JPMorgan Chase & Co. Lowers EastGroup Properties (NYSE:EGP) Price Target to $183.00

EastGroup Properties (NYSE:EGP) had its target price decreased by JPMorgan Chase & Co. from $190.00 to $183.00 in a 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 objective points to a potential upside of 14.48% from the company’s current price.

A number of other equities analysts also recently commented on the stock. KeyCorp cut their target price on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a research note on Tuesday. Piper Sandler dropped their price objective on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Truist Financial increased their target price on EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a research note on Tuesday, February 20th. Royal Bank of Canada lifted their price target on shares of EastGroup Properties from $180.00 to $190.00 and gave the stock a “sector perform” rating in a research note on Friday, February 16th. Finally, Robert W. Baird reduced their price objective on shares of EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating on the stock in a research note on Wednesday. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $185.13.

EastGroup Properties Trading Up 0.8 %

Shares of EGP stock opened at $159.86 on Thursday. The firm has a market capitalization of $7.70 billion, a P/E ratio of 34.68, a PEG ratio of 2.75 and a beta of 0.96. EastGroup Properties has a fifty-two week low of $154.75 and a fifty-two week high of $188.85. The stock’s fifty day moving average is $172.39 and its two-hundred day moving average is $174.67. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10.

Insider Buying and Selling at EastGroup Properties

In other news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the transaction, the chief financial officer now directly owns 102,617 shares in the company, valued at $18,752,230.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On EastGroup Properties

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. grew its position in EastGroup Properties by 15.0% in the 4th quarter. Pacer Advisors Inc. now owns 61,527 shares of the real estate investment trust’s stock valued at $11,293,000 after buying an additional 8,002 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of EastGroup Properties by 2.2% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 361,853 shares of the real estate investment trust’s stock worth $66,414,000 after buying an additional 7,724 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of EastGroup Properties by 3.5% in the third quarter. The Manufacturers Life Insurance Company now owns 272,447 shares of the real estate investment trust’s stock valued at $45,370,000 after buying an additional 9,160 shares during the period. Russell Investments Group Ltd. boosted its stake in EastGroup Properties by 5.2% during the fourth quarter. Russell Investments Group Ltd. now owns 347,083 shares of the real estate investment trust’s stock valued at $63,763,000 after buying an additional 17,128 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in EastGroup Properties by 12.7% during the third quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock valued at $120,975,000 after buying an additional 81,636 shares in the last quarter. 92.14% of the stock is currently owned by 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.