EastGroup Properties (NYSE:EGP – Get Free Report) had its target price increased by JPMorgan Chase & Co. from $210.00 to $231.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 7.59% from the stock’s current price.
A number of other brokerages have also recently commented on EGP. KeyCorp upped their price target on EastGroup Properties from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. Piper Sandler upped their price objective on shares of EastGroup Properties from $240.00 to $268.00 and gave the company an “overweight” rating in a report on Tuesday. Barclays increased their target price on shares of EastGroup Properties from $210.00 to $228.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Evercore set a $206.00 target price on shares of EastGroup Properties in a research note on Thursday. Finally, Truist Financial boosted their price target on shares of EastGroup Properties from $205.00 to $215.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $216.58.
Read Our Latest Stock Report on EastGroup Properties
EastGroup Properties Stock Performance
EastGroup Properties (NYSE:EGP – Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.09. The company had revenue of $193.33 million during the quarter, compared to analyst estimates of $193.61 million. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.64%. EastGroup Properties’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.21 EPS. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. On average, sell-side analysts expect that EastGroup Properties will post 9.59 earnings per share for the current fiscal year.
Insider Buying and Selling at EastGroup Properties
In other news, Director David Michael Fields sold 504 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $195.77, for a total value of $98,668.08. Following the sale, the director directly owned 3,531 shares of the company’s stock, valued at approximately $691,263.87. This represents a 12.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.00% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On EastGroup Properties
Several hedge funds have recently bought and sold shares of EGP. State of Wyoming bought a new stake in EastGroup Properties during the 2nd quarter worth approximately $27,000. Glen Eagle Advisors LLC increased its holdings in shares of EastGroup Properties by 96.3% in the first quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 104 shares during the period. Parallel Advisors LLC increased its holdings in shares of EastGroup Properties by 53.5% in the third quarter. Parallel Advisors LLC now owns 244 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 85 shares during the period. Clearstead Advisors LLC raised its position in shares of EastGroup Properties by 114.9% in the fourth quarter. Clearstead Advisors LLC now owns 260 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 139 shares in the last quarter. Finally, Avalon Trust Co bought a new stake in EastGroup Properties during the first quarter valued at $46,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.
About EastGroup Properties
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.
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