EastGroup Properties, Inc. (EGP) PT Raised to $87.00 at Citigroup Inc.

EastGroup Properties, Inc. (NYSE:EGP) had its target price increased by investment analysts at Citigroup Inc. from $84.00 to $87.00 in a research report issued on Monday. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Citigroup Inc.’s target price suggests a potential downside of 3.96% from the company’s previous close.

EGP has been the subject of a number of other reports. KeyCorp reaffirmed a “neutral” rating on shares of EastGroup Properties in a research note on Friday, August 25th. ValuEngine raised EastGroup Properties from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. DA Davidson set a $100.00 target price on EastGroup Properties and gave the stock a “hold” rating in a research note on Friday, October 20th. Zacks Investment Research downgraded EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, October 25th. Finally, Cantor Fitzgerald reaffirmed a “hold” rating and issued a $79.00 target price on shares of EastGroup Properties in a research note on Friday, October 20th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. EastGroup Properties presently has a consensus rating of “Hold” and a consensus target price of $87.25.

EastGroup Properties (EGP) opened at 90.59 on Monday. The company has a market cap of $3.09 billion, a PE ratio of 37.97 and a beta of 0.98. The firm’s 50-day moving average is $89.92 and its 200-day moving average is $85.01. EastGroup Properties has a 52-week low of $63.99 and a 52-week high of $93.61.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $68.74 million. During the same period last year, the company earned $1.04 EPS. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, equities research analysts anticipate that EastGroup Properties will post $2.43 EPS for the current year.

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Several large investors have recently modified their holdings of EGP. OppenheimerFunds Inc. acquired a new stake in shares of EastGroup Properties during the 1st quarter worth about $236,000. FMR LLC increased its position in shares of EastGroup Properties by 1.8% during the 1st quarter. FMR LLC now owns 188,828 shares of the real estate investment trust’s stock worth $13,885,000 after purchasing an additional 3,328 shares during the last quarter. Teachers Advisors LLC increased its position in shares of EastGroup Properties by 3.2% during the 1st quarter. Teachers Advisors LLC now owns 59,077 shares of the real estate investment trust’s stock worth $4,344,000 after purchasing an additional 1,830 shares during the last quarter. Geode Capital Management LLC increased its position in shares of EastGroup Properties by 3.6% during the 1st quarter. Geode Capital Management LLC now owns 287,237 shares of the real estate investment trust’s stock worth $21,120,000 after purchasing an additional 10,062 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of EastGroup Properties by 6.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 462,553 shares of the real estate investment trust’s stock worth $34,011,000 after purchasing an additional 27,620 shares during the last quarter. 95.99% of the stock is owned by hedge funds and other institutional investors.

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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