Eastgroup Properties Inc (EGP) Expected to Announce Earnings of $1.18 Per Share

Equities research analysts expect Eastgroup Properties Inc (NYSE:EGP) to report $1.18 earnings per share (EPS) for the current quarter, Zacks reports. Five analysts have provided estimates for Eastgroup Properties’ earnings. The lowest EPS estimate is $1.17 and the highest is $1.18. Eastgroup Properties reported earnings of $1.14 per share during the same quarter last year, which would suggest a positive year over year growth rate of 3.5%. The business is expected to report its next earnings results on Wednesday, January 30th.

On average, analysts expect that Eastgroup Properties will report full-year earnings of $4.66 per share for the current financial year, with EPS estimates ranging from $4.61 to $4.68. For the next financial year, analysts forecast that the firm will post earnings of $4.82 per share, with EPS estimates ranging from $4.75 to $4.97. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that cover Eastgroup Properties.

Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings results on Thursday, October 18th. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.14. The company had revenue of $75.30 million for the quarter, compared to analyst estimates of $74.65 million. Eastgroup Properties had a return on equity of 10.69% and a net margin of 29.80%. Eastgroup Properties’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.08 EPS.

A number of equities research analysts have issued reports on EGP shares. Zacks Investment Research raised Eastgroup Properties from a “hold” rating to a “buy” rating and set a $110.00 price target on the stock in a research report on Tuesday, September 18th. Sandler O’Neill set a $105.00 price target on Eastgroup Properties and gave the company a “buy” rating in a research report on Monday, July 23rd. Bank of America raised their target price on Eastgroup Properties from $100.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, July 16th. ValuEngine raised Eastgroup Properties from a “hold” rating to a “buy” rating in a research report on Tuesday, October 23rd. Finally, Mizuho reissued a “hold” rating and set a $92.00 target price on shares of Eastgroup Properties in a research report on Monday, July 30th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $97.11.

EGP stock traded down $0.12 during mid-day trading on Tuesday, reaching $98.55. The company had a trading volume of 150,790 shares, compared to its average volume of 210,109. The firm has a market capitalization of $3.56 billion, a P/E ratio of 23.13, a P/E/G ratio of 4.08 and a beta of 0.65. Eastgroup Properties has a fifty-two week low of $77.74 and a fifty-two week high of $99.99.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Friday, September 28th were given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 2.92%. The ex-dividend date of this dividend was Thursday, September 27th. This is a positive change from Eastgroup Properties’s previous quarterly dividend of $0.64. Eastgroup Properties’s dividend payout ratio (DPR) is 67.61%.

In other Eastgroup Properties news, Director H C. Bailey, Jr. sold 264 shares of Eastgroup Properties stock in a transaction that occurred on Wednesday, October 31st. The stock was sold at an average price of $97.01, for a total transaction of $25,610.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Brent Wood sold 4,700 shares of Eastgroup Properties stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $97.40, for a total value of $457,780.00. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EGP. BlackRock Inc. increased its position in Eastgroup Properties by 15.5% during the second quarter. BlackRock Inc. now owns 6,732,435 shares of the real estate investment trust’s stock worth $643,352,000 after buying an additional 902,295 shares during the period. Eaton Vance Management increased its position in Eastgroup Properties by 2,451.8% during the third quarter. Eaton Vance Management now owns 168,827 shares of the real estate investment trust’s stock worth $16,143,000 after buying an additional 162,211 shares during the period. Bank of America Corp DE increased its position in Eastgroup Properties by 47.3% during the second quarter. Bank of America Corp DE now owns 308,766 shares of the real estate investment trust’s stock worth $29,506,000 after buying an additional 99,100 shares during the period. JPMorgan Chase & Co. increased its position in Eastgroup Properties by 3.2% during the third quarter. JPMorgan Chase & Co. now owns 2,450,207 shares of the real estate investment trust’s stock worth $234,289,000 after buying an additional 75,453 shares during the period. Finally, Voya Investment Management LLC increased its position in Eastgroup Properties by 14.6% during the second quarter. Voya Investment Management LLC now owns 557,654 shares of the real estate investment trust’s stock worth $53,289,000 after buying an additional 71,192 shares during the period. 93.19% of the stock is currently owned by institutional investors.

Eastgroup Properties Company Profile

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

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