Eastgroup Properties Inc (NYSE:EGP) – Stock analysts at Cantor Fitzgerald lifted their FY2018 earnings estimates for Eastgroup Properties in a research report issued on Sunday, Zacks Investment Research reports. Cantor Fitzgerald analyst G. Mehta now forecasts that the real estate investment trust will post earnings of $4.53 per share for the year, up from their prior estimate of $4.48. Cantor Fitzgerald has a “Neutral” rating and a $84.00 price target on the stock. Cantor Fitzgerald also issued estimates for Eastgroup Properties’ FY2019 earnings at $4.70 EPS.
Eastgroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, January 31st. The real estate investment trust reported $0.51 EPS for the quarter, beating the consensus estimate of $0.49 by $0.02. The company had revenue of $71.36 million during the quarter, compared to the consensus estimate of $69.66 million. Eastgroup Properties had a return on equity of 11.76% and a net margin of 30.34%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.08 EPS.
Several other research firms also recently commented on EGP. Zacks Investment Research raised Eastgroup Properties from a “hold” rating to a “buy” rating and set a $98.00 price objective for the company in a report on Wednesday, January 24th. Citigroup raised their price target on Eastgroup Properties from $84.00 to $87.00 and gave the company a “neutral” rating in a report on Monday, October 30th. ValuEngine raised Eastgroup Properties from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Mizuho downgraded Eastgroup Properties from a “buy” rating to a “neutral” rating in a report on Monday, October 23rd. Finally, Sandler O’Neill reissued a “buy” rating and set a $95.00 target price on shares of Eastgroup Properties in a report on Wednesday, February 7th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. Eastgroup Properties presently has an average rating of “Hold” and an average target price of $87.42.
Eastgroup Properties (NYSE EGP) traded down $1.37 during midday trading on Tuesday, hitting $79.24. The stock had a trading volume of 122,519 shares, compared to its average volume of 231,851. The firm has a market cap of $2,756.04, a P/E ratio of 18.79, a PEG ratio of 4.01 and a beta of 0.92. Eastgroup Properties has a 12 month low of $69.53 and a 12 month high of $95.03.
In other Eastgroup Properties news, Director Fredric H. Gould bought 3,000 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were purchased at an average price of $80.05 per share, for a total transaction of $240,150.00. Following the completion of the transaction, the director now directly owns 13,688 shares in the company, valued at approximately $1,095,724.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David H. Hoster II sold 12,250 shares of Eastgroup Properties stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $94.10, for a total value of $1,152,725.00. Following the completion of the transaction, the director now owns 173,880 shares in the company, valued at approximately $16,362,108. The disclosure for this sale can be found here. Insiders sold 19,136 shares of company stock worth $1,779,599 in the last 90 days. 2.90% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. grew its holdings in shares of Eastgroup Properties by 6.8% during the second quarter. Ameritas Investment Partners Inc. now owns 2,915 shares of the real estate investment trust’s stock worth $244,000 after purchasing an additional 186 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Eastgroup Properties by 0.8% during the second quarter. Public Employees Retirement System of Ohio now owns 38,562 shares of the real estate investment trust’s stock worth $3,231,000 after purchasing an additional 301 shares during the last quarter. Advisor Group Inc. grew its holdings in shares of Eastgroup Properties by 17.7% during the second 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 during the last quarter. Comerica Bank grew its holdings in shares of Eastgroup Properties by 1.1% during the third quarter. Comerica Bank now owns 49,407 shares of the real estate investment trust’s stock worth $4,437,000 after purchasing an additional 550 shares during the last quarter. Finally, Eqis Capital Management Inc. grew its holdings in shares of Eastgroup Properties by 22.2% during the third quarter. Eqis Capital Management Inc. now owns 3,528 shares of the real estate investment trust’s stock worth $311,000 after purchasing an additional 640 shares during the last quarter. Hedge funds and other institutional investors own 95.82% of the company’s stock.
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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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