According to The Fly, investment analysts at Evercore ISI stated in a research note distributed to investors on Monday that they were lowering their price objective for EastGroup Properties (NYSE: EGP). The previous price goal of $159.00 has been revised to $156.00 as the new price objective. Evercore ISI has projected that the company’s price will be 0.29% lower than its most recent closing price when it reaches the price objective that it has set. Regarding EGP, many investigations have been conducted as of late. Morgan Stanley decreased their price target on EastGroup Properties from $215.00 to $195.00 and gave the company an “equal weight” rating in a research note issued on August 1st and evaluated the firm. The research note also gave the company an equal weight rating.
In a research report published on the 4th of July, Piper Sandler announced that they had decreased their price goal for EastGroup Properties to $200.00. Wells Fargo & Stock announced in a research note published on Thursday, August 11th, that they were boosting their price objective for EastGroup Properties from $170.00 to $178.00 and that they were classifying the company as having “equal weight.” In a research report published on May 31st, Truist Financial dropped its price target on EastGroup Properties from $200,000 to $175,000 and gave the firm a “hold” rating in a research report. The study was released on Tuesday. The report’s subject matter was EastGroup Properties. Last but not least, in a research report on EastGroup Properties published on Thursday, June 30th, Jefferies Financial Group rated the company as a “hold.” It decreased its target price for the company from $200 to $144, bringing it down to $144. Additionally, in the same report, Jefferies Financial Group reduced its price target for EastGroup Properties from $200 to $144, bringing it down to $144.
Although three of the research specialists advocated buying the shares, most of them (seven out of ten) chose to keep the hold recommendation they had previously given for the company. According to the data provided by Bloomberg, the current rating for the company is “Hold,” and market analysts anticipate that the price of one share of its stock will be approximately $189.80. At the beginning of trading on Monday, one share of EastGroup Properties was trading at $156.46. The debt-to-equity ratio is an eight, while the quick and current ratios are zero. The debt-to-equity ratio, however, is zero. The company’s stock has a price-to-earnings ratio currently sitting at 30.44, a price-to-earnings-growth ratio currently sitting at 2.87, and a beta value currently sitting at 0.87. It is now estimated that the company’s market value is 6.82 billion dollars. The moving average of the company’s stock price over the last 50 days is $166.74, while the moving average over the past 200 days is $174.34. Over the previous year, EastGroup Properties shares have traded at prices ranging from $148.33 to $229.84, with an average price of $148.33 per share. Several hedge funds’ holdings of Egyptian pound currency as a percentage of their total assets have lately been subject to changes.
BlackRock Inc. boosted the proportion of its holdings invested in EastGroup Properties by 22.4% during the fourth quarter of 2018. Following the conclusion of the most recent financial quarter, BlackRock Inc. now owns a total of 1,203,642 extra shares in the real estate investment trust. This brings the total number of shares owned by the business to $6,579,597, with a value of $1,499,157,000. FMR LLC acquired an additional 88.5% of EastGroup Properties’ shares during the second quarter. Following the acquisition of an additional 630,210 shares during the most recent quarter, FMR LLC now possesses a total of 1,342,138 shares of the real estate investment trust, which are currently valued at a combined total of $207,133,000. The percentage of EastGroup Properties in which Zimmer Partners LP has invested grew by 70.0% during the second quarter. After making an additional purchase of 350,000 shares during the preceding quarter, Zimmer Partners LP now owns 850,000 of the real estate investment trust’s shares, which have a combined value of a total of $131,181,000.
This brings the total value of the company’s holdings to $131,181,000. Millennium Management LLC increased its stake in EastGroup Properties by 253.5% during the second quarter. Millennium Management LLC now has a total of 454,424 shares of the real estate investment trust, valued at $71,130,000, thanks to purchasing an additional 325,858 shares during the most recent quarter. This increases Millennium Management LLC’s total number of shares in the REIT up to 454,424, bringing their ownership to 100%. In conclusion, the State Street Corporation boosted the proportion of its investments held in EastGroup Properties by 11.5% during the year’s first three months. State Street Corp. now has 2,412,188 real estate investment trust shares after purchasing an additional 248,538 shares during the most recent quarter. The current value of these shares on the market is a total of $492,949,000.
Institutional investors and hedge funds jointly control 89.68% of the firm’s total shares, which means that these two types of investors hold the bulk of the company’s stock. EastGroup Properties, Inc., a self-administered equity real estate investment trust that focuses on the important Sunbelt areas of Florida, Texas, Arizona, California, and North Carolina, is a member of the S&P MidCap 400 and trades under the ticker symbol “EGP” on the New York Stock Exchange. The company is involved in buying, building, and running industrial properties in these areas.