EastGroup Properties Inc. (EGP) to Release Quarterly Earnings on Wednesday
EastGroup Properties Inc. (NYSE:EGP) will post its Q316 quarterly earnings results on Wednesday, October 19th. Analysts expect EastGroup Properties to post earnings of $1.04 per share and revenue of $62.41 million for the quarter.
Shares of EastGroup Properties Inc. (NYSE:EGP) opened at 69.39 on Tuesday. The firm has a market cap of $2.27 billion, a PE ratio of 25.12 and a beta of 1.00. The company has a 50 day moving average price of $71.64 and a 200 day moving average price of $68.00. EastGroup Properties Inc. has a 12-month low of $49.31 and a 12-month high of $76.00.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Monday, September 19th were given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend was Thursday, September 15th. This is a boost from EastGroup Properties’s previous quarterly dividend of $0.60. EastGroup Properties’s payout ratio is 90.51%.
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In related news, Director David H. Hoster II sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $73.01, for a total value of $730,100.00. Following the sale, the director now owns 192,037 shares of the company’s stock, valued at approximately $14,020,621.37. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Brent Wood sold 3,400 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $72.22, for a total value of $245,548.00. The disclosure for this sale can be found here. 3.60% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of EGP. Hsbc Holdings PLC raised its stake in EastGroup Properties by 2.7% in the second quarter. Hsbc Holdings PLC now owns 4,980 shares of the company’s stock worth $343,000 after buying an additional 132 shares during the last quarter. Keeley Asset Management Corp bought a new stake in EastGroup Properties during the second quarter worth about $207,000. Profund Advisors LLC raised its stake in EastGroup Properties by 4.1% in the second quarter. Profund Advisors LLC now owns 9,031 shares of the company’s stock worth $622,000 after buying an additional 353 shares during the last quarter. Advisor Group Inc. bought a new stake in EastGroup Properties during the second quarter worth about $110,000. Finally, Stevens Capital Management LP raised its stake in EastGroup Properties by 115.6% in the second quarter. Stevens Capital Management LP now owns 15,302 shares of the company’s stock worth $1,055,000 after buying an additional 8,206 shares during the last quarter. 94.40% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on EGP. Sandler O’Neill cut EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Friday, July 22nd. BMO Capital Markets reiterated a “hold” rating and set a $70.00 target price on shares of EastGroup Properties in a research report on Thursday, July 28th. Mizuho began coverage on EastGroup Properties in a research report on Wednesday, September 28th. They set a “buy” rating and a $83.00 target price on the stock. Zacks Investment Research upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a research report on Wednesday, September 21st. Finally, Morgan Stanley began coverage on EastGroup Properties in a research report on Tuesday, September 6th. They set an “underweight” rating and a $65.00 target price on the stock. Three analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $67.64.
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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