EastGroup Properties (NYSE:EGP) Given New $205.00 Price Target at Truist Financial

EastGroup Properties (NYSE:EGP) had its price target increased by research analysts at Truist Financial from $203.00 to $205.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Truist Financial’s target price points to a potential upside of 7.39% from the stock’s current price.

Several other analysts also recently weighed in on EGP. BNP Paribas Exane upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $207.00 target price for the company in a report on Monday, October 27th. Evercore set a $188.00 price objective on shares of EastGroup Properties in a report on Friday, February 6th. Wells Fargo & Company increased their price target on shares of EastGroup Properties from $187.00 to $196.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. Robert W. Baird set a $203.00 price target on shares of EastGroup Properties in a research note on Wednesday, February 11th. Finally, KeyCorp upped their price target on shares of EastGroup Properties from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $199.47.

EastGroup Properties Trading Down 0.0%

EastGroup Properties stock traded down $0.03 during trading on Tuesday, reaching $190.89. 30,209 shares of the company were exchanged, compared to its average volume of 392,490. The stock’s 50 day simple moving average is $183.24 and its two-hundred day simple moving average is $175.70. The company has a market capitalization of $10.18 billion, a P/E ratio of 39.20, a PEG ratio of 2.79 and a beta of 1.11. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.01 and a quick ratio of 0.01. EastGroup Properties has a 52-week low of $137.67 and a 52-week high of $193.14.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors have recently bought and sold shares of EGP. Vanguard Group Inc. grew its stake in shares of EastGroup Properties by 0.6% in the third quarter. Vanguard Group Inc. now owns 7,350,473 shares of the real estate investment trust’s stock valued at $1,244,141,000 after buying an additional 43,633 shares in the last quarter. Cohen & Steers Inc. lifted its position in shares of EastGroup Properties by 7.0% in the 4th quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust’s stock worth $545,746,000 after buying an additional 200,617 shares during the last quarter. State Street Corp grew its stake in EastGroup Properties by 0.6% during the 3rd quarter. State Street Corp now owns 2,683,711 shares of the real estate investment trust’s stock worth $458,320,000 after buying an additional 15,918 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of EastGroup Properties by 16.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,303,804 shares of the real estate investment trust’s stock valued at $410,404,000 after purchasing an additional 318,261 shares during the period. Finally, Norges Bank bought a new position in shares of EastGroup Properties in the fourth quarter worth $281,054,000. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Company Profile

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.