EastGroup Properties, Inc. (EGP) Hits New 52-Week High at $92.01

EastGroup Properties, Inc. (NYSE:EGP) shares hit a new 52-week high during trading on Friday . The stock traded as high as $92.01 and last traded at $0.00, with a volume of shares.

EGP has been the subject of several analyst reports. ValuEngine upgraded EastGroup Properties from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. Zacks Investment Research upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $99.00 price target for the company in a research report on Monday, October 2nd. KeyCorp reiterated a “hold” rating on shares of EastGroup Properties in a research report on Sunday, September 24th. Stifel Nicolaus reiterated a “hold” rating and set a $85.00 price target on shares of EastGroup Properties in a research report on Friday, July 28th. Finally, Sandler O’Neill upgraded EastGroup Properties from a “hold” rating to a “buy” rating and lifted their price target for the company from $90.00 to $104.00 in a research report on Tuesday, September 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. EastGroup Properties has an average rating of “Hold” and a consensus target price of $83.90.

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

The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were issued a $0.64 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This is an increase from EastGroup Properties’s previous quarterly dividend of $0.62. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.79%. EastGroup Properties’s dividend payout ratio (DPR) is currently 108.02%.

Large investors have recently made changes to their positions in the company. First Mercantile Trust Co. increased its holdings in shares of EastGroup Properties by 1.8% in the 2nd quarter. First Mercantile Trust Co. now owns 1,720 shares of the real estate investment trust’s stock valued at $144,000 after acquiring an additional 30 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of EastGroup Properties by 10.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,454 shares of the real estate investment trust’s stock valued at $206,000 after acquiring an additional 234 shares during the period. Riverhead Capital Management LLC increased its holdings in shares of EastGroup Properties by 25.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,500 shares of the real estate investment trust’s stock valued at $210,000 after acquiring an additional 500 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of EastGroup Properties in the 2nd quarter valued at $216,000. Finally, Advisor Group Inc. increased its holdings in shares of EastGroup Properties by 17.7% in the 2nd quarter. Advisor Group Inc. now owns 2,747 shares of the real estate investment trust’s stock valued at $220,000 after acquiring an additional 414 shares during the period. Institutional investors and hedge funds own 96.42% of the company’s stock.

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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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