Shares of EastGroup Properties Inc. (NYSE:EGP) have earned a consensus recommendation of “Hold” from the fourteen research firms that are covering the stock. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $69.13.
A number of analysts have recently issued reports on EGP shares. Credit Suisse Group AG reaffirmed a “hold” rating on shares of EastGroup Properties in a research report on Friday, June 17th. Zacks Investment Research cut EastGroup Properties from a “hold” rating to a “sell” rating in a report on Wednesday, June 22nd. Citigroup Inc. lifted their price target on EastGroup Properties from $67.00 to $78.00 and gave the stock a “buy” rating in a report on Thursday, July 7th. Stifel Nicolaus cut EastGroup Properties from a “buy” rating to a “hold” rating in a report on Friday, July 22nd. They noted that the move was a valuation call. Finally, Sandler O’Neill cut EastGroup Properties from a “buy” rating to a “hold” rating in a report on Friday, July 22nd.
Shares of EastGroup Properties (NYSE:EGP) opened at 68.79 on Monday. The stock’s 50 day moving average price is $71.94 and its 200 day moving average price is $67.73. EastGroup Properties has a one year low of $49.31 and a one year high of $76.00. The company has a market cap of $2.25 billion, a PE ratio of 24.91 and a beta of 1.00.
EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, July 20th. The company reported $0.99 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.99. EastGroup Properties had a return on equity of 15.59% and a net margin of 36.63%. The company earned $61.92 million during the quarter, compared to analysts’ expectations of $61.53 million. During the same period last year, the firm posted $0.92 earnings per share. The business’s revenue was up 7.0% on a year-over-year basis. Equities analysts predict that EastGroup Properties will post $3.99 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Monday, September 19th were paid a $0.62 dividend. This is a positive change from EastGroup Properties’s previous quarterly dividend of $0.60. The ex-dividend date was Thursday, September 15th. This represents a $2.48 annualized dividend and a dividend yield of 3.61%. EastGroup Properties’s dividend payout ratio (DPR) is presently 90.51%.
In other news, insider Bruce Corkern sold 2,475 shares of EastGroup Properties stock in a transaction on Monday, July 25th. The stock was sold at an average price of $71.40, for a total value of $176,715.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brent Wood sold 3,400 shares of EastGroup Properties stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $72.22, for a total value of $245,548.00. The disclosure for this sale can be found here. 3.60% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of EGP. BB&T Securities LLC raised its stake in shares of EastGroup Properties by 13.9% in the first quarter. BB&T Securities LLC now owns 5,165 shares of the company’s stock worth $311,000 after buying an additional 629 shares in the last quarter. State Street Corp raised its stake in shares of EastGroup Properties by 3.0% in the first quarter. State Street Corp now owns 1,061,560 shares of the company’s stock worth $64,083,000 after buying an additional 30,795 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of EastGroup Properties by 587.9% in the first quarter. Goldman Sachs Group Inc. now owns 598,391 shares of the company’s stock worth $36,125,000 after buying an additional 511,398 shares in the last quarter. Barclays PLC raised its stake in shares of EastGroup Properties by 19.5% in the first quarter. Barclays PLC now owns 25,103 shares of the company’s stock worth $1,505,000 after buying an additional 4,097 shares in the last quarter. Finally, Shinko Asset Management Co. Ltd. raised its stake in shares of EastGroup Properties by 19.8% in the second quarter. Shinko Asset Management Co. Ltd. now owns 1,253,128 shares of the company’s stock worth $86,366,000 after buying an additional 207,132 shares in the last quarter. Institutional investors own 94.42% of the company’s stock.
EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust. 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.
Receive News & Ratings for EastGroup Properties Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for EastGroup Properties Inc. and related companies with MarketBeat.com's FREE daily email newsletter.