Eastgroup Properties (NYSE:EGP) Cut to “Hold” at Zacks Investment Research

Eastgroup Properties (NYSE:EGP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports.

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. “

Separately, Morgan Stanley lowered Meili from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $14.00 to $4.20 in a research report on Monday, June 3rd. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Eastgroup Properties presently has a consensus rating of “Hold” and a consensus price target of $103.25.

Shares of Eastgroup Properties stock traded up $0.43 on Tuesday, reaching $118.91. 161,646 shares of the company were exchanged, compared to its average volume of 276,166. The business has a fifty day simple moving average of $115.87. The stock has a market cap of $4.38 billion, a price-to-earnings ratio of 25.46, a price-to-earnings-growth ratio of 4.68 and a beta of 0.81. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.02 and a quick ratio of 0.02. Eastgroup Properties has a fifty-two week low of $87.69 and a fifty-two week high of $120.61.

Eastgroup Properties (NYSE:EGP) last issued its earnings results on Monday, April 22nd. The real estate investment trust reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.02. Eastgroup Properties had a return on equity of 9.19% and a net margin of 26.82%. The firm had revenue of $78.79 million for the quarter, compared to the consensus estimate of $78.83 million. During the same quarter in the previous year, the company posted $1.16 earnings per share. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. As a group, research analysts anticipate that Eastgroup Properties will post 4.88 EPS for the current year.

In other Eastgroup Properties news, Director David H. Hoster II sold 942 shares of Eastgroup Properties stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $110.83, for a total value of $104,401.86. Following the sale, the director now owns 174,588 shares of the company’s stock, valued at approximately $19,349,588.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.00% of the company’s stock.

Several large investors have recently added to or reduced their stakes in EGP. Macquarie Group Ltd. boosted its holdings in shares of Eastgroup Properties by 19.5% during the fourth quarter. Macquarie Group Ltd. now owns 674,957 shares of the real estate investment trust’s stock worth $61,914,000 after acquiring an additional 109,969 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Eastgroup Properties by 2.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 548,940 shares of the real estate investment trust’s stock worth $50,353,000 after purchasing an additional 13,551 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Eastgroup Properties by 0.9% in the fourth quarter. Bank of New York Mellon Corp now owns 518,819 shares of the real estate investment trust’s stock worth $47,590,000 after purchasing an additional 4,751 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Eastgroup Properties by 11.4% in the fourth quarter. Geode Capital Management LLC now owns 480,444 shares of the real estate investment trust’s stock worth $44,071,000 after purchasing an additional 49,158 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Eastgroup Properties in the fourth quarter worth $38,078,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Eastgroup Properties Company Profile

EastGroup Properties, Inc 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.

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