Eastgroup Properties Inc (NYSE:EGP) Director H C. Bailey, Jr. sold 265 shares of the firm’s stock in a transaction that occurred on Tuesday, July 3rd. The stock was sold at an average price of $96.44, for a total transaction of $25,556.60. Following the transaction, the director now owns 3,759 shares in the company, valued at $362,517.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of Eastgroup Properties opened at $96.29 on Wednesday, according to MarketBeat Ratings. Eastgroup Properties Inc has a 1-year low of $77.74 and a 1-year high of $97.34. The firm has a market cap of $3.33 billion, a P/E ratio of 21.51, a P/E/G ratio of 3.99 and a beta of 0.91.
Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings results on Thursday, April 19th. The real estate investment trust reported $0.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.05. Eastgroup Properties had a return on equity of 13.33% and a net margin of 35.36%. The firm had revenue of $72.20 million during the quarter, compared to the consensus estimate of $71.62 million. During the same period last year, the company earned $0.99 earnings per share. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. analysts anticipate that Eastgroup Properties Inc will post 4.56 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 29th. Investors of record on Wednesday, June 20th were issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 2.66%. The ex-dividend date was Tuesday, June 19th. Eastgroup Properties’s dividend payout ratio is presently 60.09%.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. lifted its holdings in Eastgroup Properties by 312.7% in the first quarter. Assetmark Inc. now owns 1,465 shares of the real estate investment trust’s stock valued at $121,000 after acquiring an additional 1,110 shares during the period. Fort Washington Investment Advisors Inc. OH acquired a new stake in Eastgroup Properties in the first quarter valued at $207,000. MML Investors Services LLC acquired a new stake in Eastgroup Properties in the fourth quarter valued at $218,000. Vident Investment Advisory LLC acquired a new stake in Eastgroup Properties in the fourth quarter valued at $229,000. Finally, Signition LP acquired a new stake in Eastgroup Properties in the first quarter valued at $242,000. 93.83% of the stock is owned by hedge funds and other institutional investors.
EGP has been the topic of a number of research reports. ValuEngine upgraded shares of Eastgroup Properties from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Zacks Investment Research upgraded shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $91.00 target price on the stock in a research report on Tuesday, April 3rd. Finally, Stifel Nicolaus raised Eastgroup Properties from a “hold” rating to a “buy” rating and increased their price target for the stock from $93.00 to $103.00 in a report on Thursday, May 31st. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $92.00.
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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