EastGroup Properties Inc. (NYSE:EGP) Receives Average Recommendation of “Hold” from Analysts
Shares of EastGroup Properties Inc. (NYSE:EGP) have earned a consensus rating of “Hold” from the fourteen brokerages that are currently covering the stock. Three analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $69.13.
Several analysts have recently weighed in on the company. Sandler O’Neill downgraded EastGroup Properties from a “buy” rating to a “hold” rating in a report on Friday, July 22nd. BMO Capital Markets reissued a “hold” rating and issued a $70.00 target price on shares of EastGroup Properties in a report on Thursday, July 28th. Mizuho assumed coverage on EastGroup Properties in a report on Wednesday, September 28th. They issued a “buy” rating and a $83.00 target price for the company. Zacks Investment Research raised EastGroup Properties from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a report on Wednesday, September 21st. Finally, Morgan Stanley initiated coverage on EastGroup Properties in a research report on Tuesday, September 6th. They issued an “underweight” rating and a $65.00 price target on the stock.
In other news, insider Bruce Corkern sold 2,475 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $71.40, for a total transaction of $176,715.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Brent Wood sold 3,400 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $72.22, for a total value of $245,548.00. The disclosure for this sale can be found here. Insiders own 3.60% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Macquarie Group Ltd. raised its stake in shares of EastGroup Properties by 28.2% in the second quarter. Macquarie Group Ltd. now owns 303,788 shares of the company’s stock valued at $20,938,000 after buying an additional 66,758 shares during the period. Mason Street Advisors LLC bought a new stake in EastGroup Properties during the second quarter worth about $434,000. Royal Bank of Canada raised its stake in EastGroup Properties by 40.2% in the second quarter. Royal Bank of Canada now owns 29,839 shares of the company’s stock worth $2,055,000 after buying an additional 8,561 shares during the last quarter. Sterling Capital Management LLC raised its stake in EastGroup Properties by 6.2% in the second quarter. Sterling Capital Management LLC now owns 44,600 shares of the company’s stock worth $3,074,000 after buying an additional 2,600 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in EastGroup Properties by 2.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 256,476 shares of the company’s stock worth $17,677,000 after buying an additional 5,154 shares during the last quarter. 94.42% of the stock is currently owned by institutional investors and hedge funds.
Shares of EastGroup Properties (NYSE:EGP) traded up 0.61% during trading on Monday, reaching $68.75. The company’s stock had a trading volume of 63,236 shares. The company has a 50 day moving average price of $72.25 and a 200 day moving average price of $67.48. The firm has a market capitalization of $2.25 billion, a P/E ratio of 24.89 and a beta of 1.00. EastGroup Properties has a 52 week low of $49.31 and a 52 week high of $76.00.
EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, July 20th. The company reported $0.99 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.99. EastGroup Properties had a return on equity of 15.59% and a net margin of 36.63%. The business earned $61.92 million during the quarter, compared to the consensus estimate of $61.53 million. During the same period in the previous year, the business earned $0.92 EPS. The business’s quarterly revenue was up 7.0% on a year-over-year basis. On average, equities research analysts expect that EastGroup Properties will post $3.99 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Monday, September 19th were paid a dividend of $0.62 per share. This is a positive change from EastGroup Properties’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Thursday, September 15th. This represents a $2.48 annualized dividend and a dividend yield of 3.63%. EastGroup Properties’s payout ratio is 90.51%.
EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust. The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
Receive News & Stock Ratings for EastGroup Properties Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for EastGroup Properties Inc. and related stocks with our FREE daily email newsletter.