Eastgroup Properties Inc (NYSE:EGP) Given Average Recommendation of “Hold” by Brokerages

Eastgroup Properties Inc (NYSE:EGP) has been assigned an average recommendation of “Hold” from the six brokerages that are currently covering the stock, MarketBeat reports. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $110.65.

EGP has been the subject of a number of research reports. SunTrust Banks lifted their target price on Eastgroup Properties from $105.00 to $115.00 and gave the stock a “hold” rating in a report on Tuesday, August 13th. Zacks Investment Research raised Eastgroup Properties from a “hold” rating to a “buy” rating and set a $134.00 target price for the company in a report on Monday, August 5th. Finally, Morgan Stanley lifted their target price on Eastgroup Properties from $105.00 to $110.00 and gave the stock an “equal weight” rating in a report on Monday, June 3rd.

Eastgroup Properties stock traded up $1.91 during mid-day trading on Friday, hitting $124.75. 1,089,200 shares of the company’s stock traded hands, compared to its average volume of 238,066. The firm has a 50 day simple moving average of $119.55 and a two-hundred day simple moving average of $113.10. Eastgroup Properties has a fifty-two week low of $87.69 and a fifty-two week high of $125.62. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of 26.71, a P/E/G ratio of 5.15 and a beta of 0.80.

In other news, Director David H. Hoster II sold 942 shares of Eastgroup Properties stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $110.83, for a total transaction of $104,401.86. Following the completion of the sale, the director now owns 174,588 shares of the company’s stock, valued at $19,349,588.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.00% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of EGP. Point72 Hong Kong Ltd acquired a new position in Eastgroup Properties in the second quarter valued at about $37,000. Tower Research Capital LLC TRC raised its stake in Eastgroup Properties by 1,773.3% in the second quarter. Tower Research Capital LLC TRC now owns 562 shares of the real estate investment trust’s stock valued at $65,000 after purchasing an additional 532 shares in the last quarter. Quantamental Technologies LLC acquired a new position in Eastgroup Properties in the first quarter valued at about $67,000. Steward Partners Investment Advisory LLC acquired a new position in Eastgroup Properties in the second quarter valued at about $81,000. Finally, Private Capital Group LLC raised its stake in Eastgroup Properties by 45.1% in the first quarter. Private Capital Group LLC now owns 721 shares of the real estate investment trust’s stock valued at $81,000 after purchasing an additional 224 shares in the last quarter. 92.56% of the stock is owned by institutional investors.

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.

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