Eastgroup Properties (NYSE:EGP) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share guidance of $1.17-1.19 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.16. Eastgroup Properties also updated its FY 2018 guidance to $4.66-4.68 EPS.
Several research firms have commented on EGP. Zacks Investment Research lowered shares of Eastgroup Properties from a buy rating to a hold rating in a report on Wednesday, July 11th. Wells Fargo & Co upped their price objective on shares of Eastgroup Properties from $96.00 to $98.00 and gave the stock a market perform rating in a research report on Monday, July 30th. Bank of America upped their price objective on shares of Eastgroup Properties from $100.00 to $103.00 and gave the stock a buy rating in a research report on Monday, July 16th. ValuEngine upgraded shares of Eastgroup Properties from a hold rating to a buy rating in a research report on Monday, July 2nd. Finally, Sandler O’Neill set a $105.00 price objective on shares of Eastgroup Properties and gave the stock a buy rating in a research report on Monday, July 23rd. Nine equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $95.09.
Shares of Eastgroup Properties stock traded up $2.75 during trading hours on Friday, reaching $95.99. The stock had a trading volume of 200 shares, compared to its average volume of 213,183. The company has a market cap of $3.34 billion, a P/E ratio of 22.29, a price-to-earnings-growth ratio of 4.08 and a beta of 0.76. Eastgroup Properties has a twelve month low of $77.74 and a twelve month high of $99.39.
Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings data on Thursday, October 18th. The real estate investment trust reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.14. The business had revenue of $75.30 million during the quarter, compared to the consensus estimate of $74.65 million. Eastgroup Properties had a net margin of 28.00% and a return on equity of 10.26%. The company’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.08 earnings per share. As a group, sell-side analysts expect that Eastgroup Properties will post 4.62 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.00%. The ex-dividend date was Thursday, September 27th. This is an increase from Eastgroup Properties’s previous quarterly dividend of $0.64. Eastgroup Properties’s dividend payout ratio is 67.61%.
In related news, EVP Brent Wood sold 4,700 shares of the company’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $97.40, for a total transaction of $457,780.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John F. Coleman sold 5,000 shares of the company’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $96.27, for a total transaction of $481,350.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.
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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