Robert W. Baird Issues Positive Forecast for EastGroup Properties (NYSE:EGP) Stock Price

EastGroup Properties (NYSE:EGP) had its price target boosted by equities researchers at Robert W. Baird from $192.00 to $194.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Robert W. Baird’s price objective would indicate a potential upside of 8.01% from the stock’s current price.

EGP has been the subject of a number of other reports. Raymond James upgraded EastGroup Properties from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $185.00 to $200.00 in a research report on Wednesday, December 11th. Jefferies Financial Group raised EastGroup Properties from a “hold” rating to a “buy” rating and raised their target price for the stock from $174.00 to $194.00 in a research note on Thursday, January 2nd. StockNews.com raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Monday, February 10th. KeyCorp restated a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Finally, Wells Fargo & Company decreased their target price on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, EastGroup Properties currently has an average rating of “Moderate Buy” and a consensus price target of $191.65.

EastGroup Properties Stock Performance

Shares of EGP opened at $179.61 on Wednesday. EastGroup Properties has a 52-week low of $155.10 and a 52-week high of $192.61. The stock has a market cap of $9.34 billion, a PE ratio of 38.63, a price-to-earnings-growth ratio of 3.35 and a beta of 1.00. The firm’s fifty day moving average is $166.83 and its two-hundred day moving average is $175.20. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. Research analysts forecast that EastGroup Properties will post 8.93 earnings per share for the current fiscal year.

Institutional Investors Weigh In On EastGroup Properties

Hedge funds have recently added to or reduced their stakes in the business. Cerity Partners LLC increased its position in shares of EastGroup Properties by 35.6% during the third quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust’s stock worth $2,545,000 after acquiring an additional 3,574 shares during the period. Ausbil Investment Management Ltd increased its holdings in EastGroup Properties by 261.6% during the 3rd quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust’s stock worth $1,259,000 after purchasing an additional 4,874 shares during the period. Franklin Resources Inc. raised its position in EastGroup Properties by 337.0% in the 3rd quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock valued at $8,728,000 after purchasing an additional 37,863 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in EastGroup Properties by 20.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust’s stock valued at $261,000 after purchasing an additional 275 shares in the last quarter. Finally, Nordea Investment Management AB boosted its stake in shares of EastGroup Properties by 6.1% in the 4th quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust’s stock valued at $11,667,000 after buying an additional 4,176 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.