EastGroup Properties (NYSE:EGP) issued its earnings results on Thursday. The real estate investment trust reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.05, Fidelity Earnings reports. The company had revenue of $72.20 million for the quarter, compared to the consensus estimate of $71.62 million. EastGroup Properties had a return on equity of 13.52% and a net margin of 35.36%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.99 EPS. EastGroup Properties updated its Q2 guidance to $1.11-1.13 EPS and its FY18 guidance to $4.51-4.61 EPS.
Shares of EGP stock opened at $84.64 on Friday. EastGroup Properties has a 12 month low of $76.44 and a 12 month high of $95.03. The company has a market cap of $2,929.18, a price-to-earnings ratio of 19.87, a P/E/G ratio of 4.51 and a beta of 0.92.
The business also recently declared a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Wednesday, March 21st were issued a dividend of $0.64 per share. The ex-dividend date was Tuesday, March 20th. This represents a $2.56 annualized dividend and a yield of 3.02%. EastGroup Properties’s dividend payout ratio (DPR) is presently 60.09%.
EGP has been the topic of a number of research reports. Zacks Investment Research upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $98.00 price objective on the stock in a report on Wednesday, January 24th. ValuEngine upgraded EastGroup Properties from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Sandler O’Neill restated a “buy” rating and issued a $95.00 price objective on shares of EastGroup Properties in a report on Wednesday, February 7th. Finally, Mizuho restated a “hold” rating and issued a $90.00 price objective on shares of EastGroup Properties in a report on Sunday, February 4th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $88.64.
In related news, Director Fredric H. Gould purchased 3,000 shares of the stock in a transaction on Thursday, February 8th. The shares were bought at an average price of $80.05 per share, for a total transaction of $240,150.00. Following the completion of the acquisition, the director now directly owns 13,688 shares in the company, valued at approximately $1,095,724.40. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.90% of the company’s stock.
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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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