Zacks Investment Research Downgrades Eastgroup Properties (EGP) to Hold

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

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. “

Several other research firms have also issued reports on EGP. Bank of America lifted their price target on Eastgroup Properties from $100.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, July 16th. ValuEngine raised Eastgroup Properties from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Citigroup lifted their price target on Eastgroup Properties from $87.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 25th. Wells Fargo & Co lifted their price target on Eastgroup Properties from $96.00 to $98.00 and gave the stock a “market perform” rating in a research report on Monday, July 30th. Finally, Stifel Nicolaus raised Eastgroup Properties from a “hold” rating to a “buy” rating and lifted their price target for the stock from $93.00 to $103.00 in a research report on Thursday, May 31st. Nine equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Eastgroup Properties presently has an average rating of “Hold” and an average price target of $95.64.

Eastgroup Properties stock traded down $1.32 on Wednesday, hitting $93.40. 184,400 shares of the stock traded hands, compared to its average volume of 211,856. The firm has a market capitalization of $3.39 billion, a P/E ratio of 21.92, a P/E/G ratio of 4.14 and a beta of 0.77. Eastgroup Properties has a 1 year low of $77.74 and a 1 year high of $99.39.

Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, July 19th. The real estate investment trust reported $0.49 EPS for the quarter, meeting the consensus estimate of $0.49. The business had revenue of $74.90 million during the quarter, compared to analyst estimates of $72.60 million. Eastgroup Properties had a return on equity of 10.26% and a net margin of 28.00%. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 earnings per share. equities analysts expect that Eastgroup Properties will post 4.62 EPS for the current year.

In other Eastgroup Properties news, EVP Brent Wood sold 4,700 shares of the business’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $97.40, for a total value of $457,780.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John F. Coleman sold 5,000 shares of the business’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $96.27, for a total value of $481,350.00. The disclosure for this sale can be found here. In the last three months, insiders sold 9,965 shares of company stock valued at $964,687. 2.30% of the stock is owned by insiders.

Large investors have recently modified their holdings of the business. Federated Investors Inc. PA purchased a new position in Eastgroup Properties in the 2nd quarter worth about $115,000. Assetmark Inc. grew its stake in shares of Eastgroup Properties by 312.7% during the 1st quarter. Assetmark Inc. now owns 1,465 shares of the real estate investment trust’s stock valued at $121,000 after purchasing an additional 1,110 shares during the period. NumerixS Investment Technologies Inc bought a new stake in shares of Eastgroup Properties during the 2nd quarter valued at about $133,000. Lido Advisors LLC bought a new stake in shares of Eastgroup Properties during the 2nd quarter valued at about $203,000. Finally, Nissay Asset Management Corp Japan ADV bought a new stake in shares of Eastgroup Properties during the 2nd quarter valued at about $207,000. 93.96% of the stock is owned by institutional investors and hedge funds.

About Eastgroup Properties

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.

Further Reading: How are Outstanding Shares Different from Authorized Shares?

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