Brokerages expect that Eastgroup Properties Inc (NYSE:EGP) will report sales of $86.16 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Eastgroup Properties’ earnings, with the highest sales estimate coming in at $87.20 million and the lowest estimate coming in at $84.82 million. Eastgroup Properties reported sales of $77.98 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 10.5%. The firm is expected to announce its next quarterly earnings report on Wednesday, February 5th.
On average, analysts expect that Eastgroup Properties will report full-year sales of $330.27 million for the current year, with estimates ranging from $325.00 million to $333.31 million. For the next fiscal year, analysts expect that the company will report sales of $363.25 million, with estimates ranging from $347.19 million to $380.15 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Eastgroup Properties.
Eastgroup Properties (NYSE:EGP) last issued its earnings results on Wednesday, October 23rd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.65). The business had revenue of $83.94 million during the quarter, compared to analyst estimates of $83.24 million. Eastgroup Properties had a net margin of 28.07% and a return on equity of 9.16%. Eastgroup Properties’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.17 EPS.
EGP has been the subject of a number of recent research reports. Morgan Stanley increased their price target on shares of Eastgroup Properties from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. ValuEngine cut shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Stifel Nicolaus set a $145.00 target price on shares of Eastgroup Properties and gave the stock a “buy” rating in a research note on Friday, October 25th. Citigroup raised their price objective on shares of Eastgroup Properties from $109.00 to $129.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. Finally, SunTrust Banks raised their price objective on shares of Eastgroup Properties from $115.00 to $125.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $125.54.
In related news, Director H C. Bailey, Jr. sold 490 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $124.48, for a total value of $60,995.20. Following the completion of the sale, the director now owns 3,803 shares in the company, valued at $473,397.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brent Wood sold 3,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $122.56, for a total transaction of $398,320.00. Following the completion of the sale, the insider now 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 sold 9,740 shares of company stock valued at $1,256,355 in the last quarter. Company insiders own 2.00% of the company’s stock.
Large investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its holdings in shares of 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 buying an additional 18,209 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in Eastgroup Properties during the second quarter valued at approximately $106,211,000. Silvercrest Asset Management Group LLC lifted its position in shares of 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 in the last quarter. Northern Trust Corp lifted its position in shares of 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.
NYSE:EGP traded down $0.28 during trading hours on Friday, reaching $132.00. 169,947 shares of the company’s stock were exchanged, compared to its average volume of 203,469. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of 27.16, a P/E/G ratio of 6.06 and a beta of 0.76. The company has a 50-day moving average of $128.95 and a 200 day moving average of $121.10. Eastgroup Properties has a 1-year low of $87.69 and a 1-year high of $135.45.
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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