EastGroup Properties Inc. (EGP) Hits New 12-Month High at $72.37
EastGroup Properties Inc. (NYSE:EGP) reached a new 52-week high during trading on Monday . The company traded as high as $72.37 and last traded at $71.36, with a volume of 46,958 shares trading hands. The stock had previously closed at $71.35.
EGP has been the topic of a number of analyst reports. Citigroup Inc. raised their target price on EastGroup Properties from $67.00 to $78.00 and gave the company a “buy” rating in a research report on Thursday, July 7th. Zacks Investment Research cut EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Wednesday, June 22nd. DA Davidson lifted their price objective on EastGroup Properties from $58.00 to $65.00 and gave the stock a “neutral” rating in a report on Thursday, April 21st. TheStreet upgraded EastGroup Properties from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. Finally, Cantor Fitzgerald reiterated a “sell” rating on shares of EastGroup Properties in a report on Wednesday, April 20th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $62.00.
The company has a market cap of $2.31 billion and a price-to-earnings ratio of 25.90. The firm has a 50-day moving average of $69.05 and a 200 day moving average of $60.35.
EastGroup Properties (NYSE:EGP) last issued its earnings results on Wednesday, July 20th. The company reported $0.99 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.99. The business earned $61.92 million during the quarter, compared to analysts’ expectations of $61.53 million. The business’s revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.92 EPS. On average, equities analysts predict that EastGroup Properties Inc. will post $3.98 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Friday, June 17th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend was Wednesday, June 15th.
In related news, Director H C. Bailey, Jr. sold 1,339 shares of EastGroup Properties stock in a transaction 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 of the company’s stock, valued at approximately $434,690.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director H Eric Bolton, Jr. purchased 1,700 shares of the company’s stock in a transaction that occurred on Tuesday, April 26th. The shares were purchased at an average cost of $59.95 per share, for a total transaction of $101,915.00. Following the purchase, the director now directly owns 6,969 shares in the company, valued at $417,791.55. The disclosure for this purchase can be found here.
Other large investors have recently added to or reduced their stakes in the company. State of Tennessee Treasury Department purchased a new stake in EastGroup Properties during the fourth quarter valued at about $1,401,000. Bank of Montreal Can increased its stake in 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 during the period. Nationwide Fund Advisors increased its stake in 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 during the period. Mutual of America Capital Management LLC increased its stake in EastGroup Properties by 9.3% in the fourth quarter. Mutual of America Capital Management LLC now owns 29,302 shares of the company’s stock valued at $1,629,000 after buying an additional 2,491 shares during the period. Finally, Stephens Inc. AR increased 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 valued at $1,794,000 after buying an additional 3,405 shares during the period.
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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