EastGroup Properties (NYSE:EGP) Upgraded at Wall Street Zen

EastGroup Properties (NYSE:EGP) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday.

A number of other equities analysts have also commented on EGP. Evercore set a $188.00 price objective on EastGroup Properties in a research note on Friday, February 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of EastGroup Properties in a research note on Monday, December 29th. Wells Fargo & Company lifted their price objective on EastGroup Properties from $187.00 to $196.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Citigroup lifted their target price on shares of EastGroup Properties from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Finally, Robert W. Baird set a $203.00 price objective on EastGroup Properties in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $200.18.

EastGroup Properties Stock Performance

Shares of NYSE:EGP opened at $188.20 on Friday. The stock has a market capitalization of $10.04 billion, a price-to-earnings ratio of 38.64, a price-to-earnings-growth ratio of 3.13 and a beta of 1.10. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.01 and a quick ratio of 0.01. The business’s fifty day moving average price is $186.35 and its two-hundred day moving average price is $178.48. EastGroup Properties has a fifty-two week low of $137.67 and a fifty-two week high of $197.95.

Hedge Funds Weigh In On EastGroup Properties

Several hedge funds have recently made changes to their positions in the business. Hsbc Holdings PLC boosted its holdings in EastGroup Properties by 12.6% during the fourth quarter. Hsbc Holdings PLC now owns 130,033 shares of the real estate investment trust’s stock worth $23,164,000 after purchasing an additional 14,528 shares during the last quarter. Kera Capital Partners Inc. grew its holdings in shares of EastGroup Properties by 54.8% in the 4th quarter. Kera Capital Partners Inc. now owns 3,120 shares of the real estate investment trust’s stock valued at $567,000 after acquiring an additional 1,104 shares in the last quarter. Invesco Ltd. increased its position in shares of EastGroup Properties by 14.9% in the fourth quarter. Invesco Ltd. now owns 1,024,829 shares of the real estate investment trust’s stock valued at $182,563,000 after acquiring an additional 132,878 shares during the last quarter. Corient Private Wealth LLC raised its holdings in EastGroup Properties by 623.9% during the fourth quarter. Corient Private Wealth LLC now owns 174,997 shares of the real estate investment trust’s stock worth $31,174,000 after acquiring an additional 150,822 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its position in EastGroup Properties by 7.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 31,699 shares of the real estate investment trust’s stock valued at $5,647,000 after purchasing an additional 2,136 shares during the last quarter. 92.14% of the stock is owned by institutional investors.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.