Analysts forecast that EastGroup Properties, Inc. (NYSE:EGP) will report sales of $68.97 million for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for EastGroup Properties’ earnings, with estimates ranging from $68.49 million to $70.05 million. EastGroup Properties posted sales of $63.19 million during the same quarter last year, which would indicate a positive year over year growth rate of 9.1%. The firm is scheduled to report its next earnings report on Wednesday, October 18th.

On average, analysts expect that EastGroup Properties will report full year sales of $68.97 million for the current fiscal year, with estimates ranging from $271.62 million to $279.30 million. For the next fiscal year, analysts expect that the firm will report sales of $290.82 million per share, with estimates ranging from $283.11 million to $301.76 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover EastGroup Properties.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.60. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.05%. The company had revenue of $67.90 million during the quarter, compared to the consensus estimate of $67.16 million. During the same period in the previous year, the firm posted $0.99 EPS. The firm’s revenue was up 9.7% compared to the same quarter last year.

A number of equities research analysts have recently issued reports on EGP shares. Zacks Investment Research raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 target price for the company in a report on Tuesday, July 11th. BidaskClub lowered shares of EastGroup Properties from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 21st. Bank of America Corporation raised shares of EastGroup Properties from a “neutral” rating to a “buy” rating and upped their target price for the stock from $91.00 to $96.00 in a report on Wednesday, August 16th. Stifel Nicolaus reaffirmed a “hold” rating and set a $85.00 target price on shares of EastGroup Properties in a report on Friday, July 28th. Finally, Cantor Fitzgerald reaffirmed a “hold” rating and set a $75.00 target price on shares of EastGroup Properties in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $80.78.

In related news, Director David H. Hoster II sold 1,259 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $84.00, for a total value of $105,756.00. Following the completion of the sale, the director now owns 186,130 shares of the company’s stock, valued at $15,634,920. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.90% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Glen Harbor Capital Management LLC raised its stake in shares of EastGroup Properties by 5.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,760 shares of the real estate investment trust’s stock worth $129,000 after buying an additional 88 shares in the last quarter. First Mercantile Trust Co. raised its stake in shares of EastGroup Properties by 1.8% in the second quarter. First Mercantile Trust Co. now owns 1,720 shares of the real estate investment trust’s stock worth $144,000 after buying an additional 30 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of EastGroup Properties by 8.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,220 shares of the real estate investment trust’s stock worth $163,000 after buying an additional 168 shares in the last quarter. Elkfork Partners LLC raised its stake in shares of EastGroup Properties by 5.3% in the first quarter. Elkfork Partners LLC now owns 2,240 shares of the real estate investment trust’s stock worth $165,000 after buying an additional 112 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of EastGroup Properties by 31.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,500 shares of the real estate investment trust’s stock worth $184,000 after buying an additional 600 shares in the last quarter. 95.05% of the stock is owned by hedge funds and other institutional investors.

Shares of EastGroup Properties (EGP) opened at 86.55 on Friday. The stock’s 50 day moving average is $84.88 and its 200-day moving average is $79.48. EastGroup Properties has a 12-month low of $63.99 and a 12-month high of $88.13. The company has a market capitalization of $2.96 billion, a P/E ratio of 36.27 and a beta of 0.98.

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About EastGroup Properties

EastGroup Properties, Inc is an equity real estate investment trust (REIT). 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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Earnings History and Estimates for EastGroup Properties (NYSE:EGP)

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