Wall Street analysts expect Eastgroup Properties Inc (NYSE:EGP) to announce $1.18 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for Eastgroup Properties’ earnings, with the lowest EPS estimate coming in at $1.17 and the highest estimate coming in at $1.18. Eastgroup Properties posted earnings per share of $1.14 during the same quarter last year, which indicates a positive year over year growth rate of 3.5%. The firm is expected to issue its next earnings results on Wednesday, January 30th.
On average, analysts expect that Eastgroup Properties will report full year earnings of $4.66 per share for the current year, with EPS estimates ranging from $4.61 to $4.68. For the next financial year, analysts anticipate that the company will post earnings of $4.82 per share, with EPS estimates ranging from $4.75 to $4.97. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that cover Eastgroup Properties.
Eastgroup Properties (NYSE:EGP) last announced its earnings results on Thursday, October 18th. The real estate investment trust reported $0.64 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.14. Eastgroup Properties had a net margin of 29.80% and a return on equity of 10.69%. The firm had revenue of $75.30 million for the quarter, compared to analysts’ expectations of $74.65 million. During the same quarter in the previous year, the business posted $1.08 EPS. The company’s quarterly revenue was up 9.6% on a year-over-year basis.
A number of analysts have recently commented on EGP shares. Zacks Investment Research upgraded shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Tuesday, September 18th. Mizuho restated a “hold” rating and set a $92.00 target price on shares of Eastgroup Properties in a report on Monday, July 30th. Citigroup boosted their target price on shares of Eastgroup Properties from $87.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, July 25th. ValuEngine cut shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. Finally, SunTrust Banks set a $92.00 target price on shares of Eastgroup Properties and gave the company a “hold” rating in a report on Tuesday, October 23rd. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $97.11.
Shares of EGP stock traded up $1.91 during mid-day trading on Tuesday, reaching $99.81. 214,715 shares of the company’s stock traded hands, compared to its average volume of 192,868. Eastgroup Properties has a 12 month low of $77.74 and a 12 month high of $99.99. The stock has a market cap of $3.60 billion, a PE ratio of 23.43, a price-to-earnings-growth ratio of 4.12 and a beta of 0.65.
In other news, Director H C. Bailey, Jr. sold 264 shares of Eastgroup Properties stock in a transaction dated Wednesday, October 31st. The stock was sold at an average price of $97.01, for a total value of $25,610.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.90% of the stock is 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 shares of Eastgroup Properties in the 2nd quarter worth about $115,000. NumerixS Investment Technologies Inc purchased a new position in shares of Eastgroup Properties in the 2nd quarter worth about $133,000. Lido Advisors LLC purchased a new position in shares of Eastgroup Properties in the 2nd quarter worth about $203,000. Nissay Asset Management Corp Japan ADV purchased a new position in shares of Eastgroup Properties in the 2nd quarter worth about $207,000. Finally, OppenheimerFunds Inc. purchased a new position in shares of Eastgroup Properties in the 2nd quarter worth about $222,000. 93.19% of the stock is owned by hedge funds and other institutional investors.
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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