Eastgroup Properties Inc (NYSE:EGP) released its quarterly earnings data on Thursday. The real estate investment trust reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.64. Eastgroup Properties had a net margin of 37.74% and a return on equity of 16.20%. The firm had revenue of $66.15 million for the quarter, compared to analyst estimates of $66.76 million. During the same period last year, the firm earned $0.91 earnings per share. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. Eastgroup Properties updated its FY17 guidance to $4.18 to $4.28 EPS.
Eastgroup Properties (NYSE:EGP) opened at 80.55 on Friday. Eastgroup Properties has a 1-year low of $62.28 and a 1-year high of $81.15. The stock has a 50 day moving average of $77.72 and a 200 day moving average of $72.99. The stock has a market cap of $2.72 billion, a P/E ratio of 30.59 and a beta of 0.92.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Tuesday, May 16th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $2.48 annualized dividend and a dividend yield of 3.08%. Eastgroup Properties’s payout ratio is 84.64%.
In other Eastgroup Properties news, insider Brent Wood sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $78.72, for a total value of $314,880.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David H. Hoster II sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $78.82, for a total value of $709,380.00. Following the completion of the transaction, the director now directly owns 186,357 shares of the company’s stock, valued at $14,688,658.74. The disclosure for this sale can be found here. Insiders own 3.60% of the company’s stock.
An institutional investor recently raised its position in Eastgroup Properties stock. Renaissance Technologies LLC raised its stake in Eastgroup Properties Inc (NYSE:EGP) by 160.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,800 shares of the real estate investment trust’s stock after buying an additional 4,800 shares during the period. Renaissance Technologies LLC’s holdings in Eastgroup Properties were worth $574,000 as of its most recent filing with the SEC. Institutional investors own 95.53% of the company’s stock.
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A number of research firms recently weighed in on EGP. Stifel Nicolaus raised their price target on shares of Eastgroup Properties from $73.00 to $78.00 and gave the company a “hold” rating in a research report on Monday, April 24th. Cantor Fitzgerald reissued a “hold” rating and set a $70.00 price target on shares of Eastgroup Properties in a research report on Wednesday, February 8th. Mizuho raised their price target on shares of Eastgroup Properties from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Monday, April 24th. Zacks Investment Research lowered shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Monday, February 6th. Finally, BMO Capital Markets reissued a “hold” rating and set a $70.00 price target on shares of Eastgroup Properties in a research report on Wednesday, March 22nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. Eastgroup Properties presently has a consensus rating of “Hold” and a consensus price target of $76.25.
Eastgroup Properties Company Profile
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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