Analysts expect that Eastgroup Properties Inc (NYSE:EGP) will report $83.47 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Eastgroup Properties’ earnings. The lowest sales estimate is $82.55 million and the highest is $84.04 million. Eastgroup Properties reported sales of $75.33 million in the same quarter last year, which indicates a positive year over year growth rate of 10.8%. The business is scheduled to announce its next earnings results after the market closes on Wednesday, October 23rd.
According to Zacks, analysts expect that Eastgroup Properties will report full-year sales of $328.11 million for the current fiscal year, with estimates ranging from $325.00 million to $330.72 million. For the next financial year, analysts forecast that the firm will post sales of $353.38 million, with estimates ranging from $340.16 million to $364.20 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Eastgroup Properties.
Several equities research analysts recently issued reports on the company. SunTrust Banks upped their price target on Eastgroup Properties from $105.00 to $115.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. Zacks Investment Research raised Eastgroup Properties from a “hold” rating to a “buy” rating and set a $134.00 price target on the stock in a research report on Monday, August 5th. Morgan Stanley upped their price target on Eastgroup Properties from $110.00 to $120.00 and gave the company an “equal weight” rating in a research report on Monday. Citigroup upped their price objective on 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 downgraded Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Eastgroup Properties currently has a consensus rating of “Hold” and a consensus price target of $119.65.
A number of institutional investors and hedge funds have recently modified their holdings of EGP. Point72 Hong Kong Ltd bought a new position in shares of Eastgroup Properties in the second quarter worth $37,000. Tower Research Capital LLC TRC grew its stake in shares of Eastgroup Properties by 1,773.3% in the second quarter. Tower Research Capital LLC TRC now owns 562 shares of the real estate investment trust’s stock worth $65,000 after purchasing an additional 532 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of Eastgroup Properties in the second quarter worth $81,000. HM Payson & Co. bought a new position in shares of Eastgroup Properties in the second quarter worth $151,000. Finally, CWM LLC bought a new position in shares of Eastgroup Properties in the second quarter worth $155,000. Hedge funds and other institutional investors own 90.74% of the company’s stock.
Shares of EGP stock traded up $0.74 on Wednesday, hitting $126.86. 183,943 shares of the stock traded hands, compared to its average volume of 265,688. The company has a market capitalization of $4.72 billion, a PE ratio of 27.16, a PEG ratio of 5.23 and a beta of 0.77. Eastgroup Properties has a 1-year low of $87.69 and a 1-year high of $128.30. The company’s fifty day moving average is $124.88 and its 200 day moving average is $117.57.
The business also recently disclosed a 0.72000 dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.75 per share. The ex-dividend date is Friday, September 27th. This represents a yield of 2.4%. Eastgroup Properties’s payout ratio is currently 64.24%.
About Eastgroup Properties
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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