barclays reduced their target price on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating for the company in a report on Monday, April 29th. BMO Capital Markets assumed coverage on shares of EastGroup Properties in a research report on Monday, April 22nd. They set an “outperform” rating and a $190.00 target price on the stock. Mizuho reiterated a “neutral” rating and set a $185.00 price target on shares of EastGroup Properties in a research report on Tuesday, April 2nd. Piper Sandler lowered their price target on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Finally, Robert W. Baird dropped their price objective on EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $184.00.

EastGroup Properties Stock Performance

Shares of EGP stock opened at $162.09 on Monday. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $188.85. The company has a market cap of $7.80 billion, a price-to-earnings ratio of 35.16, a price-to-earnings-growth ratio of 2.78 and a beta of 0.96. The stock has a 50 day simple moving average of $171.68 and a 200-day simple moving average of $174.84.

Insiders Place Their Bets

In other news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the transaction, the chief financial officer now owns 102,617 shares of the company’s stock, valued at $18,752,230.58. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EGP. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in EastGroup Properties by 6.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,765 shares of the real estate investment trust’s stock worth $2,958,000 after buying an additional 1,035 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of EastGroup Properties in the third quarter worth approximately $5,223,000. Advisor Partners II LLC boosted its position in shares of EastGroup Properties by 54.7% in the third quarter. Advisor Partners II LLC now owns 2,968 shares of the real estate investment trust’s stock worth $494,000 after acquiring an additional 1,050 shares during the last quarter. Park Avenue Securities LLC purchased a new stake in EastGroup Properties in the third quarter valued at approximately $450,000. Finally, Inspire Investing LLC increased its position in EastGroup Properties by 4.9% during the third quarter. Inspire Investing LLC now owns 7,825 shares of the real estate investment trust’s stock worth $1,303,000 after purchasing an additional 369 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.