EastGroup Properties, Inc. (EGP) Forecasted to Post Q2 2018 Earnings of $1.12 Per Share
EastGroup Properties, Inc. (NYSE:EGP) – Equities research analysts at DA Davidson upped their Q2 2018 earnings per share estimates for EastGroup Properties in a report issued on Wednesday. DA Davidson analyst B. Oxford now forecasts that the real estate investment trust will earn $1.12 per share for the quarter, up from their prior estimate of $1.11.
Several other equities analysts have also recently issued reports on the stock. Cantor Fitzgerald reissued a “hold” rating and issued a $75.00 price objective on shares of EastGroup Properties in a research note on Tuesday. Zacks Investment Research upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 target price on the stock in a report on Tuesday, July 11th. BidaskClub lowered shares of EastGroup Properties from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 21st. Mizuho upped their target price on shares of EastGroup Properties from $80.00 to $88.00 and gave the company a “buy” rating in a report on Monday, April 24th. Finally, Stifel Nicolaus upped their target price on shares of EastGroup Properties from $73.00 to $78.00 and gave the company a “hold” rating in a report on Monday, April 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $78.00.
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Shares of EastGroup Properties (NYSE EGP) traded up 0.72% on Thursday, reaching $87.29. 53,429 shares of the company’s stock were exchanged. The firm has a market capitalization of $2.95 billion, a P/E ratio of 33.15 and a beta of 0.97. The firm has a 50 day moving average of $84.00 and a 200 day moving average of $77.55. EastGroup Properties has a one year low of $63.99 and a one year high of $87.74.
EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.60. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.42%. The firm had revenue of $67.90 million during the quarter, compared to analysts’ expectations of $67.16 million. During the same period in the previous year, the company earned $0.99 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year.
Large investors have recently added to or reduced their stakes in the company. Glen Harbor Capital Management LLC increased its stake in EastGroup Properties by 5.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,760 shares of the real estate investment trust’s stock worth $129,000 after buying an additional 88 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in EastGroup Properties by 8.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,220 shares of the real estate investment trust’s stock valued at $163,000 after buying an additional 168 shares in the last quarter. Elkfork Partners LLC boosted its position in EastGroup Properties by 5.3% in the first quarter. Elkfork Partners LLC now owns 2,240 shares of the real estate investment trust’s stock valued at $165,000 after buying an additional 112 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in EastGroup Properties by 31.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,500 shares of the real estate investment trust’s stock valued at $184,000 after buying an additional 600 shares in the last quarter. Finally, Heritage Trust Co purchased a new position in EastGroup Properties during the first quarter valued at $184,000. Institutional investors own 95.83% of the company’s stock.
In related news, insider John F. Coleman sold 5,000 shares of the business’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $80.56, for a total value of $402,800.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director H C. Bailey, Jr. sold 850 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $81.31, for a total value of $69,113.50. Following the completion of the sale, the director now directly owns 3,082 shares in the company, valued at approximately $250,597.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,109 shares of company stock worth $577,670. Company insiders own 2.90% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Tuesday, May 16th were given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend was Wednesday, June 14th. EastGroup Properties’s dividend payout ratio is currently 104.64%.
EastGroup Properties Company Profile
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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