$68.97 Million in Sales Expected for EastGroup Properties, Inc. (EGP) This Quarter
Equities research analysts expect that EastGroup Properties, Inc. (NYSE:EGP) will report $68.97 million in sales for the current quarter, according to Zacks. Four analysts have provided estimates for EastGroup Properties’ earnings. The lowest sales estimate is $68.49 million and the highest is $70.05 million. EastGroup Properties reported sales of $63.19 million in the same quarter last year, which would suggest a positive year over year growth rate of 9.1%. The business is scheduled to issue its next earnings results on Wednesday, October 18th.
On average, analysts expect that EastGroup Properties will report full-year sales of $68.97 million for the current fiscal year, with estimates ranging from $271.62 million to $279.30 million. For the next financial year, analysts anticipate that the firm will report sales of $290.82 million per share, with estimates ranging from $283.11 million to $301.76 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that cover EastGroup Properties.
EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.60. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.05%. The business had revenue of $67.90 million for the quarter, compared to analysts’ expectations of $67.16 million. During the same quarter last year, the company earned $0.99 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year.
Several equities research analysts have recently commented on EGP shares. Zacks Investment Research upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 price objective for the company in a report on Tuesday, July 11th. BidaskClub downgraded EastGroup Properties from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 21st. Mizuho boosted their price objective on EastGroup Properties from $80.00 to $88.00 and gave the company a “buy” rating in a report on Monday, April 24th. Morgan Stanley upgraded EastGroup Properties from an “underweight” rating to an “equal weight” rating and set a $76.00 price objective for the company in a report on Wednesday, April 12th. Finally, Stifel Nicolaus restated a “hold” rating and set a $85.00 price objective on shares of EastGroup Properties in a report on Friday, July 28th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. EastGroup Properties currently has a consensus rating of “Hold” and an average price target of $78.88.
In other EastGroup Properties news, Director David H. Hoster II sold 1,259 shares of the business’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $84.00, for a total value of $105,756.00. Following the transaction, the director now owns 186,130 shares of the company’s stock, valued at $15,634,920. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,109 shares of company stock worth $577,670. 2.90% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of EGP. First Mercantile Trust Co. boosted its position in EastGroup Properties by 1.8% in the second quarter. First Mercantile Trust Co. now owns 1,720 shares of the real estate investment trust’s stock valued at $144,000 after buying an additional 30 shares in the last quarter. Glen Harbor Capital Management LLC boosted its position 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 valued at $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. Finally, 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. 94.75% of the stock is currently owned by institutional investors and hedge funds.
Shares of EastGroup Properties (NYSE:EGP) opened at 84.82 on Tuesday. The company has a 50 day moving average of $84.31 and a 200-day moving average of $77.94. EastGroup Properties has a 12-month low of $63.99 and a 12-month high of $88.12. The firm has a market cap of $2.90 billion, a PE ratio of 35.55 and a beta of 0.98.
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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