Wall Street brokerages expect that Eastgroup Properties Inc (NYSE:EGP) will report earnings per share (EPS) of $1.26 for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Eastgroup Properties’ earnings. The lowest EPS estimate is $1.23 and the highest is $1.28. Eastgroup Properties reported earnings per share of $1.18 during the same quarter last year, which suggests a positive year over year growth rate of 6.8%. The business is expected to issue its next earnings report on Wednesday, February 5th.

On average, analysts expect that Eastgroup Properties will report full-year earnings of $4.96 per share for the current year, with EPS estimates ranging from $4.94 to $4.96. For the next year, analysts anticipate that the business will post earnings of $5.27 per share, with EPS estimates ranging from $5.18 to $5.36. Zacks’ earnings per share averages are an average based on a survey of sell-side research analysts that that provide coverage for Eastgroup Properties.

Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.25 by ($0.65). Eastgroup Properties had a return on equity of 9.16% and a net margin of 28.07%. The business had revenue of $83.94 million for the quarter, compared to analysts’ expectations of $83.24 million. During the same period last year, the business earned $1.17 earnings per share. The company’s revenue for the quarter was up 11.4% on a year-over-year basis.

A number of research analysts have recently weighed in on the stock. Morgan Stanley raised their price objective on shares of Eastgroup Properties from $120.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Stifel Nicolaus set a $145.00 price objective on shares of Eastgroup Properties and gave the stock a “buy” rating in a research note on Friday, October 25th. Citigroup raised their price objective on shares of Eastgroup Properties from $109.00 to $129.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. Finally, ValuEngine cut shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $130.60.

Shares of EGP traded up $0.23 during mid-day trading on Friday, reaching $132.51. 265,034 shares of the company’s stock were exchanged, compared to its average volume of 190,887. The company has a 50-day simple moving average of $133.57 and a two-hundred day simple moving average of $124.14. Eastgroup Properties has a 52-week low of $87.69 and a 52-week high of $138.15. The company has a market cap of $5.15 billion, a price-to-earnings ratio of 28.37, a PEG ratio of 6.13 and a beta of 0.76.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be paid a $0.75 dividend. This is a boost from Eastgroup Properties’s previous quarterly dividend of $0.72. This represents a $3.00 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Friday, December 27th. Eastgroup Properties’s payout ratio is presently 64.24%.

In other Eastgroup Properties news, Director David H. Hoster II sold 6,000 shares of Eastgroup Properties stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $132.84, for a total value of $797,040.00. Following the completion of the sale, the director now directly owns 167,646 shares of the company’s stock, valued at approximately $22,270,094.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.00% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew its stake in Eastgroup Properties by 0.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,979,616 shares of the real estate investment trust’s stock worth $345,576,000 after acquiring an additional 18,209 shares during the period. Nuveen Asset Management LLC purchased a new stake in Eastgroup Properties in the 2nd quarter worth approximately $106,211,000. Silvercrest Asset Management Group LLC grew its stake in Eastgroup Properties by 0.3% in the 2nd quarter. Silvercrest Asset Management Group LLC now owns 795,368 shares of the real estate investment trust’s stock worth $92,247,000 after acquiring an additional 2,678 shares during the period. Northern Trust Corp grew its stake in Eastgroup Properties by 18.1% in the 2nd quarter. Northern Trust Corp now owns 729,681 shares of the real estate investment trust’s stock worth $84,628,000 after acquiring an additional 112,046 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Eastgroup Properties by 3.2% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 553,644 shares of the real estate investment trust’s stock worth $64,212,000 after acquiring an additional 17,083 shares during the period. 90.86% of the stock is owned by hedge funds and other institutional investors.

Eastgroup Properties Company Profile

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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Earnings History and Estimates for Eastgroup Properties (NYSE:EGP)

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