Analysts expect EastGroup Properties, Inc. (NYSE:EGP) to report $1.13 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for EastGroup Properties’ earnings. The lowest EPS estimate is $1.11 and the highest is $1.15. EastGroup Properties posted earnings per share of $1.05 in the same quarter last year, which would indicate a positive year-over-year growth rate of 7.6%. The business is scheduled to announce its next quarterly earnings report on Tuesday, July 24th.
According to Zacks, analysts expect that EastGroup Properties will report full-year earnings of $4.51 per share for the current fiscal year, with EPS estimates ranging from $4.49 to $4.56. For the next financial year, analysts anticipate that the company will report earnings of $4.70 per share, with EPS estimates ranging from $4.63 to $4.75. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that cover EastGroup Properties.
EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Thursday, April 19th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.05. EastGroup Properties had a net margin of 30.34% and a return on equity of 11.58%. The firm had revenue of $72.20 million during the quarter, compared to analysts’ expectations of $71.62 million. During the same period in the prior year, the company posted $0.99 EPS. The company’s revenue was up 9.1% on a year-over-year basis.
EGP has been the subject of several recent research reports. Zacks Investment Research upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $98.00 price target for the company in a research report on Wednesday, January 24th. ValuEngine upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Sandler O’Neill restated a “buy” rating and issued a $95.00 price target on shares of EastGroup Properties in a research report on Wednesday, February 7th. Finally, Mizuho restated a “hold” rating and issued a $90.00 price target on shares of EastGroup Properties in a research report on Sunday, February 4th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. EastGroup Properties has an average rating of “Hold” and a consensus target price of $88.64.
In other news, Director Fredric H. Gould acquired 3,000 shares of EastGroup Properties stock in a transaction dated Thursday, February 8th. The shares were bought at an average cost of $80.05 per share, with a total value of $240,150.00. Following the purchase, the director now owns 13,688 shares in the company, valued at approximately $1,095,724.40. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.90% of the company’s stock.
Several large investors have recently bought and sold shares of EGP. Schroder Investment Management Group bought a new stake in shares of EastGroup Properties in the 3rd quarter valued at $413,000. Wells Fargo & Company MN boosted its stake in shares of EastGroup Properties by 35.9% in the 3rd quarter. Wells Fargo & Company MN now owns 317,512 shares of the real estate investment trust’s stock valued at $27,979,000 after purchasing an additional 83,825 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of EastGroup Properties by 3.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 497,119 shares of the real estate investment trust’s stock valued at $43,806,000 after purchasing an additional 17,999 shares during the last quarter. Stifel Financial Corp bought a new stake in shares of EastGroup Properties in the 3rd quarter valued at $365,000. Finally, Asset Management One Co. Ltd. boosted its stake in shares of EastGroup Properties by 1.3% in the 3rd 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 purchasing an additional 1,119 shares during the last quarter. 96.08% of the stock is currently owned by institutional investors.
NYSE EGP traded up $0.32 on Friday, hitting $84.64. The company’s stock had a trading volume of 350,136 shares, compared to its average volume of 220,494. EastGroup Properties has a 1-year low of $76.44 and a 1-year high of $95.03. The stock has a market cap of $2,954.19, a P/E ratio of 19.96, a price-to-earnings-growth ratio of 4.55 and a beta of 0.92.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Wednesday, March 21st were paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date was Tuesday, March 20th. EastGroup Properties’s dividend payout ratio is currently 60.09%.
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About EastGroup Properties
EastGroup Properties, Inc is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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