EastGroup Properties (EGP) to Release Earnings on Tuesday

EastGroup Properties (NYSE:EGP) will post its quarterly earnings results after the market closes on Tuesday, April 23rd. Analysts expect EastGroup Properties to post earnings of $2.01 per share for the quarter. Individual that are interested in participating in the company’s earnings conference call can do so using this link.

EastGroup Properties Trading Down 1.6 %

Shares of EGP opened at $168.39 on Tuesday. The business has a 50-day moving average of $178.92 and a 200 day moving average of $175.46. EastGroup Properties has a fifty-two week low of $154.75 and a fifty-two week high of $188.85. The firm has a market cap of $8.08 billion, a P/E ratio of 38.18, a price-to-earnings-growth ratio of 2.71 and a beta of 0.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is currently 115.19%.

Insider Transactions at EastGroup Properties

In related news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the sale, the chief financial officer now owns 102,617 shares in the company, valued at approximately $18,752,230.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.50% of the stock is owned by insiders.

Institutional Trading of EastGroup Properties

A number of hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio lifted its position in EastGroup Properties by 4.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 87,210 shares of the real estate investment trust’s stock worth $16,007,000 after buying an additional 3,353 shares during the last quarter. Legal & General Group Plc lifted its position in EastGroup Properties by 3.4% in the 4th quarter. Legal & General Group Plc now owns 350,562 shares of the real estate investment trust’s stock worth $64,342,000 after buying an additional 11,659 shares during the last quarter. Barclays PLC lifted its position in EastGroup Properties by 67.4% in the fourth quarter. Barclays PLC now owns 63,417 shares of the real estate investment trust’s stock valued at $11,640,000 after purchasing an additional 25,537 shares during the last quarter. Vanguard Group Inc. lifted its position in EastGroup Properties by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 6,652,922 shares of the real estate investment trust’s stock valued at $1,221,077,000 after purchasing an additional 120,746 shares during the last quarter. Finally, Voloridge Investment Management LLC lifted its position in EastGroup Properties by 36.9% in the fourth quarter. Voloridge Investment Management LLC now owns 109,829 shares of the real estate investment trust’s stock valued at $20,158,000 after purchasing an additional 29,579 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

Analysts Set New Price Targets

EGP has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. initiated coverage on EastGroup Properties in a report on Thursday, April 11th. They set a “neutral” rating and a $190.00 target price for the company. Barclays initiated coverage on EastGroup Properties in a report on Wednesday, March 27th. They set an “equal weight” rating and a $181.00 target price for the company. Royal Bank of Canada lifted their target price on EastGroup Properties from $180.00 to $190.00 and gave the company a “sector perform” rating in a report on Friday, February 16th. Truist Financial lifted their target price on EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a report on Tuesday, February 20th. Finally, Mizuho reaffirmed a “neutral” rating and set a $185.00 target price on shares of EastGroup Properties in a report on Tuesday, April 2nd. Nine equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, EastGroup Properties has an average rating of “Hold” and an average target price of $188.36.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.