EastGroup Properties, Inc. (NYSE:EGP) released its earnings results on Thursday, October 19th. The real estate investment trust reported $1.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.61, Bloomberg Earnings reports. The firm had revenue of $68.75 million during the quarter, compared to analyst estimates of $68.74 million. EastGroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.04 earnings per share. EastGroup Properties updated its FY17 guidance to $4.22-4.24 EPS.
EastGroup Properties (EGP) traded up 2.10% during midday trading on Friday, hitting $90.81. The stock had a trading volume of 158,792 shares. The stock’s 50-day moving average is $89.95 and its 200-day moving average is $84.78. EastGroup Properties has a one year low of $63.99 and a one year high of $93.61. The company has a market cap of $3.10 billion, a P/E ratio of 38.06 and a beta of 0.98.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were given a $0.64 dividend. This is a boost from EastGroup Properties’s previous quarterly dividend of $0.62. This represents a $2.56 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend was Thursday, September 14th. EastGroup Properties’s dividend payout ratio (DPR) is currently 107.56%.
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A number of equities research analysts have recently issued reports on EGP shares. Zacks Investment Research upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 target price for the company in a research note on Tuesday, July 11th. ValuEngine raised EastGroup Properties from a “hold” rating to a “buy” rating in a report on Monday, September 11th. Sandler O’Neill raised EastGroup Properties from a “hold” rating to a “buy” rating and increased their target price for the stock from $90.00 to $104.00 in a report on Tuesday, September 5th. Cantor Fitzgerald reaffirmed a “hold” rating and set a $75.00 target price on shares of EastGroup Properties in a report on Tuesday, July 25th. Finally, Bank of America Corporation raised EastGroup Properties from a “neutral” rating to a “buy” rating and increased their target price for the stock from $91.00 to $96.00 in a report on Wednesday, August 16th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $86.18.
EastGroup Properties Company Profile
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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