EastGroup Properties, Inc. (EGP) Expected to Post Quarterly Sales of $69.96 Million
Equities research analysts expect EastGroup Properties, Inc. (NYSE:EGP) to post $69.96 million in sales for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for EastGroup Properties’ earnings, with estimates ranging from $69.14 million to $71.18 million. EastGroup Properties reported sales of $66.35 million during the same quarter last year, which indicates a positive year over year growth rate of 5.4%. The firm is expected to report its next quarterly earnings report on Wednesday, February 7th.
According to Zacks, analysts expect that EastGroup Properties will report full-year sales of $69.96 million for the current financial year, with estimates ranging from $271.62 million to $276.44 million. For the next year, analysts expect that the business will report sales of $290.03 million per share, with estimates ranging from $283.11 million to $297.02 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for EastGroup Properties.
EastGroup Properties (NYSE:EGP) last released its earnings results on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.61. EastGroup Properties had a net margin of 30.03% and a return on equity of 11.90%. The firm had revenue of $68.75 million during the quarter, compared to the consensus estimate of $68.74 million. During the same period in the previous year, the firm earned $1.04 earnings per share. EastGroup Properties’s revenue was up 8.8% compared to the same quarter last year.
EGP has been the topic of a number of research reports. Stifel Nicolaus reiterated a “hold” rating and issued a $85.00 target price on shares of EastGroup Properties in a report on Friday, July 28th. ValuEngine downgraded EastGroup Properties from a “buy” rating to a “hold” rating in a report on Saturday, September 30th. KeyCorp reiterated a “hold” rating on shares of EastGroup Properties in a report on Sunday, September 24th. Zacks Investment Research upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $99.00 target price on the stock in a report on Monday, October 2nd. Finally, Cantor Fitzgerald reiterated a “hold” rating and issued a $75.00 target price on shares of EastGroup Properties in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. EastGroup Properties has a consensus rating of “Hold” and a consensus price target of $85.73.
EastGroup Properties (EGP) traded down 0.70% during midday trading on Friday, reaching $90.90. 445,567 shares of the company were exchanged. The firm’s 50-day moving average price is $90.00 and its 200 day moving average price is $84.28. EastGroup Properties has a 52-week low of $63.99 and a 52-week high of $93.61. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of 38.10 and a beta of 0.98.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were issued a $0.64 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $2.56 dividend on an annualized basis and a yield of 2.82%. This is an increase from EastGroup Properties’s previous quarterly dividend of $0.62. EastGroup Properties’s dividend payout ratio is currently 107.56%.
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A number of large investors have recently added to or reduced their stakes in EGP. UBS Asset Management Americas Inc. increased its holdings in EastGroup Properties by 25.8% in the first quarter. UBS Asset Management Americas Inc. now owns 63,730 shares of the real estate investment trust’s stock worth $4,686,000 after buying an additional 13,063 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in EastGroup Properties by 1.9% in the first quarter. Parametric Portfolio Associates LLC now owns 57,383 shares of the real estate investment trust’s stock worth $4,219,000 after buying an additional 1,089 shares during the last quarter. OppenheimerFunds Inc. acquired a new position in EastGroup Properties in the first quarter worth approximately $236,000. FMR LLC increased its holdings in EastGroup Properties by 1.8% in the first quarter. FMR LLC now owns 188,828 shares of the real estate investment trust’s stock worth $13,885,000 after buying an additional 3,328 shares during the last quarter. Finally, Teachers Advisors LLC increased its holdings in EastGroup Properties by 3.2% in the first quarter. Teachers Advisors LLC now owns 59,077 shares of the real estate investment trust’s stock worth $4,344,000 after buying an additional 1,830 shares during the last quarter. Hedge funds and other institutional investors own 96.39% of the company’s stock.
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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