Analysts forecast that Eastgroup Properties Inc (NYSE:EGP) will announce sales of $69.74 million for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Eastgroup Properties’ earnings, with the highest sales estimate coming in at $70.02 million and the lowest estimate coming in at $69.39 million. Eastgroup Properties posted sales of $66.35 million during the same quarter last year, which would indicate a positive year over year growth rate of 5.1%. The business is expected to announce its next quarterly earnings results after the market closes on Wednesday, January 31st.

On average, 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 year, analysts anticipate that the firm will report sales of $288.22 million per share, with estimates ranging from $284.41 million to $294.90 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover 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 for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.61. Eastgroup Properties had a net margin of 30.03% and a return on equity of 11.70%. The business had revenue of $68.75 million during the quarter, compared to analysts’ expectations of $68.74 million. During the same quarter last year, the company earned $1.04 earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis.

Several equities research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Eastgroup Properties from a “sell” rating to a “hold” rating and set a $95.00 target price for the company in a research note on Tuesday. Cantor Fitzgerald reiterated a “hold” rating and issued a $79.00 target price on shares of Eastgroup Properties in a research note on Friday, October 20th. Mizuho cut shares of Eastgroup Properties from a “buy” rating to a “neutral” rating in a research note on Monday, October 23rd. Morgan Stanley restated an “equal weight” rating and set a $82.00 price target on shares of Eastgroup Properties in a research note on Thursday, December 14th. Finally, KeyCorp restated a “hold” rating on shares of Eastgroup Properties in a research note on Sunday, September 24th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $88.00.

Shares of Eastgroup Properties (EGP) opened at $84.88 on Friday. Eastgroup Properties has a one year low of $67.69 and a one year high of $95.03. The firm has a market cap of $2,872.74, a PE ratio of 19.87, a P/E/G ratio of 4.35 and a beta of 0.99.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend was Thursday, December 14th. Eastgroup Properties’s dividend payout ratio is 107.56%.

In other Eastgroup Properties news, Director David H. Hoster II sold 12,250 shares of the firm’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $94.10, for a total transaction of $1,152,725.00. Following the completion of the transaction, the director now owns 173,880 shares in the company, valued at $16,362,108. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Hayden C. Eaves III sold 3,532 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $92.14, for a total transaction of $325,438.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,668 shares of company stock valued at $2,105,037. Corporate insiders own 2.90% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of EGP. Swiss National Bank increased its holdings in shares of Eastgroup Properties by 1.8% during the second quarter. Swiss National Bank now owns 55,487 shares of the real estate investment trust’s stock worth $4,650,000 after buying an additional 1,000 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Eastgroup Properties by 4.8% during the second quarter. Wells Fargo & Company MN now owns 233,687 shares of the real estate investment trust’s stock worth $19,584,000 after buying an additional 10,655 shares in the last quarter. Riverhead Capital Management LLC increased its holdings in shares of Eastgroup Properties by 25.0% during the second quarter. Riverhead Capital Management LLC now owns 2,500 shares of the real estate investment trust’s stock worth $210,000 after buying an additional 500 shares in the last quarter. Teachers Advisors LLC increased its holdings in shares of Eastgroup Properties by 1.3% during the second quarter. Teachers Advisors LLC now owns 59,825 shares of the real estate investment trust’s stock worth $5,013,000 after buying an additional 748 shares in the last quarter. Finally, TIAA CREF Investment Management LLC increased its holdings in shares of Eastgroup Properties by 3.2% during the second quarter. TIAA CREF Investment Management LLC now owns 96,915 shares of the real estate investment trust’s stock worth $8,121,000 after buying an additional 2,987 shares in the last quarter. 96.20% of the stock is owned by institutional investors.

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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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