EastGroup Properties Inc. (NYSE:EGP) posted its quarterly earnings results on Wednesday. The company reported $1.04 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.04. EastGroup Properties had a return on equity of 15.59% and a net margin of 36.63%. The company had revenue of $63.19 million for the quarter, compared to analysts’ expectations of $62.41 million. During the same period in the previous year, the firm earned $0.94 EPS. The firm’s revenue was up 8.0% compared to the same quarter last year.
Shares of EastGroup Properties (NYSE:EGP) traded down 0.16% during trading on Wednesday, reaching $69.64. The company’s stock had a trading volume of 241,677 shares. The company has a market capitalization of $2.28 billion, a PE ratio of 25.21 and a beta of 1.00. EastGroup Properties has a 1-year low of $49.31 and a 1-year high of $76.00. The stock has a 50 day moving average of $71.54 and a 200-day moving average of $68.06.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Monday, September 19th were given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend was Thursday, September 15th. This is an increase from EastGroup Properties’s previous quarterly dividend of $0.60. EastGroup Properties’s dividend payout ratio is 90.51%.
In other news, Director David H. Hoster II sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $73.01, for a total value of $730,100.00. Following the transaction, the director now owns 192,037 shares in the company, valued at $14,020,621.37. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bruce Corkern sold 2,475 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $71.40, for a total value of $176,715.00. The disclosure for this sale can be found here. 3.60% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in EGP. Advisor Group Inc. purchased a new position in EastGroup Properties during the second quarter valued at $110,000. Ingalls & Snyder LLC bought a new position in shares of EastGroup Properties during the second quarter worth approximately $207,000. Keeley Asset Management Corp bought a new position in shares of EastGroup Properties during the second quarter worth approximately $207,000. Jane Street Group LLC bought a new position in shares of EastGroup Properties during the second quarter worth approximately $333,000. Finally, Hsbc Holdings PLC increased its position in shares of EastGroup Properties by 2.7% in the second quarter. Hsbc Holdings PLC now owns 4,980 shares of the company’s stock worth $343,000 after buying an additional 132 shares during the last quarter. Institutional investors and hedge funds own 94.40% of the company’s stock.
A number of research analysts recently commented on EGP shares. Mizuho started coverage on EastGroup Properties in a report on Wednesday, September 28th. They issued a “buy” rating and a $83.00 price target on the stock. Zacks Investment Research raised EastGroup Properties from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a report on Wednesday, September 21st. Citigroup Inc. boosted 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. BMO Capital Markets reissued a “hold” rating and issued a $70.00 price target on shares of EastGroup Properties in a report on Thursday, July 28th. Finally, Sandler O’Neill cut EastGroup Properties from a “buy” rating to a “hold” rating in a report on Friday, July 22nd. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. EastGroup Properties currently has a consensus rating of “Hold” and a consensus target price of $67.64.
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.
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