EastGroup Properties (EGP) Updates FY18 Earnings Guidance

EastGroup Properties (NYSE:EGP) updated its FY18 earnings guidance on Thursday. The company provided earnings per share guidance of $4.51-4.61 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $4.51. EastGroup Properties also updated its Q2 guidance to $1.11-1.13 EPS.

A number of research analysts have commented on the company. ValuEngine lowered EastGroup Properties from a buy rating to a hold rating in a research report on Thursday, April 12th. Zacks Investment Research lowered EastGroup Properties from a buy rating to a hold rating in a research report on Wednesday, April 4th. Mizuho reaffirmed a hold rating and set a $90.00 price target on shares of EastGroup Properties in a research report on Sunday, February 4th. Sandler O’Neill reaffirmed a buy rating and set a $95.00 price target on shares of EastGroup Properties in a research report on Wednesday, February 7th. Finally, SunTrust Banks raised EastGroup Properties from a sell rating to a hold rating in a research report on Monday, January 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $88.64.

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Shares of EGP stock traded down $0.72 during midday trading on Thursday, reaching $84.32. 356,611 shares of the stock were exchanged, compared to its average volume of 214,308. EastGroup Properties has a 1 year low of $76.44 and a 1 year high of $95.03. The company has a market capitalization of $2,943.08, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 4.54 and a beta of 0.92.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, January 31st. The real estate investment trust reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. EastGroup Properties had a return on equity of 11.58% and a net margin of 30.34%. The firm had revenue of $71.36 million for the quarter, compared to the consensus estimate of $69.66 million. During the same quarter in the prior year, the business earned $1.08 EPS. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. research analysts forecast that EastGroup Properties will post 4.51 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Wednesday, March 21st were paid a $0.64 dividend. The ex-dividend date was Tuesday, March 20th. This represents a $2.56 annualized dividend and a dividend yield of 3.04%. EastGroup Properties’s payout ratio is currently 60.09%.

In related news, Director Fredric H. Gould purchased 3,000 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The shares were bought at an average price of $80.05 per share, for a total transaction of $240,150.00. Following the purchase, the director now directly owns 13,688 shares of the company’s stock, valued at approximately $1,095,724.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.90% of the company’s stock.

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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.

Earnings History and Estimates for EastGroup Properties (NYSE:EGP)

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