EastGroup Properties, Inc. (EGP) Issues FY17 Earnings Guidance
EastGroup Properties, Inc. (NYSE:EGP) updated its FY17 earnings guidance on Tuesday. The company provided EPS guidance of $4.19-4.27 for the period, compared to the Thomson Reuters consensus EPS estimate of $4.22.
A number of research firms have recently weighed in on EGP. Cantor Fitzgerald reaffirmed a hold rating and issued a $75.00 price objective on shares of EastGroup Properties in a research note on Tuesday. Stifel Nicolaus upped their price objective on EastGroup Properties from $73.00 to $78.00 and gave the stock a hold rating in a research note on Monday, April 24th. Zacks Investment Research raised EastGroup Properties from a hold rating to a buy rating and set a $91.00 price objective for the company in a research note on Tuesday, July 11th. BidaskClub lowered EastGroup Properties from a strong-buy rating to a buy rating in a research note on Wednesday, June 21st. Finally, Mizuho upped their price objective on EastGroup Properties from $80.00 to $88.00 and gave the stock a buy rating in a research note on Monday, April 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. EastGroup Properties presently has a consensus rating of Hold and an average price target of $78.00.
Shares of EastGroup Properties, Inc. (EGP) traded up 0.65% during midday trading on Tuesday, reaching $84.93. The company’s stock had a trading volume of 316,520 shares. EastGroup Properties, Inc. has a one year low of $63.99 and a one year high of $87.40. The stock’s 50 day moving average price is $83.85 and its 200 day moving average price is $77.41. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of 32.26 and a beta of 0.97.
EastGroup Properties (NYSE:EGP) last issued its earnings results on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.60. The business had revenue of $67.90 million for the quarter, compared to analysts’ expectations of $67.16 million. EastGroup Properties had a return on equity of 13.70% and a net margin of 33.62%. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.99 EPS. Analysts predict that EastGroup Properties, Inc. will post $1.77 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Tuesday, May 16th were issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 2.92%. The ex-dividend date was Wednesday, June 14th. EastGroup Properties’s dividend payout ratio is currently 93.94%.
In related news, insider John F. Coleman sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.56, for a total value of $402,800.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David H. Hoster II sold 1,259 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $84.00, for a total value of $105,756.00. Following the completion of the transaction, the director now owns 186,130 shares in the company, valued at $15,634,920. The disclosure for this sale can be found here. Insiders sold 7,109 shares of company stock worth $577,670 over the last quarter. 2.90% of the stock is currently owned by insiders.
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About EastGroup Properties
EastGroup Properties, Inc is an equity real estate investment trust (REIT). 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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