Eastgroup Properties Inc (NYSE:EGP) issued an update on its FY17 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.18 to $4.28 for the period, compared to the Thomson Reuters consensus estimate of $4.20.
Eastgroup Properties Inc (NYSE:EGP) opened at 80.55 on Friday. The company has a 50-day moving average price of $77.72 and a 200-day moving average price of $72.99. Eastgroup Properties Inc has a one year low of $62.28 and a one year high of $81.15. The firm has a market capitalization of $2.72 billion, a P/E ratio of 30.59 and a beta of 0.92.
Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, April 20th. The real estate investment trust reported $0.99 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.64. Eastgroup Properties had a return on equity of 16.20% and a net margin of 37.74%. The company had revenue of $66.15 million for the quarter, compared to analyst estimates of $66.76 million. During the same quarter last year, the firm earned $0.91 EPS. Eastgroup Properties’s revenue for the quarter was up 7.4% compared to the same quarter last year. On average, equities research analysts anticipate that Eastgroup Properties Inc will post $1.80 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Tuesday, May 16th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Wednesday, June 14th. Eastgroup Properties’s payout ratio is presently 84.64%.
EGP has been the topic of several recent research reports. Stifel Nicolaus lifted their price objective on Eastgroup Properties from $73.00 to $78.00 and gave the stock a hold rating in a report on Monday, April 24th. Mizuho lifted their price objective on Eastgroup Properties from $80.00 to $88.00 and gave the stock a buy rating in a report on Monday, April 24th. BMO Capital Markets reissued a hold rating and set a $70.00 price objective on shares of Eastgroup Properties in a report on Wednesday, March 22nd. Zacks Investment Research lowered Eastgroup Properties from a buy rating to a hold rating in a report on Monday, February 6th. Finally, Cantor Fitzgerald reissued a hold rating and set a $70.00 price objective on shares of Eastgroup Properties in a report on Wednesday, February 8th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the stock. Eastgroup Properties has a consensus rating of Hold and an average target price of $76.25.
In other Eastgroup Properties news, Director David H. Hoster II sold 9,000 shares of the business’s stock in a transaction on Tuesday, April 25th. The stock was sold at an average price of $78.82, for a total value of $709,380.00. Following the transaction, the director now owns 186,357 shares of the company’s stock, valued at $14,688,658.74. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Brent Wood sold 4,000 shares of the business’s stock in a transaction on Tuesday, April 25th. The stock was sold at an average price of $78.72, for a total value of $314,880.00. The disclosure for this sale can be found here. 3.60% of the stock is owned by insiders.
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An institutional investor recently raised its position in Eastgroup Properties stock. Renaissance Technologies LLC raised its position in Eastgroup Properties Inc (NYSE:EGP) by 160.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent reporting period. 95.53% of the stock is owned by institutional investors and hedge funds.
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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