$84.95 Million in Sales Expected for Eastgroup Properties Inc (NYSE:EGP) This Quarter

Wall Street analysts predict that Eastgroup Properties Inc (NYSE:EGP) will post sales of $84.95 million for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Eastgroup Properties’ earnings, with the lowest sales estimate coming in at $83.33 million and the highest estimate coming in at $85.78 million. Eastgroup Properties posted sales of $77.98 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 8.9%. The firm is scheduled to issue its next earnings results on Wednesday, February 5th.

On average, analysts expect that Eastgroup Properties will report full year sales of $329.06 million for the current year, with estimates ranging from $325.00 million to $333.36 million. For the next year, analysts forecast that the company will report sales of $356.63 million, with estimates ranging from $340.16 million to $370.55 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Eastgroup Properties.

Eastgroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $0.60 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.25 by ($0.65). Eastgroup Properties had a net margin of 28.07% and a return on equity of 9.56%. The company had revenue of $83.94 million during the quarter, compared to analyst estimates of $83.24 million. During the same quarter in the prior year, the firm earned $1.17 earnings per share. Eastgroup Properties’s revenue for the quarter was up 11.4% on a year-over-year basis.

EGP has been the subject of a number of recent research reports. Morgan Stanley boosted their target price on shares of Eastgroup Properties from $110.00 to $120.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Zacks Investment Research raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $134.00 target price for the company in a research report on Monday, August 5th. ValuEngine cut shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Citigroup boosted their target price on shares of Eastgroup Properties from $109.00 to $129.00 and gave the company a “neutral” rating in a research report on Monday, September 23rd. Finally, Stifel Nicolaus set a $145.00 target price on shares of Eastgroup Properties and gave the company a “buy” rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Eastgroup Properties presently has a consensus rating of “Hold” and a consensus price target of $123.87.

In related news, Director H C. Bailey, Jr. sold 490 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $124.48, for a total transaction of $60,995.20. Following the completion of the sale, the director now owns 3,803 shares of the company’s stock, valued at $473,397.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brent Wood sold 3,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $122.56, for a total transaction of $398,320.00. Following the sale, the insider now directly owns 93,248 shares of the company’s stock, valued at approximately $11,428,474.88. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in Eastgroup Properties by 0.6% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,979,616 shares of the real estate investment trust’s stock worth $345,576,000 after purchasing an additional 18,209 shares during the period. Nuveen Asset Management LLC bought a new stake in Eastgroup Properties during the second quarter worth about $106,211,000. Silvercrest Asset Management Group LLC lifted its position in Eastgroup Properties by 0.3% during the second quarter. Silvercrest Asset Management Group LLC now owns 795,368 shares of the real estate investment trust’s stock worth $92,247,000 after purchasing an additional 2,678 shares during the period. Northern Trust Corp lifted its position in Eastgroup Properties by 18.1% during the second quarter. Northern Trust Corp now owns 729,681 shares of the real estate investment trust’s stock worth $84,628,000 after purchasing an additional 112,046 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Eastgroup Properties by 3.2% during the second quarter. Charles Schwab Investment Management Inc. now owns 553,644 shares of the real estate investment trust’s stock worth $64,212,000 after purchasing an additional 17,083 shares during the period. 90.76% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:EGP traded up $0.40 on Friday, hitting $133.15. The company had a trading volume of 381,800 shares, compared to its average volume of 259,267. The stock has a 50 day moving average price of $126.27 and a 200 day moving average price of $119.05. The stock has a market cap of $5.02 billion, a price-to-earnings ratio of 28.51, a P/E/G ratio of 5.55 and a beta of 0.77. Eastgroup Properties has a 1-year low of $87.69 and a 1-year high of $133.97.

The firm also recently announced a 0.72000 dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.75 dividend. The ex-dividend date was Friday, September 27th. This represents a dividend yield of 2.4%. Eastgroup Properties’s payout ratio is presently 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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Earnings History and Estimates for Eastgroup Properties (NYSE:EGP)

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