EastGroup Properties (NYSE:EGP) Price Target Cut to $183.00 by Analysts at JPMorgan Chase & Co.

EastGroup Properties (NYSE:EGP) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $190.00 to $183.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 16.00% from the stock’s previous close.

A number of other equities analysts have also weighed in on EGP. Barclays lowered their price target on shares of EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating on the stock in a research report on Monday. Mizuho restated a “neutral” rating and set a $185.00 price target on shares of EastGroup Properties in a research report on Tuesday, April 2nd. Evercore ISI lowered their price target on shares of EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a research report on Thursday, April 25th. KeyCorp decreased their target price on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Royal Bank of Canada boosted their target price on shares of EastGroup Properties from $180.00 to $190.00 and gave the company a “sector perform” rating in a report on Friday, February 16th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, EastGroup Properties presently has a consensus rating of “Hold” and an average price target of $185.13.

EastGroup Properties Price Performance

EGP traded up $0.90 on Thursday, reaching $157.76. 56,438 shares of the company’s stock were exchanged, compared to its average volume of 286,521. The stock has a market cap of $7.59 billion, a PE ratio of 34.20, a P/E/G ratio of 2.47 and a beta of 0.96. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85. The stock’s fifty day moving average price is $173.28 and its 200-day moving average price is $174.84. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10.

Insider Activity

In related news, CFO Brent Wood sold 2,500 shares of the company’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 transaction of $456,850.00. Following the sale, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On EastGroup Properties

Several large investors have recently added to or reduced their stakes in EGP. Norges Bank purchased a new stake in EastGroup Properties during the 4th quarter worth approximately $103,931,000. Wellington Management Group LLP increased its position in shares of EastGroup Properties by 113.1% in the 3rd quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock valued at $115,773,000 after purchasing an additional 368,954 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of EastGroup Properties in the 3rd quarter valued at approximately $58,974,000. Boston Partners increased its position in shares of EastGroup Properties by 42.7% in the 4th quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock valued at $138,813,000 after purchasing an additional 226,169 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its position in shares of EastGroup Properties by 1,265.5% in the 3rd quarter. Daiwa Securities Group Inc. now owns 241,716 shares of the real estate investment trust’s stock valued at $40,253,000 after purchasing an additional 224,014 shares during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

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.