Brokerages forecast that Eastgroup Properties Inc (NYSE:EGP) will post earnings per share of $1.18 for the current quarter, according to Zacks. Three analysts have issued estimates for Eastgroup Properties’ earnings, with estimates ranging from $1.17 to $1.19. Eastgroup Properties reported earnings per share of $1.16 during the same quarter last year, which suggests a positive year-over-year growth rate of 1.7%. The company is scheduled to issue its next earnings results on Thursday, April 18th.
According to Zacks, analysts expect that Eastgroup Properties will report full-year earnings of $4.83 per share for the current financial year, with EPS estimates ranging from $4.77 to $4.87. For the next year, analysts expect that the business will report earnings of $5.08 per share, with EPS estimates ranging from $5.03 to $5.16. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that follow Eastgroup Properties.
Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, February 6th. The real estate investment trust reported $1.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.18. Eastgroup Properties had a return on equity of 10.56% and a net margin of 29.46%. The firm had revenue of $77.97 million for the quarter, compared to analysts’ expectations of $76.80 million. During the same period in the prior year, the business posted $1.14 earnings per share. The business’s revenue was up 9.3% compared to the same quarter last year.
A number of analysts have weighed in on the company. Zacks Investment Research cut Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Friday, January 11th. Jefferies Financial Group began coverage on Eastgroup Properties in a report on Sunday, December 9th. They set a “hold” rating and a $100.23 target price on the stock. Citigroup increased their target price on Eastgroup Properties from $90.00 to $94.00 and gave the stock a “neutral” rating in a report on Tuesday, October 30th. Finally, SunTrust Banks set a $92.00 target price on Eastgroup Properties and gave the stock a “hold” rating in a report on Tuesday, October 23rd. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Eastgroup Properties presently has a consensus rating of “Hold” and a consensus target price of $98.32.
Shares of NYSE:EGP opened at $106.38 on Thursday. Eastgroup Properties has a fifty-two week low of $78.90 and a fifty-two week high of $108.46. The firm has a market capitalization of $3.89 billion, a price-to-earnings ratio of 22.78, a P/E/G ratio of 4.00 and a beta of 0.84.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st were issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend was Friday, December 28th. Eastgroup Properties’s payout ratio is presently 61.67%.
In related 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Brent Wood sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $99.95, for a total value of $599,700.00. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the stock. RMB Capital Management LLC boosted its holdings in Eastgroup Properties by 5.3% in the fourth quarter. RMB Capital Management LLC now owns 57,657 shares of the real estate investment trust’s stock valued at $5,289,000 after acquiring an additional 2,883 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Eastgroup Properties by 11.4% in the fourth quarter. Geode Capital Management LLC now owns 480,444 shares of the real estate investment trust’s stock valued at $44,071,000 after acquiring an additional 49,158 shares during the last quarter. Magnus Financial Group LLC bought a new position in Eastgroup Properties in the fourth quarter valued at about $291,000. California State Teachers Retirement System boosted its holdings in Eastgroup Properties by 2.4% in the fourth quarter. California State Teachers Retirement System now owns 55,142 shares of the real estate investment trust’s stock valued at $5,058,000 after acquiring an additional 1,306 shares during the last quarter. Finally, Stifel Financial Corp boosted its holdings in Eastgroup Properties by 36.3% in the fourth quarter. Stifel Financial Corp now owns 184,198 shares of the real estate investment trust’s stock valued at $16,935,000 after acquiring an additional 49,056 shares during the last quarter. Institutional investors and hedge funds own 98.10% of the company’s stock.
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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