Eastgroup Properties (EGP) Receives Buy Rating from Sandler O’Neill

Sandler O’Neill reiterated their buy rating on shares of Eastgroup Properties (NYSE:EGP) in a research report sent to investors on Wednesday morning. Sandler O’Neill currently has a $95.00 price objective on the real estate investment trust’s stock.

Several other equities research analysts also recently commented on the company. Zacks Investment Research downgraded Eastgroup Properties from a buy rating to a hold rating in a report on Wednesday, October 25th. Bank of America lifted their price objective on Eastgroup Properties from $100.00 to $103.00 and gave the stock a buy rating in a report on Monday, November 6th. Morgan Stanley restated an equal weight rating and set a $82.00 price objective on shares of Eastgroup Properties in a report on Thursday, December 14th. Cantor Fitzgerald restated a hold rating and set a $79.00 price objective on shares of Eastgroup Properties in a report on Friday, October 20th. Finally, DA Davidson set a $100.00 price objective on Eastgroup Properties and gave the stock a hold rating in a report on Friday, October 20th. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $87.42.

Shares of Eastgroup Properties (NYSE:EGP) opened at $80.76 on Wednesday. The company has a market capitalization of $2,781.86, a PE ratio of 18.97, a P/E/G ratio of 4.05 and a beta of 0.92. Eastgroup Properties has a twelve month low of $69.53 and a twelve month high of $95.03.

Eastgroup Properties (NYSE:EGP) last announced its earnings results on Wednesday, January 31st. The real estate investment trust reported $0.51 EPS for the quarter, beating the consensus estimate of $0.49 by $0.02. The business had revenue of $71.36 million for the quarter, compared to the consensus estimate of $69.66 million. Eastgroup Properties had a return on equity of 11.76% and a net margin of 30.34%. The company’s revenue was up 7.6% on a year-over-year basis. During the same period last year, the business posted $1.08 EPS. analysts expect that Eastgroup Properties will post 4.5 EPS for the current year.

In other news, Director David H. Hoster II sold 12,250 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $94.10, for a total value of $1,152,725.00. Following the completion of the sale, the director now directly owns 173,880 shares in the company, valued at approximately $16,362,108. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brent Wood sold 3,300 shares of the business’s stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $90.26, for a total value of $297,858.00. The disclosure for this sale can be found here. Insiders sold a total of 19,136 shares of company stock valued at $1,779,599 over the last quarter. Company insiders own 2.90% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of EGP. Integrated Investment Consultants LLC acquired a new position in Eastgroup Properties during the 3rd quarter valued at approximately $115,000. SeaCrest Wealth Management LLC acquired a new position in Eastgroup Properties during the 4th quarter valued at approximately $148,000. Everence Capital Management Inc. acquired a new position in Eastgroup Properties during the 3rd quarter valued at approximately $202,000. Cubist Systematic Strategies LLC acquired a new position in Eastgroup Properties during the 2nd quarter valued at approximately $216,000. Finally, Advisor Group Inc. boosted its position in Eastgroup Properties by 17.7% during the 2nd quarter. Advisor Group Inc. now owns 2,747 shares of the real estate investment trust’s stock valued at $220,000 after purchasing an additional 414 shares during the period. Institutional investors and hedge funds own 96.10% of the company’s stock.

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About Eastgroup Properties

EastGroup Properties, Inc is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.

Analyst Recommendations for Eastgroup Properties (NYSE:EGP)

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