Eastgroup Properties Inc (NYSE:EGP) – Stock analysts at SunTrust Banks decreased their FY2022 earnings estimates for shares of Eastgroup Properties in a research report issued to clients and investors on Thursday, July 12th. SunTrust Banks analyst K. Kim now forecasts that the real estate investment trust will post earnings of $5.15 per share for the year, down from their prior estimate of $5.35.
Get Eastgroup Properties alerts:A number of other research firms also recently weighed in on EGP. ValuEngine downgraded Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Thursday, June 7th. Zacks Investment Research upgraded Eastgroup Properties from a “hold” rating to a “buy” rating and set a $107.00 price target for the company in a research note on Wednesday, July 4th. Stifel Nicolaus upgraded Eastgroup Properties from a “hold” rating to a “buy” rating and raised their price target for the company from $93.00 to $103.00 in a research note on Thursday, May 31st. Finally, Bank of America lifted their target price on Eastgroup Properties from $100.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Eastgroup Properties presently has an average rating of “Hold” and a consensus price target of $93.60.
Eastgroup Properties opened at $95.31 on Monday, MarketBeat Ratings reports. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 22.37, a P/E/G ratio of 4.06 and a beta of 0.91. Eastgroup Properties has a twelve month low of $77.74 and a twelve month high of $98.17.
Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings results on Thursday, April 19th. The real estate investment trust reported $0.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.05. The firm had revenue of $72.20 million during the quarter, compared to the consensus estimate of $71.62 million. Eastgroup Properties had a return on equity of 13.33% and a net margin of 35.36%. The business’s revenue was up 9.1% compared to the same quarter last year. During the same period last year, the company earned $0.99 earnings per share.
A number of large investors have recently added to or reduced their stakes in EGP. Geode Capital Management LLC lifted its holdings in Eastgroup Properties by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 334,109 shares of the real estate investment trust’s stock worth $29,528,000 after purchasing an additional 6,130 shares during the last quarter. Amundi Pioneer Asset Management Inc. acquired a new stake in Eastgroup Properties during the 4th quarter worth approximately $2,287,000. MML Investors Services LLC acquired a new stake in Eastgroup Properties during the 4th quarter worth approximately $218,000. Renaissance Technologies LLC lifted its holdings in Eastgroup Properties by 319.9% during the 4th quarter. Renaissance Technologies LLC now owns 130,600 shares of the real estate investment trust’s stock worth $11,542,000 after purchasing an additional 99,500 shares during the last quarter. Finally, Thrivent Financial For Lutherans lifted its holdings in Eastgroup Properties by 6.0% during the 4th quarter. Thrivent Financial For Lutherans now owns 33,663 shares of the real estate investment trust’s stock worth $2,975,000 after purchasing an additional 1,920 shares during the last quarter. 93.83% of the stock is owned by institutional investors and hedge funds.
In other news, insider John F. Coleman sold 6,000 shares of Eastgroup Properties stock in a transaction that occurred on Tuesday, April 24th. The stock was sold at an average price of $85.42, for a total transaction of $512,520.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David H. Hoster II sold 1,032 shares of Eastgroup Properties stock in a transaction that occurred on Wednesday, May 30th. The stock was sold at an average price of $93.38, for a total value of $96,368.16. The disclosure for this sale can be found here. Insiders have sold a total of 7,297 shares of company stock valued at $634,445 over the last quarter. 2.90% of the stock is currently owned by corporate insiders.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 29th. Stockholders of record on Wednesday, June 20th were paid a dividend of $0.64 per share. The ex-dividend date of this dividend was Tuesday, June 19th. This represents a $2.56 annualized dividend and a dividend yield of 2.69%. Eastgroup Properties’s dividend payout ratio is currently 60.09%.
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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