Eastgroup Properties Inc (NYSE:EGP) – Equities researchers at DA Davidson raised their FY2019 earnings estimates for shares of Eastgroup Properties in a note issued to investors on Tuesday, April 23rd. DA Davidson analyst B. Oxford now anticipates that the real estate investment trust will post earnings of $4.88 per share for the year, up from their prior estimate of $4.87. DA Davidson also issued estimates for Eastgroup Properties’ Q3 2020 earnings at $1.32 EPS, Q4 2020 earnings at $1.34 EPS and FY2020 earnings at $5.18 EPS.
Eastgroup Properties (NYSE:EGP) last released its quarterly earnings data on Monday, April 22nd. The real estate investment trust reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.02. The firm had revenue of $78.79 million during the quarter, compared to analyst estimates of $78.83 million. Eastgroup Properties had a return on equity of 9.32% and a net margin of 26.82%. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.16 earnings per share.
A number of other analysts have also commented on EGP. Zacks Investment Research raised 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 Thursday, January 3rd. SunTrust Banks raised their price target on Eastgroup Properties from $92.00 to $98.00 and gave the stock a “hold” rating in a research note on Tuesday, February 19th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Eastgroup Properties has an average rating of “Hold” and a consensus target price of $101.52.
NYSE:EGP opened at $112.92 on Wednesday. The company has a market cap of $4.15 billion, a PE ratio of 24.18, a P/E/G ratio of 4.68 and a beta of 0.84. Eastgroup Properties has a fifty-two week low of $85.95 and a fifty-two week high of $115.23.
The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Thursday, March 28th. Eastgroup Properties’s payout ratio is 61.67%.
In related news, insider John F. Coleman sold 10,000 shares of the firm’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $111.09, for a total value of $1,110,900.00. Following the completion of the sale, the insider now owns 99,657 shares of the company’s stock, valued at $11,070,896.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.00% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. We Are One Seven LLC bought a new position in Eastgroup Properties in the fourth quarter worth $48,000. Capital Financial Planning LLC bought a new position in Eastgroup Properties in the fourth quarter worth $52,000. Rehmann Capital Advisory Group raised its holdings in Eastgroup Properties by 23.5% in the fourth quarter. Rehmann Capital Advisory Group now owns 766 shares of the real estate investment trust’s stock worth $70,000 after purchasing an additional 146 shares in the last quarter. Huntington National Bank raised its holdings in Eastgroup Properties by 84.1% in the first quarter. Huntington National Bank now owns 766 shares of the real estate investment trust’s stock worth $85,000 after purchasing an additional 350 shares in the last quarter. Finally, FCA Corp TX bought a new position in Eastgroup Properties in the fourth quarter worth $110,000. Institutional investors and hedge funds own 94.91% 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.