Wall Street brokerages expect that Eastgroup Properties Inc (NYSE:EGP) will announce earnings of $1.14 per share for the current quarter, according to Zacks. Five analysts have issued estimates for Eastgroup Properties’ earnings, with the highest EPS estimate coming in at $1.15 and the lowest estimate coming in at $1.12. Eastgroup Properties reported earnings per share of $1.08 during the same quarter last year, which indicates a positive year-over-year growth rate of 5.6%. The company is scheduled to issue its next quarterly earnings report on Thursday, October 18th.
According to Zacks, analysts expect that Eastgroup Properties will report full-year earnings of $4.61 per share for the current fiscal year, with EPS estimates ranging from $4.57 to $4.63. For the next financial year, analysts expect that the business will report earnings of $4.75 per share, with EPS estimates ranging from $4.70 to $4.85. Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Eastgroup Properties.
Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings results on Thursday, July 19th. The real estate investment trust reported $0.49 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. Eastgroup Properties had a net margin of 28.00% and a return on equity of 10.26%. The company had revenue of $74.90 million during the quarter, compared to analyst estimates of $72.60 million. During the same quarter in the prior year, the business earned $1.05 earnings per share. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis.
EGP has been the topic of a number of recent analyst reports. ValuEngine raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating in a research note on Tuesday, April 24th. Stifel Nicolaus upgraded shares of Eastgroup Properties from a “hold” rating to a “buy” rating and increased their price target for the company from $93.00 to $103.00 in a research report on Thursday, May 31st. Zacks Investment Research upgraded shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $107.00 price target on the stock in a research report on Wednesday, July 4th. Bank of America increased their price target on shares of Eastgroup Properties from $100.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, July 16th. Finally, Sandler O’Neill set a $105.00 price target on shares of Eastgroup Properties and gave the company a “buy” rating in a research report on Monday, July 23rd. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $95.09.
In other Eastgroup Properties news, Director David H. Hoster II sold 1,032 shares of the firm’s stock in a transaction on Wednesday, May 30th. The stock was sold at an average price of $93.38, for a total transaction of $96,368.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director H C. Bailey, Jr. sold 265 shares of the firm’s stock in a transaction on Tuesday, July 3rd. The shares were sold at an average price of $96.44, for a total value of $25,556.60. Following the transaction, the director now directly owns 3,759 shares of the company’s stock, valued at approximately $362,517.96. The disclosure for this sale can be found here. Insiders sold 6,297 shares of company stock valued at $603,275 in the last ninety days. 2.90% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of EGP. Federated Investors Inc. PA purchased a new position in Eastgroup Properties in the 2nd quarter worth approximately $115,000. Assetmark Inc. lifted its holdings in Eastgroup Properties by 312.7% in the 1st quarter. Assetmark Inc. now owns 1,465 shares of the real estate investment trust’s stock worth $121,000 after purchasing an additional 1,110 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new position in Eastgroup Properties in the 2nd quarter worth approximately $133,000. Fort Washington Investment Advisors Inc. OH purchased a new position in Eastgroup Properties in the 1st quarter worth approximately $207,000. Finally, Nissay Asset Management Corp Japan ADV purchased a new position in Eastgroup Properties in the 2nd quarter worth approximately $207,000. 91.80% of the stock is owned by hedge funds and other institutional investors.
EGP traded down $0.41 on Friday, reaching $96.26. The company had a trading volume of 182,618 shares, compared to its average volume of 204,595. The company has a market capitalization of $3.45 billion, a P/E ratio of 22.60, a P/E/G ratio of 4.42 and a beta of 0.84. Eastgroup Properties has a 52-week low of $77.74 and a 52-week high of $98.17.
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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