Eastgroup Properties Inc (NYSE:EGP) – Stock analysts at SunTrust Banks issued their FY2022 earnings per share (EPS) estimates for shares of Eastgroup Properties in a note issued to investors on Monday. SunTrust Banks analyst K. Kim forecasts that the real estate investment trust will post earnings per share of $5.51 for the year. SunTrust Banks has a “Hold” rating on the stock.
Several other equities analysts also recently issued reports on EGP. Zacks Investment Research raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $99.00 price target for the company in a research note on Monday, October 2nd. ValuEngine raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Cantor Fitzgerald raised their price target on shares of Eastgroup Properties from $79.00 to $84.00 and gave the company a “neutral” rating in a research note on Monday, October 23rd. Mizuho downgraded shares of Eastgroup Properties from a “buy” rating to a “neutral” rating in a research note on Monday, October 23rd. Finally, Citigroup raised their price target on shares of Eastgroup Properties from $84.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Eastgroup Properties presently has a consensus rating of “Hold” and a consensus target price of $88.00.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Integrated Investment Consultants LLC bought a new position in Eastgroup Properties during the third quarter worth $115,000. Everence Capital Management Inc. bought a new position in Eastgroup Properties during the third quarter worth $202,000. Riverhead Capital Management LLC raised its stake in 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 during the last quarter. Cubist Systematic Strategies LLC bought a new position in Eastgroup Properties during the second quarter worth $216,000. Finally, Advisor Group Inc. raised its stake in Eastgroup Properties by 17.7% during the second quarter. Advisor Group Inc. now owns 2,747 shares of the real estate investment trust’s stock worth $220,000 after buying an additional 414 shares during the last quarter. 96.09% of the stock is owned by institutional investors and hedge funds.
In related news, CFO Brent Wood sold 3,300 shares of Eastgroup Properties stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $90.26, for a total transaction of $297,858.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Bruce Corkern sold 3,586 shares of Eastgroup Properties stock in a transaction on Friday, December 8th. The stock was sold at an average price of $91.75, for a total transaction of $329,015.50. The disclosure for this sale can be found here. Insiders have sold 22,668 shares of company stock valued at $2,105,037 in the last three months. 2.90% of the stock is owned by insiders.
The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Investors 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 2.94%. The ex-dividend date was Thursday, December 14th. Eastgroup Properties’s dividend payout ratio is presently 107.11%.
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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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