EastGroup Properties Inc. (EGP) Shares Gap Up to $70.84
EastGroup Properties Inc. (NYSE:EGP) gapped up before the market opened on Tuesday . The stock had previously closed at $70.61, but opened at $70.84. EastGroup Properties shares last traded at $71.24, with a volume of 36,689 shares traded.
A number of equities research analysts have weighed in on EGP shares. Zacks Investment Research raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a report on Monday, July 25th. TheStreet raised shares of EastGroup Properties from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. Stifel Nicolaus lowered shares of EastGroup Properties from a “buy” rating to a “hold” rating in a report on Friday, July 22nd. They noted that the move was a valuation call. BTIG Research started coverage on shares of EastGroup Properties in a report on Thursday, August 25th. They set a “neutral” rating on the stock. Finally, Credit Suisse Group AG restated a “hold” rating on shares of EastGroup Properties in a research report on Friday, June 17th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $64.60.
The stock’s 50-day moving average price is $72.45 and its 200-day moving average price is $66.20. The company has a market cap of $2.32 billion, a P/E ratio of 25.70 and a beta of 0.97.
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EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.99 EPS for the quarter, meeting analysts’ consensus estimates of $0.99. EastGroup Properties had a net margin of 36.63% and a return on equity of 15.59%. The business had revenue of $61.92 million for the quarter, compared to analysts’ expectations of $61.53 million. During the same period last year, the business earned $0.92 earnings per share. The business’s quarterly revenue was up 7.0% on a year-over-year basis. Analysts expect that EastGroup Properties Inc. will post $3.99 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 19th will be given a dividend of $0.62 per share. This is a boost from EastGroup Properties’s previous quarterly dividend of $0.60. This represents a $2.48 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Thursday, September 15th. EastGroup Properties’s dividend payout ratio (DPR) is presently 90.51%.
In other EastGroup Properties news, Director David H. Hoster II sold 8,000 shares of the stock in a transaction that occurred on Wednesday, June 22nd. The shares were sold at an average price of $68.00, for a total transaction of $544,000.00. Following the transaction, the director now directly owns 192,037 shares in the company, valued at $13,058,516. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David H. Hoster II sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $73.01, for a total transaction of $730,100.00. Following the transaction, the director now owns 192,037 shares in the company, valued at $14,020,621.37. The disclosure for this sale can be found here. Company insiders own 3.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of EastGroup Properties by 3.3% in the second quarter. Vanguard Group Inc. now owns 4,973,293 shares of the company’s stock valued at $342,758,000 after buying an additional 159,146 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of EastGroup Properties by 9.3% in the first quarter. JPMorgan Chase & Co. now owns 2,297,457 shares of the company’s stock valued at $138,696,000 after buying an additional 196,037 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of EastGroup Properties by 1.7% in the second quarter. BlackRock Fund Advisors now owns 2,218,331 shares of the company’s stock valued at $152,887,000 after buying an additional 37,899 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its position in shares of EastGroup Properties by 10.4% in the second quarter. Silvercrest Asset Management Group LLC now owns 1,256,724 shares of the company’s stock valued at $86,613,000 after buying an additional 118,224 shares in the last quarter. Finally, Shinko Asset Management Co. Ltd. boosted its position in shares of EastGroup Properties by 19.8% in the second quarter. Shinko Asset Management Co. Ltd. now owns 1,253,128 shares of the company’s stock valued at $86,366,000 after buying an additional 207,132 shares in the last quarter. Institutional investors and hedge funds own 94.42% of the company’s stock.
EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust. 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.
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