Wall Street brokerages expect that Eastgroup Properties Inc (NYSE:EGP) will report $76.66 million in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Eastgroup Properties’ earnings. The highest sales estimate is $77.30 million and the lowest is $75.14 million. Eastgroup Properties posted sales of $71.36 million during the same quarter last year, which suggests a positive year over year growth rate of 7.4%. The company is expected to report its next earnings results on Wednesday, January 30th.
According to Zacks, analysts expect that Eastgroup Properties will report full-year sales of $298.42 million for the current fiscal year, with estimates ranging from $295.24 million to $300.80 million. For the next year, analysts anticipate that the company will report sales of $317.74 million, with estimates ranging from $311.66 million to $325.60 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Eastgroup Properties.
Eastgroup Properties (NYSE:EGP) last released its earnings results on Thursday, October 18th. The real estate investment trust reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.14. Eastgroup Properties had a return on equity of 10.69% and a net margin of 29.80%. The firm had revenue of $75.30 million for the quarter, compared to analysts’ expectations of $74.65 million. During the same period in the prior year, the firm posted $1.08 earnings per share. The company’s quarterly revenue was up 9.6% on a year-over-year basis.
EGP has been the topic of several recent analyst reports. Zacks Investment Research raised Eastgroup Properties from a “hold” rating to a “buy” rating and set a $104.00 price objective on the stock in a research report on Thursday, October 4th. ValuEngine raised Eastgroup Properties from a “hold” rating to a “buy” rating in a research report on Tuesday, October 23rd. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Eastgroup Properties has a consensus rating of “Hold” and an average price target of $97.90.
In other Eastgroup Properties news, EVP John F. Coleman sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 28th. The stock was sold at an average price of $99.57, for a total value of $995,700.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director H C. Bailey, Jr. sold 264 shares of the firm’s stock in a transaction dated Wednesday, October 31st. The stock was sold at an average price of $97.01, for a total value of $25,610.64. The disclosure for this sale can be found here. Insiders have sold 16,264 shares of company stock worth $1,621,011 over the last ninety days. 2.90% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the business. Federated Investors Inc. PA purchased a new position in Eastgroup Properties in the second quarter worth about $115,000. NumerixS Investment Technologies Inc purchased a new position in Eastgroup Properties in the second quarter worth about $133,000. Lido Advisors LLC purchased a new position in Eastgroup Properties in the second quarter worth about $203,000. Nissay Asset Management Corp Japan ADV purchased a new position in Eastgroup Properties in the second quarter worth about $207,000. Finally, OppenheimerFunds Inc. purchased a new position in Eastgroup Properties in the second quarter worth about $222,000. 94.61% of the stock is currently owned by institutional investors and hedge funds.
NYSE EGP opened at $100.43 on Friday. Eastgroup Properties has a 12 month low of $77.74 and a 12 month high of $101.91. The firm has a market capitalization of $3.57 billion, a PE ratio of 23.58, a P/E/G ratio of 4.09 and a beta of 0.69.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 2.87%. Eastgroup Properties’s dividend payout ratio (DPR) is presently 67.61%.
Eastgroup Properties Company Profile
EastGroup Properties, Inc is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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