EastGroup Properties, Inc. (NYSE:EGP) – Cantor Fitzgerald issued their FY2018 earnings per share (EPS) estimates for EastGroup Properties in a note issued to investors on Friday. Cantor Fitzgerald analyst G. Mehta forecasts that the real estate investment trust will post earnings per share of $4.45 for the year. Cantor Fitzgerald has a “Neutral” rating and a $70.00 price objective on the stock.
Several other analysts have also recently commented on EGP. BidaskClub cut shares of EastGroup Properties from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 21st. Stifel Nicolaus raised their price objective on shares of EastGroup Properties from $73.00 to $78.00 and gave the company a “hold” rating in a research note on Monday, April 24th. BMO Capital Markets reiterated a “hold” rating and issued a $70.00 price objective on shares of EastGroup Properties in a research note on Wednesday, March 22nd. Mizuho raised their price objective on shares of EastGroup Properties from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Monday, April 24th. Finally, Morgan Stanley upgraded shares of EastGroup Properties from an “underweight” rating to an “equal weight” rating and set a $76.00 price objective for the company in a research note on Wednesday, April 12th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $76.25.
Shares of EastGroup Properties (EGP) traded up 0.53% during mid-day trading on Monday, reaching $84.11. 78,046 shares of the company traded hands. EastGroup Properties has a 52 week low of $63.99 and a 52 week high of $87.40. The company has a market capitalization of $2.84 billion, a P/E ratio of 31.94 and a beta of 1.01. The stock’s 50-day moving average is $81.43 and its 200-day moving average is $75.70.
EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, April 20th. The real estate investment trust reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.64. EastGroup Properties had a net margin of 33.62% and a return on equity of 13.70%. The company had revenue of $66.15 million during the quarter, compared to analysts’ expectations of $66.76 million. During the same quarter in the prior year, the company earned $0.91 EPS. EastGroup Properties’s revenue was up 7.4% compared to the same quarter last year.
A number of institutional investors have recently made changes to their positions in EGP. Russell Investments Group Ltd. acquired a new position in shares of EastGroup Properties during the fourth quarter worth about $3,334,000. Comerica Bank boosted its position in shares of EastGroup Properties by 3.6% in the fourth quarter. Comerica Bank now owns 48,597 shares of the real estate investment trust’s stock worth $3,607,000 after buying an additional 1,693 shares during the last quarter. State Street Corp boosted its position in shares of EastGroup Properties by 3.9% in the fourth quarter. State Street Corp now owns 1,180,601 shares of the real estate investment trust’s stock worth $87,172,000 after buying an additional 44,682 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of EastGroup Properties by 11.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 4,074 shares of the real estate investment trust’s stock worth $301,000 after buying an additional 404 shares during the last quarter. Finally, FMR LLC boosted its position in shares of EastGroup Properties by 9.9% in the fourth quarter. FMR LLC now owns 185,500 shares of the real estate investment trust’s stock worth $13,697,000 after buying an additional 16,700 shares during the last quarter. Institutional investors own 96.09% of the company’s stock.
In other EastGroup Properties news, insider Brent Wood sold 4,000 shares of EastGroup Properties stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $78.72, for a total transaction of $314,880.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David H. Hoster II sold 1,259 shares of EastGroup Properties stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $84.00, for a total transaction of $105,756.00. Following the transaction, the director now owns 186,130 shares of the company’s stock, valued at approximately $15,634,920. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,109 shares of company stock valued at $1,601,930. 2.90% of the stock is currently owned by company insiders.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Tuesday, May 16th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Wednesday, June 14th. EastGroup Properties’s payout ratio is currently 93.94%.
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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