EastGroup Properties Inc. (EGP) to Release Quarterly Earnings on Wednesday
EastGroup Properties Inc. (NYSE:EGP) is scheduled to announce its Q316 earnings results on Wednesday, October 19th. Analysts expect the company to announce earnings of $1.04 per share and revenue of $62.41 million for the quarter.
EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $0.99 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.99. EastGroup Properties had a return on equity of 15.59% and a net margin of 36.63%. The company earned $61.92 million during the quarter, compared to the consensus estimate of $61.53 million. During the same period last year, the business earned $0.92 EPS. The business’s quarterly revenue was up 7.0% on a year-over-year basis. On average, analysts expect EastGroup Properties to post $3.99 EPS for the current fiscal year and $4.21 EPS for the next fiscal year.
Shares of EastGroup Properties Inc. (NYSE:EGP) opened at 69.07 on Monday. The stock has a market capitalization of $2.26 billion, a P/E ratio of 25.01 and a beta of 1.00. EastGroup Properties Inc. has a 1-year low of $49.31 and a 1-year high of $76.00. The stock’s 50 day moving average price is $71.74 and its 200-day moving average price is $67.81.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Monday, September 19th were paid a dividend of $0.62 per share. The ex-dividend date was Thursday, September 15th. This is a boost from EastGroup Properties’s previous quarterly dividend of $0.60. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.59%. EastGroup Properties’s payout ratio is 90.51%.
In other news, insider Brent Wood sold 3,400 shares of the company’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $72.22, for a total transaction of $245,548.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Bruce Corkern sold 2,475 shares of the company’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $71.40, for a total value of $176,715.00. The disclosure for this sale can be found here. Insiders own 3.60% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisor Group Inc. purchased a new position in EastGroup Properties during the second quarter valued at $110,000. Ingalls & Snyder LLC bought a new stake in EastGroup Properties during the second quarter valued at about $207,000. Keeley Asset Management Corp bought a new stake in EastGroup Properties during the second quarter valued at about $207,000. Jane Street Group LLC bought a new stake in EastGroup Properties during the second quarter valued at about $333,000. Finally, Hsbc Holdings PLC raised its stake in EastGroup Properties by 2.7% in the second quarter. Hsbc Holdings PLC now owns 4,980 shares of the company’s stock valued at $343,000 after buying an additional 132 shares during the last quarter. 94.42% of the stock is owned by institutional investors.
A number of equities research analysts recently commented on EGP shares. Zacks Investment Research cut EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, June 22nd. Citigroup Inc. lifted their price objective on EastGroup Properties from $67.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, July 7th. Stifel Nicolaus cut EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Friday, July 22nd. They noted that the move was a valuation call. Sandler O’Neill cut EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Friday, July 22nd. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $70.00 price objective on shares of EastGroup Properties in a research note on Thursday, July 28th. Three research 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’s stock. EastGroup Properties presently has an average rating of “Hold” and a consensus target price of $67.64.
About EastGroup Properties
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.
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