EastGroup Properties, Inc. (NYSE:EGP) posted its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.60, Bloomberg Earnings reports. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.05%. The business had revenue of $67.90 million during the quarter, compared to the consensus estimate of $67.16 million. During the same period in the previous year, the firm posted $0.99 earnings per share. 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 (NYSE EGP) traded down 0.39% on Friday, reaching $85.95. 125,408 shares of the company’s stock were exchanged. EastGroup Properties has a 1-year low of $63.99 and a 1-year high of $88.12. The firm has a 50-day moving average price of $84.31 and a 200-day moving average price of $77.94. The company has a market capitalization of $2.94 billion, a P/E ratio of 36.02 and a beta of 0.98.
In other news, Director David H. Hoster II sold 1,259 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $84.00, for a total value of $105,756.00. Following the completion of the sale, the director now owns 186,130 shares in the company, valued at approximately $15,634,920. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director H C. Bailey, Jr. sold 850 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $81.31, for a total transaction of $69,113.50. Following the completion of the sale, the director now owns 3,082 shares of the company’s stock, valued at approximately $250,597.42. The disclosure for this sale can be found here. Insiders sold a total of 7,109 shares of company stock valued at $577,670 in the last 90 days. Company insiders own 2.90% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of EastGroup Properties by 4.4% in the first quarter. Vanguard Group Inc. now owns 5,407,964 shares of the real estate investment trust’s stock worth $397,648,000 after buying an additional 229,011 shares in the last quarter. BlackRock Inc. increased its position in shares of EastGroup Properties by 4,751.2% in the first quarter. BlackRock Inc. now owns 4,837,264 shares of the real estate investment trust’s stock worth $355,684,000 after buying an additional 4,737,552 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of EastGroup Properties by 3.0% in the first quarter. JPMorgan Chase & Co. now owns 2,383,441 shares of the real estate investment trust’s stock worth $175,254,000 after buying an additional 69,964 shares in the last quarter. State Street Corp increased its position in shares of EastGroup Properties by 6.0% in the first quarter. State Street Corp now owns 1,251,740 shares of the real estate investment trust’s stock worth $92,041,000 after buying an additional 71,139 shares in the last quarter. Finally, Uniplan Investment Counsel Inc. increased its position in shares of EastGroup Properties by 5.5% in the first quarter. Uniplan Investment Counsel Inc. now owns 545,361 shares of the real estate investment trust’s stock worth $40,100,000 after buying an additional 28,609 shares in the last quarter. Institutional investors and hedge funds own 95.91% of the company’s stock.
EGP has been the subject of several research reports. Stifel Nicolaus reiterated a “hold” rating and set a $85.00 price objective on shares of EastGroup Properties in a research note on Friday, July 28th. BidaskClub downgraded shares of EastGroup Properties from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 21st. Zacks Investment Research upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 price objective for the company in a research note on Tuesday, July 11th. Mizuho raised their target price on shares of EastGroup Properties from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Monday, April 24th. Finally, Cantor Fitzgerald reissued a “hold” rating and set a $75.00 target price on shares of EastGroup Properties in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. EastGroup Properties presently has an average rating of “Hold” and an average price target of $78.88.
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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.
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