Brokerages Expect EastGroup Properties, Inc. (NYSE:EGP) Will Post Quarterly Sales of $93.96 Million

Wall Street analysts predict that EastGroup Properties, Inc. (NYSE:EGP) will report sales of $93.96 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for EastGroup Properties’ earnings, with estimates ranging from $92.67 million to $94.80 million. EastGroup Properties reported sales of $88.63 million during the same quarter last year, which indicates a positive year-over-year growth rate of 6%. The company is scheduled to issue its next earnings report on Thursday, April 29th.

According to Zacks, analysts expect that EastGroup Properties will report full year sales of $387.11 million for the current fiscal year, with estimates ranging from $375.46 million to $392.55 million. For the next financial year, analysts expect that the company will post sales of $410.13 million, with estimates ranging from $381.07 million to $424.90 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover EastGroup Properties.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Monday, February 8th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.33. EastGroup Properties had a return on equity of 9.94% and a net margin of 33.84%. The firm had revenue of $92.70 million during the quarter, compared to the consensus estimate of $93.05 million. During the same period in the prior year, the firm earned $1.27 EPS. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year.

EGP has been the subject of a number of analyst reports. BTIG Research raised shares of EastGroup Properties from a “neutral” rating to a “buy” rating and set a $158.00 price objective for the company in a research report on Thursday, January 21st. Zacks Investment Research cut shares of EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Thursday, February 18th. Finally, Mizuho upped their price objective on shares of EastGroup Properties from $138.00 to $145.00 and gave the company a “neutral” rating in a research report on Monday, November 16th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. EastGroup Properties currently has a consensus rating of “Hold” and a consensus target price of $140.88.

Several hedge funds have recently modified their holdings of the company. Nissay Asset Management Corp Japan ADV lifted its position in shares of EastGroup Properties by 2.4% during the third quarter. Nissay Asset Management Corp Japan ADV now owns 3,492 shares of the real estate investment trust’s stock worth $452,000 after purchasing an additional 83 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in shares of EastGroup Properties by 1.0% during the third quarter. Louisiana State Employees Retirement System now owns 9,800 shares of the real estate investment trust’s stock worth $1,267,000 after purchasing an additional 100 shares during the last quarter. State of Michigan Retirement System lifted its position in shares of EastGroup Properties by 0.7% during the third quarter. State of Michigan Retirement System now owns 14,319 shares of the real estate investment trust’s stock worth $1,852,000 after purchasing an additional 100 shares during the last quarter. Amalgamated Bank lifted its position in shares of EastGroup Properties by 2.1% during the fourth quarter. Amalgamated Bank now owns 6,319 shares of the real estate investment trust’s stock worth $872,000 after purchasing an additional 131 shares during the last quarter. Finally, Harbor Investment Advisory LLC lifted its holdings in EastGroup Properties by 94.7% in the third quarter. Harbor Investment Advisory LLC now owns 331 shares of the real estate investment trust’s stock worth $43,000 after acquiring an additional 161 shares during the last quarter. 92.55% of the stock is currently owned by institutional investors and hedge funds.

NYSE:EGP traded up $0.64 on Tuesday, reaching $140.87. The stock had a trading volume of 176,406 shares, compared to its average volume of 186,457. The company has a 50-day moving average of $139.56 and a 200 day moving average of $137.04. The stock has a market cap of $5.59 billion, a P/E ratio of 45.24, a price-to-earnings-growth ratio of 3.81 and a beta of 0.72. EastGroup Properties has a 12-month low of $83.40 and a 12-month high of $153.26.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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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