EastGroup Properties, Inc. (NYSE:EGP) issued its earnings results on Tuesday. The real estate investment trust reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.60, Bloomberg Earnings reports. EastGroup Properties had a net margin of 33.62% and a return on equity of 13.70%. The business had revenue of $67.90 million for the quarter, compared to analysts’ expectations of $67.16 million. During the same quarter in the previous year, the firm posted $0.99 EPS. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. EastGroup Properties updated its FY17 guidance to $4.19-4.27 EPS.
EastGroup Properties (EGP) traded up 0.65% on Tuesday, hitting $84.93. 316,520 shares of the stock were exchanged. The firm has a market cap of $2.87 billion, a P/E ratio of 32.26 and a beta of 0.97. EastGroup Properties has a 12 month low of $63.99 and a 12 month high of $87.40. The company has a 50-day moving average of $83.85 and a 200 day moving average of $77.41.
The company also recently declared a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Tuesday, May 16th were given a dividend of $0.62 per share. The ex-dividend date was Wednesday, June 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.92%. EastGroup Properties’s dividend payout ratio (DPR) is currently 93.94%.
In other news, Director H C. Bailey, Jr. sold 850 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $81.31, for a total transaction of $69,113.50. Following the sale, the director now directly owns 3,082 shares in the company, valued at approximately $250,597.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John F. Coleman sold 5,000 shares of the firm’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $80.56, for a total transaction of $402,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 7,109 shares of company stock worth $577,670 over the last 90 days. Insiders own 2.90% of the company’s stock.
A number of equities research analysts have issued reports on the stock. Evercore ISI reissued an “underperform” rating and set a $73.00 target price (up previously from $69.00) on shares of EastGroup Properties in a report on Sunday, April 23rd. Morgan Stanley upgraded shares of EastGroup Properties from an “underweight” rating to an “equal weight” rating and set a $76.00 price target for the company in a research report on Wednesday, April 12th. Cantor Fitzgerald restated a “hold” rating and set a $75.00 price target on shares of EastGroup Properties in a research report on Tuesday. Mizuho boosted their price target on shares of EastGroup Properties from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Monday, April 24th. Finally, Stifel Nicolaus boosted their price target on shares of EastGroup Properties from $73.00 to $78.00 and gave the company a “hold” rating in a research report on Monday, April 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $78.00.
About EastGroup Properties
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.
Receive News & Ratings for EastGroup Properties Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for EastGroup Properties Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
