EastGroup Properties, Inc. (NYSE:EGP) announced its quarterly earnings results on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.61, Bloomberg Earnings reports. EastGroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The business had revenue of $68.75 million during the quarter, compared to the consensus estimate of $68.74 million. During the same quarter in the prior year, the company posted $1.04 earnings per share. EastGroup Properties’s revenue was up 8.8% compared to the same quarter last year. EastGroup Properties updated its FY17 guidance to $4.22-4.24 EPS.
Shares of EastGroup Properties (EGP) traded up 2.10% during mid-day trading on Friday, reaching $90.81. The company had a trading volume of 158,792 shares. The stock has a market capitalization of $3.10 billion, a P/E ratio of 38.06 and a beta of 0.98. EastGroup Properties has a one year low of $63.99 and a one year high of $93.61. The firm has a 50 day moving average of $89.95 and a 200-day moving average of $84.78.
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders 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 dividend yield of 2.82%. The ex-dividend date of this dividend was Thursday, September 14th. This is a boost from EastGroup Properties’s previous quarterly dividend of $0.62. EastGroup Properties’s dividend payout ratio is currently 107.56%.
COPYRIGHT VIOLATION NOTICE: This report was published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this report on another site, it was copied illegally and reposted in violation of United States & international copyright law. The correct version of this report can be viewed at https://www.dispatchtribunal.com/2017/10/28/eastgroup-properties-inc-egp-releases-quarterly-earnings-results-beats-expectations-by-0-60-eps.html.
A number of research analysts have issued reports on EGP shares. KeyCorp restated a “neutral” rating on shares of EastGroup Properties in a research note on Friday, August 25th. ValuEngine upgraded EastGroup Properties from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. DA Davidson set a $100.00 price objective on EastGroup Properties and gave the company a “hold” rating in a research note on Friday, October 20th. Zacks Investment Research downgraded EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Cantor Fitzgerald restated a “hold” rating and issued a $79.00 price objective on shares of EastGroup Properties in a research note on Friday, October 20th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus 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.
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.