Price Action To Observe: Could Eastgroup Properties Inc Change Direction After Today’s Huge Decline?

Price Action To Observe: Could Eastgroup Properties Inc Change Direction After Today's Huge Decline?

The stock of Eastgroup Properties Inc (NYSE:EGP) is a huge mover today! The stock decreased 3.50% or $2.5 on October 5, hitting $69. Eastgroup Properties Inc (NYSE:EGP) has risen 27.60% since March 2, 2016 and is uptrending. It has outperformed by 19.34% the S&P500.
The move comes after 9 months negative chart setup for the $2.27 billion company. It was reported on Oct, 5 by We have $65.55 PT which if reached, will make NYSE:EGP worth $113.50 million less.

Analysts await Eastgroup Properties Inc (NYSE:EGP) to report earnings on October, 20. They expect $1.03 EPS, up 9.57% or $0.09 from last year’s $0.94 per share. EGP’s profit will be $33.89 million for 16.75 P/E if the $1.03 EPS becomes a reality. After $0.99 actual EPS reported by Eastgroup Properties Inc for the previous quarter, Wall Street now forecasts 4.04% EPS growth.

Eastgroup Properties Inc (NYSE:EGP) Ratings Coverage

Out of 8 analysts covering Eastgroup Properties Inc. (NYSE:EGP), 1 rate it a “Buy”, 1 “Sell”, while 6 “Hold”. This means 13% are positive. Eastgroup Properties Inc. has been the topic of 10 analyst reports since August 20, 2015 according to StockzIntelligence Inc. Zacks downgraded the shares of EGP in a report on Friday, August 21 to “Buy” rating. On Tuesday, September 8 the stock rating was maintained by Evercore with “Hold”. The stock has “Buy” rating given by Mizuho on Wednesday, September 28. Credit Suisse downgraded the stock to “Neutral” rating in Thursday, August 20 report. The firm has “Hold” rating by Stifel Nicolaus given on Friday, July 22. The company was downgraded on Friday, July 22 by Sandler O’Neill. The firm earned “Neutral” rating on Thursday, August 25 by BTIG Research. The stock of Eastgroup Properties Inc (NYSE:EGP) has “Underweight” rating given on Tuesday, September 6 by Morgan Stanley. KeyBanc Capital Markets upgraded the stock to “Sector Weight” rating in Friday, July 15 report.

According to Zacks Investment Research, “EastGroup Properties is a self-administered real estate investment trust focused on ownership, acquisition and selective development of industrial properties. The company pursues a three-pronged investment strategy that includes: the acquisition of industrial properties at favorable initial yields, with opportunities to improve cash flow performance through management; selective development of industrial properties in markets where they already has a presence and where market conditions justify such investments; and the acquisition of existing public & private companies.”

Insitutional Activity: The institutional sentiment decreased to 1.32 in Q2 2016. Its down 0.22, from 1.54 in 2016Q1. The ratio dived, as 14 funds sold all Eastgroup Properties Inc shares owned while 57 reduced positions. 19 funds bought stakes while 75 increased positions. They now own 30.17 million shares or 0.72% more from 29.95 million shares in 2016Q1.
State Bank Of Montreal Can holds 0% or 59,575 shares in its portfolio. Nuveen Asset Management Ltd Liability Co holds 0.04% of its portfolio in Eastgroup Properties Inc (NYSE:EGP) for 84,273 shares. Amica Pension Fund Board Of Trustees last reported 2,250 shares in the company. Hsbc Holdg Public Limited Company has 4,980 shares for 0% of their US portfolio. Citigroup Inc, a New York-based fund reported 15,881 shares. Hexavest, a Quebec – Canada-based fund reported 1,700 shares. Strs Ohio accumulated 0.02% or 58,944 shares. Guggenheim Cap Lc holds 0.04% or 163,035 shares in its portfolio. Proshare Advisors Ltd Limited Liability Company holds 12,889 shares or 0.01% of its portfolio. Bb&T last reported 600 shares in the company. Foster And Motley has 0.58% invested in the company for 42,722 shares. Kempen Capital Management Nv last reported 17,159 shares in the company. Blackrock Institutional Na last reported 1.18M shares in the company. Quantbot Tech Lp holds 0.04% or 5,160 shares in its portfolio. First Trust L P accumulated 0.01% or 25,736 shares.

Insider Transactions: Since April 26, 2016, the stock had 1 insider purchase, and 5 sales for $1.52 million net activity. Another trade for 3,400 shares valued at $245,534 was sold by WOOD BRENT. $46,534 worth of Eastgroup Properties Inc (NYSE:EGP) shares were sold by HOSTER DAVID H II. Shares for $176,705 were sold by CORKERN BRUCE on Monday, July 25. BOLTON H ERIC JR also bought $101,922 worth of Eastgroup Properties Inc (NYSE:EGP) shares.

More news for Eastgroup Properties Inc (NYSE:EGP) were recently published by:, which released: “EastGroup Properties downgraded to hold from buy at Stifel Nicolaus” on April 19, 2011.‘s article titled: “EastGroup Properties Announces Dividend Increase” and published on September 01, 2016 is yet another important article.

EGP Company Profile

EastGroup Properties, Inc., incorporated on April 4, 1997, is an equity real estate investment trust. The Firm 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. The Firm operates through the industrial properties segment. The Firm is a well-known provider of functional, flexible and business distribution space for location sensitive tenants primarily in the 5,000 to 50,000 square foot range. It focuses on the ownership of business distribution space, as well as bulk distribution space and business service space.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Leave a Comment