$1.26 Earnings Per Share Expected for Eastgroup Properties Inc (NYSE:EGP) This Quarter

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Equities analysts forecast that Eastgroup Properties Inc (NYSE:EGP) will announce earnings per share of $1.26 for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Eastgroup Properties’ earnings. The highest EPS estimate is $1.28 and the lowest is $1.23. Eastgroup Properties posted earnings per share of $1.18 in the same quarter last year, which suggests a positive year-over-year growth rate of 6.8%. The company is expected to announce its next earnings results on Wednesday, February 5th.

On average, analysts expect that Eastgroup Properties will report full-year earnings of $4.96 per share for the current financial year, with EPS estimates ranging from $4.94 to $4.96. For the next year, analysts expect that the business will report earnings of $5.27 per share, with EPS estimates ranging from $5.18 to $5.36. Zacks’ EPS calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Eastgroup Properties.

Eastgroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.25 by ($0.65). The company had revenue of $83.94 million for the quarter, compared to analysts’ expectations of $83.24 million. Eastgroup Properties had a net margin of 28.07% and a return on equity of 9.16%. The business’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.17 EPS.

A number of equities analysts have weighed in on the company. Stifel Nicolaus set a $145.00 price objective on Eastgroup Properties and gave the company a “buy” rating in a research note on Friday, October 25th. Morgan Stanley lifted their price objective on Eastgroup Properties from $120.00 to $130.00 and gave the company an “equal weight” rating in a research note on Tuesday. ValuEngine lowered Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Citigroup lifted their price target on Eastgroup Properties from $109.00 to $129.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Eastgroup Properties currently has an average rating of “Hold” and an average target price of $130.60.

In related news, Director David H. Hoster II sold 6,000 shares of Eastgroup Properties stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $132.84, for a total value of $797,040.00. Following the completion of the transaction, the director now owns 167,646 shares in the company, valued at approximately $22,270,094.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.00% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the stock. Mason Street Advisors LLC boosted its holdings in Eastgroup Properties by 0.5% in the 3rd quarter. Mason Street Advisors LLC now owns 19,697 shares of the real estate investment trust’s stock worth $2,463,000 after buying an additional 107 shares during the last quarter. First Mercantile Trust Co. boosted its holdings in Eastgroup Properties by 11.6% in the 3rd quarter. First Mercantile Trust Co. now owns 1,207 shares of the real estate investment trust’s stock worth $151,000 after buying an additional 125 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its holdings in Eastgroup Properties by 2.1% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 6,880 shares of the real estate investment trust’s stock worth $860,000 after buying an additional 140 shares during the last quarter. Lido Advisors LLC boosted its holdings in Eastgroup Properties by 5.2% in the 2nd quarter. Lido Advisors LLC now owns 2,878 shares of the real estate investment trust’s stock worth $335,000 after buying an additional 143 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in Eastgroup Properties by 27.8% in the 3rd quarter. Tower Research Capital LLC TRC now owns 718 shares of the real estate investment trust’s stock worth $90,000 after buying an additional 156 shares during the last quarter. Hedge funds and other institutional investors own 90.86% of the company’s stock.

Shares of NYSE EGP traded up $0.23 during trading on Friday, reaching $132.51. 265,034 shares of the company traded hands, compared to its average volume of 190,887. The firm’s fifty day simple moving average is $133.57 and its 200 day simple moving average is $124.14. The stock has a market cap of $5.15 billion, a P/E ratio of 28.37, a PEG ratio of 6.13 and a beta of 0.76. Eastgroup Properties has a 12-month low of $87.69 and a 12-month high of $138.15.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 30th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, December 27th. This is a positive change from Eastgroup Properties’s previous quarterly dividend of $0.72. Eastgroup Properties’s payout ratio is currently 64.24%.

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.

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