Shares of Eastgroup Properties Inc (NYSE:EGP) hit a new 52-week high on Friday . The company traded as high as $98.71 and last traded at $98.56, with a volume of 37404 shares trading hands. The stock had previously closed at $97.17.
EGP has been the topic of a number of analyst reports. ValuEngine upgraded Eastgroup Properties from a “hold” rating to a “buy” rating in a research report on Tuesday, April 24th. Stifel Nicolaus upgraded Eastgroup Properties from a “hold” rating to a “buy” rating and upped their price target for the company from $93.00 to $103.00 in a research report on Thursday, May 31st. Zacks Investment Research upgraded 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 upped their price target on 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 Eastgroup Properties and gave the company a “buy” rating in a research report on Monday, July 23rd. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Eastgroup Properties has an average rating of “Hold” and a consensus target price of $95.09.
The company has a market capitalization of $3.44 billion, a P/E ratio of 23.23, a price-to-earnings-growth ratio of 4.40 and a beta of 0.84.
Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, July 19th. The real estate investment trust reported $0.49 EPS for the quarter, hitting analysts’ consensus estimates of $0.49. The company had revenue of $74.90 million for the quarter, compared to analyst estimates of $72.60 million. Eastgroup Properties had a return on equity of 10.26% and a net margin of 28.00%. The business’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 earnings per share. sell-side analysts expect that Eastgroup Properties Inc will post 4.61 EPS for the current year.
In other Eastgroup Properties news, EVP John F. Coleman sold 5,000 shares of the business’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $96.27, for a total value of $481,350.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Brent Wood sold 4,700 shares of the business’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $97.40, for a total value of $457,780.00. The disclosure for this sale can be found here. In the last three months, insiders sold 10,997 shares of company stock worth $1,061,055. Insiders own 2.30% of the company’s stock.
A number of institutional investors have recently bought and sold shares of EGP. Millennium Management LLC acquired a new position in Eastgroup Properties in the fourth quarter worth $1,001,000. Fort Washington Investment Advisors Inc. OH acquired a new position in shares of Eastgroup Properties during the first quarter valued at $207,000. Daiwa Securities Group Inc. lifted its stake in shares of Eastgroup Properties by 21.1% during the first quarter. Daiwa Securities Group Inc. now owns 4,600 shares of the real estate investment trust’s stock valued at $380,000 after acquiring an additional 800 shares during the period. Rhumbline Advisers lifted its stake in shares of Eastgroup Properties by 4.6% during the first quarter. Rhumbline Advisers now owns 99,945 shares of the real estate investment trust’s stock valued at $8,261,000 after acquiring an additional 4,385 shares during the period. Finally, Comerica Bank lifted its stake in shares of Eastgroup Properties by 2.3% during the first quarter. Comerica Bank now owns 49,737 shares of the real estate investment trust’s stock valued at $4,194,000 after acquiring an additional 1,117 shares during the period. 91.33% of the stock is currently owned by institutional investors.
About Eastgroup Properties (NYSE:EGP)
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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