Brokerages forecast that Eastgroup Properties Inc (NYSE:EGP) will post $69.74 million in sales for the current quarter, Zacks reports. Four analysts have made estimates for Eastgroup Properties’ earnings, with the lowest sales estimate coming in at $69.39 million and the highest estimate coming in at $70.02 million. Eastgroup Properties posted sales of $66.35 million in the same quarter last year, which suggests a positive year-over-year growth rate of 5.1%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, February 7th.

According to Zacks, analysts expect that Eastgroup Properties will report full year sales of $69.74 million for the current financial year, with estimates ranging from $272.19 million to $273.78 million. For the next fiscal year, analysts anticipate that the company will report sales of $288.22 million per share, with estimates ranging from $284.41 million to $294.90 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Eastgroup Properties.

Eastgroup Properties (NYSE:EGP) last issued its earnings results on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.61. The business had revenue of $68.75 million for the quarter, compared to analyst estimates of $68.74 million. Eastgroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the company earned $1.04 EPS.

Several research analysts have weighed in on EGP shares. Sandler O’Neill upgraded Eastgroup Properties from a “hold” rating to a “buy” rating and lifted their target price for the company from $90.00 to $104.00 in a research note on Tuesday, September 5th. ValuEngine upgraded Eastgroup Properties from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. KeyCorp restated a “hold” rating on shares of Eastgroup Properties in a research note on Sunday, September 24th. Zacks Investment Research upgraded Eastgroup Properties from a “hold” rating to a “buy” rating and set a $99.00 price target on the stock in a research note on Monday, October 2nd. Finally, Cantor Fitzgerald reiterated a “hold” rating and set a $79.00 target price on shares of Eastgroup Properties in a research report on Friday, October 20th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company’s stock. Eastgroup Properties currently has a consensus rating of “Hold” and an average target price of $88.33.

Eastgroup Properties (EGP) opened at $87.68 on Wednesday. The company has a market capitalization of $3,042.45, a P/E ratio of 36.84, a price-to-earnings-growth ratio of 4.61 and a beta of 0.99. Eastgroup Properties has a 12-month low of $67.69 and a 12-month high of $95.03.

The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Thursday, December 14th. Eastgroup Properties’s dividend payout ratio (DPR) is presently 107.56%.

In related news, Director Hayden C. Eaves III sold 3,532 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $92.14, for a total value of $325,438.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brent Wood sold 3,300 shares of the stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $90.26, for a total value of $297,858.00. The disclosure for this sale can be found here. Insiders sold 22,668 shares of company stock valued at $2,105,037 in the last ninety days. Company insiders own 2.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in EGP. Integrated Investment Consultants LLC acquired a new stake in Eastgroup Properties during the third quarter valued at approximately $115,000. Everence Capital Management Inc. acquired a new stake in shares of Eastgroup Properties during the 3rd quarter worth approximately $202,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Eastgroup Properties by 10.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,454 shares of the real estate investment trust’s stock worth $206,000 after purchasing an additional 234 shares during the period. Riverhead Capital Management LLC raised its position in shares of Eastgroup Properties by 25.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,500 shares of the real estate investment trust’s stock worth $210,000 after purchasing an additional 500 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Eastgroup Properties during the 2nd quarter worth approximately $216,000. Hedge funds and other institutional investors own 96.08% of the company’s stock.

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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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Earnings History and Estimates for Eastgroup Properties (NYSE:EGP)

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