EastGroup Properties (NYSE:EGP) Upgraded by JPMorgan Chase & Co. to “Overweight” Rating

by · The Cerbat Gem

EastGroup Properties (NYSE:EGP – Get Free Report) was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Thursday, Marketbeat.com reports. The brokerage presently has a $231.00 price objective on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 14.21% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. BTIG Research upped their price objective on shares of EastGroup Properties from $218.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, July 1st. Royal Bank Of Canada raised their price target on shares of EastGroup Properties from $208.00 to $220.00 and gave the company a “sector perform” rating in a research report on Monday, August 3rd. Wells Fargo & Company increased their price objective on EastGroup Properties from $221.00 to $232.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 1st. Raymond James Financial assumed coverage on EastGroup Properties in a research report on Wednesday, June 17th. They set an “outperform” rating and a $241.00 target price on the stock. Finally, KeyCorp raised their price target on shares of EastGroup Properties from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.37.

Check Out Our Latest Report on EastGroup Properties

EastGroup Properties Stock Down 0.6%

Shares of NYSE EGP opened at $202.26 on Thursday. The company’s 50 day moving average price is $204.38 and its 200-day moving average price is $200.82. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.16 and a current ratio of 0.16. EastGroup Properties has a 52-week low of $164.80 and a 52-week high of $226.71. The company has a market capitalization of $10.88 billion, a P/E ratio of 35.48, a price-to-earnings-growth ratio of 2.96 and a beta of 1.01.

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, beating the consensus estimate of $1.31 by $0.09. EastGroup Properties had a return on equity of 8.61% and a net margin of 40.47%.The firm had revenue of $193.33 million for the quarter, compared to analyst estimates of $193.61 million. During the same period in the previous year, the firm earned $2.21 earnings per share. The company’s revenue was up 9.0% compared to the same quarter last year. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. Equities analysts forecast that EastGroup Properties will post 9.6 earnings per share for the current year.

Institutional Investors Weigh In On EastGroup Properties

Several large investors have recently added to or reduced their stakes in EGP. BlackRock Inc. bought a new position in EastGroup Properties during the second quarter worth about $1,553,186,000. Cohen & Steers Inc. grew its stake in 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 valued at $545,746,000 after buying an additional 200,617 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of EastGroup Properties by 1.1% during the first quarter. Principal Financial Group Inc. now owns 2,328,714 shares of the real estate investment trust’s stock worth $431,028,000 after acquiring an additional 24,910 shares in the last quarter. Norges Bank bought a new position in shares of EastGroup Properties in the fourth quarter worth $281,054,000. Finally, Geode Capital Management LLC grew its position in shares of EastGroup Properties by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 1,153,355 shares of the real estate investment trust’s stock valued at $205,495,000 after purchasing an additional 26,191 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

About EastGroup Properties

(Get Free Report)

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust that owns, develops, acquires and operates industrial properties. The company focuses primarily on business distribution space, including functional warehouse and light industrial facilities designed to support local and regional distribution, manufacturing and service businesses.

EastGroup concentrates its portfolio in major Sun Belt markets, with a presence in states including Arizona, California, Florida, Georgia, Nevada, North Carolina, Oklahoma, Tennessee and Texas.

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