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Eastgroup Properties (EGP) Gets a Hold from Wells Fargo

Wells Fargo analyst Blaine Heck maintained a Hold rating on Eastgroup Properties (EGPResearch Report) today and set a price target of $178.00. The company’s shares closed yesterday at $174.43.

Heck covers the Financial sector, focusing on stocks such as Duke Realty, Eastgroup Properties, and Prologis. According to TipRanks, Heck has an average return of 2.1% and a 54.84% success rate on recommended stocks.

Eastgroup Properties has an analyst consensus of Hold, with a price target consensus of $181.45, implying a 4.02% upside from current levels. In a report released on August 5, RBC Capital also maintained a Hold rating on the stock with a $206.00 price target.

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Based on Eastgroup Properties’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $118.55 million and a net profit of $46.14 million. In comparison, last year the company earned a revenue of $99.58 million and had a net profit of $27.56 million

Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of EGP in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

EastGroup Properties, Inc. is an equity real estate investment trust, which engages in the development, acquisition and operation of industrial properties in the United States. It operates through Industrial Properties segment. Its portfolio consists of distribution facilities in Florida, California, Texas, Arizona, and North Carolina. The company was founded in 1969 and is headquartered in Ridgeland, MS.

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