EastGroup Properties, Inc. (NYSE:EGP) shares hit a new 52-week high during trading on Thursday . The company traded as high as $87.65 and last traded at $87.49, with a volume of 48,223 shares changing hands. The stock had previously closed at $86.67.
A number of research analysts recently commented on EGP shares. Zacks Investment Research raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 price target for the company in a report on Tuesday, July 11th. BidaskClub downgraded shares of EastGroup Properties from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 21st. Mizuho increased their price target on shares of EastGroup Properties from $80.00 to $88.00 and gave the company a “buy” rating in a report on Monday, April 24th. Bank of America Corporation raised shares of EastGroup Properties from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $91.00 to $96.00 in a research note on Wednesday. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $85.00 price objective on shares of EastGroup Properties in a research note on Friday, July 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $80.78.
The company has a market capitalization of $2.95 billion, a PE ratio of 36.17 and a beta of 0.98. The firm’s 50 day moving average is $84.29 and its 200-day moving average is $78.70.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.05 EPS for the quarter, topping the consensus estimate of $0.45 by $0.60. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.05%. The firm had revenue of $67.90 million for the quarter, compared to analyst estimates of $67.16 million. During the same period in the prior year, the business posted $0.99 EPS. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, analysts expect that EastGroup Properties, Inc. will post $2.42 EPS for the current fiscal year.
In other EastGroup Properties news, insider John F. Coleman sold 5,000 shares of the stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.56, for a total transaction of $402,800.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director H C. Bailey, Jr. sold 850 shares of the stock in a transaction that occurred 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 sale, the director now owns 3,082 shares in the company, valued at $250,597.42. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,109 shares of company stock worth $577,670. Company insiders own 2.90% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Glen Harbor Capital Management LLC raised its stake in EastGroup Properties by 5.3% in the first quarter. Glen Harbor Capital Management LLC now owns 1,760 shares of the real estate investment trust’s stock worth $129,000 after buying an additional 88 shares during the period. First Mercantile Trust Co. raised its stake in EastGroup Properties by 1.8% in the second quarter. First Mercantile Trust Co. now owns 1,720 shares of the real estate investment trust’s stock worth $144,000 after buying an additional 30 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in EastGroup Properties by 8.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,220 shares of the real estate investment trust’s stock worth $163,000 after buying an additional 168 shares during the period. Elkfork Partners LLC raised its stake in EastGroup Properties by 5.3% in the first quarter. Elkfork Partners LLC now owns 2,240 shares of the real estate investment trust’s stock worth $165,000 after buying an additional 112 shares during the period. Finally, Daiwa Securities Group Inc. raised its stake in EastGroup Properties by 31.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,500 shares of the real estate investment trust’s stock worth $184,000 after buying an additional 600 shares during the period. Institutional investors own 95.05% of the company’s stock.
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EastGroup Properties Company Profile
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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