ValuEngine upgraded shares of Eastgroup Properties (NYSE:EGP) from a hold rating to a buy rating in a research note released on Sunday, December 31st.
A number of other research firms have also recently issued reports on EGP. Citigroup increased their price objective on shares of Eastgroup Properties from $84.00 to $87.00 and gave the stock a neutral rating in a research report on Monday, October 30th. KeyCorp restated a hold rating on shares of Eastgroup Properties in a report on Sunday, September 24th. Mizuho lowered shares of Eastgroup Properties from a buy rating to a neutral rating in a research note on Monday, October 23rd. Zacks Investment Research upgraded shares of Eastgroup Properties from a hold rating to a buy rating and set a $99.00 price objective for the company in a research note on Monday, October 2nd. Finally, SunTrust Banks set a $85.00 price objective on shares of Eastgroup Properties and gave the company a sell rating in a research note on Sunday, October 29th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $88.33.
Eastgroup Properties (EGP) opened at $84.53 on Friday. Eastgroup Properties has a 1-year low of $67.69 and a 1-year high of $95.03. The stock has a market cap of $2,890.00, a price-to-earnings ratio of 35.37, a PEG ratio of 4.37 and a beta of 0.99.
Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.61. The company had revenue of $68.75 million for the quarter, compared to analysts’ expectations of $68.74 million. Eastgroup Properties had a net margin of 30.03% and a return on equity of 11.70%. Eastgroup Properties’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.04 earnings per share. equities research analysts expect that Eastgroup Properties will post 4.23 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date was Thursday, December 14th. Eastgroup Properties’s payout ratio is 107.11%.
In related news, Director Hayden C. Eaves III sold 3,532 shares of the business’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $92.14, for a total transaction of $325,438.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bruce Corkern sold 3,586 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $91.75, for a total transaction of $329,015.50. The disclosure for this sale can be found here. Insiders sold 22,668 shares of company stock worth $2,105,037 in the last 90 days. Corporate insiders own 2.90% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Eastgroup Properties by 1.4% during the second quarter. Vanguard Group Inc. now owns 5,481,319 shares of the real estate investment trust’s stock valued at $459,334,000 after purchasing an additional 73,355 shares during the last quarter. BlackRock Inc. boosted its position in shares of Eastgroup Properties by 2.6% in the second quarter. BlackRock Inc. now owns 4,961,740 shares of the real estate investment trust’s stock worth $415,793,000 after purchasing an additional 124,476 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Eastgroup Properties by 10.8% in the third quarter. JPMorgan Chase & Co. now owns 2,715,422 shares of the real estate investment trust’s stock worth $239,934,000 after purchasing an additional 265,123 shares during the period. State Street Corp boosted its position in shares of Eastgroup Properties by 3.8% in the second quarter. State Street Corp now owns 1,299,564 shares of the real estate investment trust’s stock worth $108,905,000 after purchasing an additional 47,824 shares during the period. Finally, Uniplan Investment Counsel Inc. boosted its position in shares of Eastgroup Properties by 42.9% in the second quarter. Uniplan Investment Counsel Inc. now owns 779,163 shares of the real estate investment trust’s stock worth $46,349,000 after purchasing an additional 233,802 shares during the period. 96.20% of the stock is owned by hedge funds and other institutional investors.
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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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