EastGroup Properties Inc. (EGP) Releases Earnings Results, Hits Estimates
EastGroup Properties Inc. (NYSE:EGP) posted its quarterly earnings data on Wednesday. The company reported $1.04 earnings per share for the quarter, hitting the consensus estimate of $1.04. EastGroup Properties had a net margin of 36.63% and a return on equity of 15.59%. The firm earned $63.19 million during the quarter, compared to analysts’ expectations of $62.41 million. During the same quarter in the previous year, the company posted $0.94 EPS. EastGroup Properties’s revenue was up 8.0% on a year-over-year basis.
Shares of EastGroup Properties (NYSE:EGP) traded down 0.16% during trading on Wednesday, hitting $69.64. 241,677 shares of the stock traded hands. The firm has a 50-day moving average of $71.54 and a 200-day moving average of $68.06. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 25.21 and a beta of 1.00. EastGroup Properties has a 1-year low of $49.31 and a 1-year high of $76.00.
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Monday, September 19th were issued a $0.62 dividend. 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 3.56%. EastGroup Properties’s payout ratio is 90.51%.
Several research analysts recently weighed in on the stock. Sandler O’Neill cut shares of EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Friday, July 22nd. BMO Capital Markets restated a “hold” rating and issued a $70.00 price objective on shares of EastGroup Properties in a research report on Thursday, July 28th. Mizuho assumed coverage on shares of EastGroup Properties in a research report on Wednesday, September 28th. They issued a “buy” rating and a $83.00 price objective for the company. Zacks Investment Research upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research report on Wednesday, September 21st. Finally, Morgan Stanley assumed coverage on shares of EastGroup Properties in a research report on Tuesday, September 6th. They issued an “underweight” rating and a $65.00 price objective for the company. Three analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $67.64.
In related news, insider Brent Wood sold 3,400 shares of the stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $72.22, for a total transaction of $245,548.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David H. Hoster II sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $73.01, for a total transaction of $730,100.00. Following the sale, the director now owns 192,037 shares in the company, valued at approximately $14,020,621.37. The disclosure for this sale can be found here. Corporate insiders own 3.60% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Arizona State Retirement System raised its stake in EastGroup Properties by 1.8% in the second quarter. Arizona State Retirement System now owns 16,697 shares of the company’s stock valued at $1,151,000 after buying an additional 300 shares in the last quarter. Jane Street Group LLC bought a new position in shares of EastGroup Properties during the second quarter valued at approximately $333,000. AQR Capital Management LLC increased its position in shares of EastGroup Properties by 125.6% in the second quarter. AQR Capital Management LLC now owns 30,231 shares of the company’s stock valued at $2,083,000 after buying an additional 16,831 shares during the last quarter. Guggenheim Capital LLC increased its position in shares of EastGroup Properties by 188.5% in the second quarter. Guggenheim Capital LLC now owns 163,035 shares of the company’s stock valued at $11,237,000 after buying an additional 106,524 shares during the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in shares of EastGroup Properties by 5.9% in the second quarter. Parametric Portfolio Associates LLC now owns 50,631 shares of the company’s stock valued at $3,489,000 after buying an additional 2,824 shares during the last quarter. Institutional investors and hedge funds own 94.40% of the company’s stock.
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.
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