EastGroup Properties, Inc. (NYSE:EGP) issued its quarterly earnings data on Thursday. The real estate investment trust reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.61, Bloomberg Earnings reports. The company had revenue of $68.75 million during the quarter, compared to analyst estimates of $68.74 million. EastGroup Properties had a return on equity of 12.05% and a net margin of 30.20%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.04 earnings per share. EastGroup Properties updated its FY17 guidance to $4.22-4.24 EPS.
EastGroup Properties (NYSE EGP) opened at 91.54 on Friday. The firm’s 50-day moving average price is $89.94 and its 200-day moving average price is $84.16. The firm has a market capitalization of $3.13 billion, a PE ratio of 38.37 and a beta of 0.98. EastGroup Properties has a 1-year low of $63.99 and a 1-year high of $92.36.
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 2.80%. This is a boost from EastGroup Properties’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Thursday, September 14th. EastGroup Properties’s dividend payout ratio is 108.02%.
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Several research analysts recently weighed in on EGP shares. Zacks Investment Research upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $99.00 price objective for the company in a research report on Monday, October 2nd. ValuEngine upgraded EastGroup Properties from a “hold” rating to a “buy” rating in a research report on Monday, September 11th. 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 issued a $85.00 price objective 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 increased their price objective for the stock 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 assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $84.30.
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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