DA Davidson Brokers Lift Earnings Estimates for Eastgroup Properties Inc (NYSE:EGP)

Eastgroup Properties Inc (NYSE:EGP) – Equities research analysts at DA Davidson lifted their Q3 2018 earnings estimates for Eastgroup Properties in a research note issued on Thursday, Zacks Investment Research reports. DA Davidson analyst B. Oxford now forecasts that the real estate investment trust will earn $1.15 per share for the quarter, up from their previous forecast of $1.13. DA Davidson currently has a “Hold” rating and a $100.00 target price on the stock. DA Davidson also issued estimates for Eastgroup Properties’ Q4 2018 earnings at $1.17 EPS and FY2018 earnings at $4.56 EPS.

Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, January 31st. The real estate investment trust reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. Eastgroup Properties had a net margin of 30.34% and a return on equity of 11.76%. The business had revenue of $71.36 million for the quarter, compared to analysts’ expectations of $69.66 million. During the same period last year, the business earned $1.08 earnings per share. The business’s quarterly revenue was up 7.6% on a year-over-year basis.

A number of other research analysts have also recently commented on the stock. Bank of America increased their price target on shares of Eastgroup Properties from $100.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, November 6th. Zacks Investment Research lowered Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, October 25th. Morgan Stanley reissued an “equal weight” rating and set a $82.00 price objective on shares of Eastgroup Properties in a research note on Thursday, December 14th. Cantor Fitzgerald reissued a “hold” rating and set a $79.00 price objective on shares of Eastgroup Properties in a research note on Friday, October 20th. Finally, ValuEngine raised Eastgroup Properties from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $87.42.

Shares of Eastgroup Properties (EGP) traded down $1.30 during midday trading on Monday, reaching $79.31. 120,268 shares of the company’s stock were exchanged, compared to its average volume of 231,851. Eastgroup Properties has a twelve month low of $69.53 and a twelve month high of $95.03. The company has a market capitalization of $2,756.04, a PE ratio of 18.79, a P/E/G ratio of 4.01 and a beta of 0.92.

In related news, CFO Brent Wood sold 3,300 shares of the firm’s stock in a transaction on Thursday, December 7th. The stock was sold at an average price of $90.26, for a total value of $297,858.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David H. Hoster II sold 12,250 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $94.10, for a total value of $1,152,725.00. Following the completion of the sale, the director now directly owns 173,880 shares of the company’s stock, valued at approximately $16,362,108. The disclosure for this sale can be found here. Insiders sold 19,136 shares of company stock valued at $1,779,599 in the last ninety days. 2.90% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the stock. Swiss National Bank lifted its position in Eastgroup Properties by 2.2% during the third quarter. Swiss National Bank now owns 56,687 shares of the real estate investment trust’s stock valued at $4,995,000 after buying an additional 1,200 shares during the period. Prudential Financial Inc. lifted its position in Eastgroup Properties by 2.0% during the third quarter. Prudential Financial Inc. now owns 58,915 shares of the real estate investment trust’s stock valued at $5,192,000 after buying an additional 1,130 shares during the period. Stifel Financial Corp purchased a new position in Eastgroup Properties during the third quarter valued at $365,000. Schroder Investment Management Group purchased a new position in Eastgroup Properties during the third quarter valued at $413,000. Finally, Asset Management One Co. Ltd. lifted its position in Eastgroup Properties by 1.3% during the third quarter. Asset Management One Co. Ltd. now owns 89,734 shares of the real estate investment trust’s stock valued at $7,927,000 after buying an additional 1,119 shares during the period. 95.82% of the stock is owned by 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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Earnings History and Estimates for Eastgroup Properties (NYSE:EGP)

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