EastGroup Properties Inc. (NYSE:EGP) Receives Average Recommendation of “Hold” from Analysts
Shares of EastGroup Properties Inc. (NYSE:EGP) have been assigned an average recommendation of “Hold” from the fourteen analysts that are currently covering the firm. Three investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $69.13.
Several research firms have issued reports on EGP. Mizuho began coverage on shares of EastGroup Properties in a research report on Wednesday, September 28th. They issued a “buy” rating and a $83.00 price target on the stock. Zacks Investment Research raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research note on Wednesday, September 21st. Morgan Stanley began coverage on shares of EastGroup Properties in a research note on Tuesday, September 6th. They issued an “underweight” rating and a $65.00 price objective for the company. BTIG Research began coverage on shares of EastGroup Properties in a research note on Thursday, August 25th. They issued a “neutral” rating for the company. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $70.00 price objective on shares of EastGroup Properties in a research note on Thursday, July 28th.
In related news, insider Brent Wood sold 3,400 shares of EastGroup Properties stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $72.22, for a total value of $245,548.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David H. Hoster II sold 10,000 shares of EastGroup Properties stock in a transaction 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 completion of the sale, the director now directly owns 192,037 shares of the company’s stock, valued at approximately $14,020,621.37. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by corporate insiders.
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Large investors have recently added to or reduced their stakes in the stock. Kempen Capital Management N.V. raised its stake in EastGroup Properties by 67.6% in the first quarter. Kempen Capital Management N.V. now owns 16,668 shares of the company’s stock valued at $1,006,000 after buying an additional 6,722 shares during the last quarter. BB&T Securities LLC raised its stake in EastGroup Properties by 13.9% in the first quarter. BB&T Securities LLC now owns 5,165 shares of the company’s stock valued at $311,000 after buying an additional 629 shares during the last quarter. Menta Capital LLC acquired a new stake in EastGroup Properties during the first quarter valued at about $241,000. JPMorgan Chase & Co. raised its stake in 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 during the last quarter. Finally, BlackRock Japan Co. Ltd raised its stake in EastGroup Properties by 2.4% in the first quarter. BlackRock Japan Co. Ltd now owns 1,695 shares of the company’s stock valued at $102,000 after buying an additional 40 shares during the last quarter. 94.42% of the stock is owned by institutional investors and hedge funds.
Shares of EastGroup Properties (NYSE:EGP) traded up 0.61% during mid-day trading on Monday, reaching $68.75. The company had a trading volume of 63,236 shares. EastGroup Properties has a 52-week low of $49.31 and a 52-week high of $76.00. The stock has a market capitalization of $2.25 billion, a P/E ratio of 24.89 and a beta of 1.00. The company’s 50-day moving average is $72.25 and its 200 day moving average is $67.48.
EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $0.99 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.99. The firm had revenue of $61.92 million for the quarter, compared to analyst estimates of $61.53 million. EastGroup Properties had a net margin of 36.63% and a return on equity of 15.59%. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.92 earnings per share. Analysts anticipate that EastGroup Properties will post $3.99 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Monday, September 19th were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend was Thursday, September 15th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $0.60. EastGroup Properties’s payout ratio is presently 90.51%.
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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