EastGroup Properties, Inc. to Post FY2018 Earnings of $4.48 Per Share, Cantor Fitzgerald Forecasts (EGP)

EastGroup Properties, Inc. (NYSE:EGP) – Investment analysts at Cantor Fitzgerald increased their FY2018 earnings per share estimates for EastGroup Properties in a research note issued on Monday. Cantor Fitzgerald analyst G. Mehta now anticipates that the real estate investment trust will post earnings per share of $4.48 for the year, up from their previous estimate of $4.47. Cantor Fitzgerald has a “Neutral” rating and a $84.00 price target on the stock.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.61. The company had revenue of $68.75 million for the quarter, compared to analyst estimates of $68.74 million. EastGroup Properties had a return on equity of 11.90% and a net margin of 30.03%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 earnings per share.

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Several other equities analysts have also recently commented on EGP. Zacks Investment Research upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 target price for the company in a research report on Tuesday, July 11th. Stifel Nicolaus restated a “hold” rating and issued a $85.00 target price on shares of EastGroup Properties in a research report on Friday, July 28th. Bank of America Corporation upgraded shares of EastGroup Properties from a “neutral” rating to a “buy” rating and boosted their target price for the company from $91.00 to $96.00 in a research report on Wednesday, August 16th. KeyCorp restated a “neutral” rating on shares of EastGroup Properties in a research report on Friday, August 25th. Finally, Sandler O’Neill upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and boosted their target price for the company from $90.00 to $104.00 in a research report on Tuesday, September 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. EastGroup Properties presently has a consensus rating of “Hold” and an average target price of $86.18.

EastGroup Properties (EGP) traded up 0.119% during trading on Tuesday, reaching $88.705. The company’s stock had a trading volume of 70,942 shares. The company has a market capitalization of $3.03 billion, a PE ratio of 37.177 and a beta of 0.98. EastGroup Properties has a 52 week low of $63.99 and a 52 week high of $93.61. The company has a 50 day moving average price of $89.97 and a 200-day moving average price of $84.65.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 2.89%. This is a boost from EastGroup Properties’s previous quarterly dividend of $0.62. The ex-dividend date was Thursday, September 14th. EastGroup Properties’s dividend payout ratio is currently 107.56%.

A number of hedge funds have recently added to or reduced their stakes in EGP. First Mercantile Trust Co. increased its position in EastGroup Properties by 1.8% during the 2nd quarter. First Mercantile Trust Co. now owns 1,720 shares of the real estate investment trust’s stock worth $144,000 after purchasing an additional 30 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in EastGroup Properties by 10.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,454 shares of the real estate investment trust’s stock worth $206,000 after purchasing an additional 234 shares in the last quarter. Riverhead Capital Management LLC increased its position in EastGroup Properties by 25.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,500 shares of the real estate investment trust’s stock worth $210,000 after purchasing an additional 500 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in EastGroup Properties during the 2nd quarter worth approximately $216,000. Finally, Advisor Group Inc. increased its position in EastGroup Properties by 17.7% during the 2nd quarter. Advisor Group Inc. now owns 2,747 shares of the real estate investment trust’s stock worth $220,000 after purchasing an additional 414 shares in the last quarter. Institutional investors and hedge funds own 96.39% of the company’s stock.

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.

Earnings History and Estimates for EastGroup Properties (NYSE:EGP)

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