Equities research analysts predict that Eastgroup Properties Inc (NYSE:EGP) will report $71.87 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Eastgroup Properties’ earnings. The lowest sales estimate is $71.18 million and the highest is $72.69 million. Eastgroup Properties reported sales of $66.15 million in the same quarter last year, which indicates a positive year over year growth rate of 8.6%. The company is expected to issue its next quarterly earnings report on Thursday, April 19th.
According to Zacks, analysts expect that Eastgroup Properties will report full year sales of $71.87 million for the current fiscal year, with estimates ranging from $289.00 million to $294.90 million. For the next financial year, analysts expect that the firm will report sales of $306.44 million per share, with estimates ranging from $300.42 million to $312.29 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Eastgroup Properties.
Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, January 31st. The real estate investment trust reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. Eastgroup Properties had a return on equity of 11.58% and a net margin of 30.34%. The business had revenue of $71.36 million during the quarter, compared to analysts’ expectations of $69.66 million. During the same quarter last year, the business posted $1.08 earnings per share. The business’s revenue for the quarter was up 7.6% on a year-over-year basis.
A number of research analysts have recently weighed in on the company. Bank of America raised their price target on Eastgroup Properties from $100.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, November 6th. Morgan Stanley restated an “equal weight” rating and issued a $82.00 price target on shares of Eastgroup Properties in a research report on Thursday, December 14th. Citigroup raised their price target on Eastgroup Properties from $84.00 to $87.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. SunTrust Banks set a $85.00 price target on Eastgroup Properties and gave the company a “sell” rating in a research report on Sunday, October 29th. Finally, ValuEngine upgraded Eastgroup Properties from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $87.42.
In related news, Director David H. Hoster II sold 12,250 shares of Eastgroup Properties stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $94.10, for a total transaction of $1,152,725.00. Following the completion of the sale, the director now owns 173,880 shares in the company, valued at approximately $16,362,108. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Bruce Corkern sold 3,586 shares of Eastgroup Properties stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $91.75, for a total value of $329,015.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,136 shares of company stock valued at $1,779,599. 2.90% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Integrated Investment Consultants LLC purchased a new stake in Eastgroup Properties during the 3rd quarter worth about $115,000. SeaCrest Wealth Management LLC purchased a new stake in Eastgroup Properties during the 4th quarter worth about $148,000. Everence Capital Management Inc. purchased a new stake in Eastgroup Properties during the 3rd quarter worth about $202,000. MML Investors Services LLC purchased a new stake in Eastgroup Properties during the 4th quarter worth about $218,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Eastgroup Properties during the 2nd quarter worth about $216,000. Hedge funds and other institutional investors own 96.90% of the company’s stock.
Eastgroup Properties (NYSE EGP) opened at $81.11 on Friday. Eastgroup Properties has a 52-week low of $69.90 and a 52-week high of $95.03. The firm has a market capitalization of $2,778.07, a price-to-earnings ratio of 18.77, a PEG ratio of 4.12 and a beta of 0.92.
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About Eastgroup Properties
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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