EastGroup Properties Inc. (EGP) Sees Unusually-High Trading Volume
EastGroup Properties Inc. (NYSE:EGP) shares saw unusually-high trading volume on Thursday . Approximately 224,030 shares changed hands during mid-day trading, a decline of 6% from the previous session’s volume of 238,482 shares.The stock last traded at $70.99 and had previously closed at $72.12.
EGP has been the topic of several recent analyst reports. Citigroup Inc. upped their price target on EastGroup Properties from $67.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, July 7th. Zacks Investment Research lowered EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, June 22nd. DA Davidson upped their price target on EastGroup Properties from $58.00 to $65.00 and gave the company a “neutral” rating in a research note on Thursday, April 21st. TheStreet raised EastGroup Properties from a “hold” rating to a “buy” rating in a research note on Tuesday, June 14th. Finally, Cantor Fitzgerald reaffirmed a “sell” rating on shares of EastGroup Properties in a research note on Wednesday, April 20th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $62.00.
The company has a market capitalization of $2.30 billion and a P/E ratio of 25.83. The firm has a 50 day moving average price of $69.05 and a 200-day moving average price of $60.35.
EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, July 20th. The company reported $0.99 EPS for the quarter, meeting the consensus estimate of $0.99. During the same period last year, the business earned $0.92 earnings per share. The company earned $61.92 million during the quarter, compared to analysts’ expectations of $61.53 million. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. Equities analysts predict that EastGroup Properties Inc. will post $3.97 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Friday, June 17th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.36%. The ex-dividend date was Wednesday, June 15th.
In other EastGroup Properties news, Director H Eric Bolton, Jr. bought 1,700 shares of the company’s stock in a transaction dated Tuesday, April 26th. The shares were acquired at an average cost of $59.95 per share, with a total value of $101,915.00. Following the completion of the transaction, the director now owns 6,969 shares in the company, valued at $417,791.55. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David H. Hoster II sold 750 shares of EastGroup Properties stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $62.05, for a total value of $46,537.50. Following the sale, the director now directly owns 205,493 shares in the company, valued at $12,750,840.65. The disclosure for this sale can be found here.
A number of hedge funds have recently made changes to their positions in the stock. Comerica Bank raised its stake in shares of EastGroup Properties by 0.7% in the fourth quarter. Comerica Bank now owns 32,645 shares of the company’s stock valued at $1,730,000 after buying an additional 240 shares in the last quarter. Nationwide Fund Advisors raised its stake in shares of EastGroup Properties by 1.1% in the fourth quarter. Nationwide Fund Advisors now owns 27,906 shares of the company’s stock valued at $1,552,000 after buying an additional 299 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of EastGroup Properties by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 59,899 shares of the company’s stock valued at $3,331,000 after buying an additional 1,000 shares in the last quarter. Bank of Montreal Can raised its stake in shares of EastGroup Properties by 5.5% in the fourth quarter. Bank of Montreal Can now owns 26,021 shares of the company’s stock valued at $1,448,000 after buying an additional 1,350 shares in the last quarter. Finally, Century Capital Management LLC raised its stake in shares of EastGroup Properties by 2.0% in the fourth quarter. Century Capital Management LLC now owns 85,439 shares of the company’s stock valued at $4,751,000 after buying an additional 1,660 shares in the last quarter.
EastGroup Properties, Inc is an equity real estate investment trust. 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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