EastGroup Properties Inc. (EGP) Reaches New 1-Year High at $71.67
EastGroup Properties Inc. (NYSE:EGP) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $71.67 and last traded at $71.67, with a volume of 33,659 shares. The stock had previously closed at $71.16.
Several research analysts recently issued reports on EGP shares. Evercore ISI increased their price target on shares of EastGroup Properties to $63.00 in a report on Monday, March 21st. Zacks Investment Research raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Wednesday, March 16th. Stifel Nicolaus raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a report on Friday, April 22nd. TheStreet raised shares of EastGroup Properties from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. Finally, Citigroup Inc. increased their target price on shares of EastGroup Properties from $67.00 to $78.00 and gave the company a “buy” rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. EastGroup Properties currently has an average rating of “Hold” and a consensus target price of $62.00.
The company has a market cap of $2.31 billion and a P/E ratio of 38.71. The firm’s 50-day moving average price is $66.86 and its 200 day moving average price is $59.28.
EastGroup Properties (NYSE:EGP) last released its earnings results on Wednesday, April 20th. The company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by $0.02. The company had revenue of $61.60 million for the quarter, compared to analyst estimates of $61.54 million. During the same quarter in the prior year, the firm earned $0.87 EPS. EastGroup Properties’s quarterly revenue was up 6.9% on a year-over-year basis. Equities research analysts expect that EastGroup Properties Inc. will post $3.97 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Friday, June 17th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Wednesday, June 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.35%.
In other news, Director H C. Bailey, Jr. sold 1,339 shares of the business’s stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $67.30, for a total transaction of $90,114.70. Following the sale, the director now owns 6,459 shares in the company, valued at $434,690.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director H Eric Bolton, Jr. purchased 1,700 shares of the business’s stock in a transaction dated Tuesday, April 26th. The shares were purchased at an average price of $59.95 per share, for a total transaction of $101,915.00. Following the acquisition, the director now directly owns 6,969 shares of the company’s stock, valued at $417,791.55. The disclosure for this purchase can be found here.
Several large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its stake in EastGroup Properties by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 420,302 shares of the company’s stock worth $23,374,000 after buying an additional 4,117 shares in the last quarter. Stephens Inc. AR raised its stake in EastGroup Properties by 11.8% in the fourth quarter. Stephens Inc. AR now owns 32,257 shares of the company’s stock worth $1,794,000 after buying an additional 3,405 shares in the last quarter. Century Capital Management LLC raised its stake in EastGroup Properties by 2.0% in the fourth quarter. Century Capital Management LLC now owns 85,439 shares of the company’s stock worth $4,751,000 after buying an additional 1,660 shares in the last quarter. Principal Financial Group Inc. raised its stake in EastGroup Properties by 44.8% in the fourth quarter. Principal Financial Group Inc. now owns 394,966 shares of the company’s stock worth $21,964,000 after buying an additional 122,146 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in EastGroup Properties by 5.4% in the fourth quarter. Wells Fargo & Company MN now owns 188,205 shares of the company’s stock worth $10,466,000 after buying an additional 9,684 shares in the last quarter.
EastGroup Properties, Inc (EastGroup) is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in Sunbelt markets throughout the United States. EastGroup holds its properties as long-term investments. The Company owns approximately 307 industrial properties and one office building.
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