EastGroup Properties Inc. (EGP) Sets New 52-Week High at $70.09
Shares of EastGroup Properties Inc. (NYSE:EGP) hit a new 52-week high during trading on Tuesday . The stock traded as high as $70.09 and last traded at $69.51, with a volume of 47,413 shares changing hands. The stock had previously closed at $69.60.
Several analysts have recently commented on the stock. Zacks Investment Research downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Wednesday, June 22nd. Credit Suisse Group AG reiterated a “hold” rating on shares of EastGroup Properties in a report on Friday, June 17th. TheStreet upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. Stifel Nicolaus upgraded 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. Finally, Cantor Fitzgerald reiterated a “sell” rating on shares of EastGroup Properties in a report on Wednesday, April 20th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $60.70.
The firm’s 50-day moving average price is $66.38 and its 200-day moving average price is $59.09. The company has a market cap of $2.26 billion and a PE ratio of 37.86.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, April 20th. The company reported $0.91 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.93 by $0.02. The company had revenue of $61.60 million for the quarter, compared to the consensus estimate of $61.54 million. EastGroup Properties’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.87 EPS. On average, equities analysts anticipate that EastGroup Properties Inc. will post $3.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Friday, June 17th were paid a $0.60 dividend. The ex-dividend date of this dividend was Wednesday, June 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.43%.
In related news, Director David H. Hoster II sold 6,715 shares of the stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $62.51, for a total value of $419,754.65. Following the completion of the transaction, the director now directly owns 198,778 shares in the company, valued at approximately $12,425,612.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director H Eric Bolton, Jr. purchased 1,700 shares of the firm’s stock in a transaction that occurred on Tuesday, April 26th. The stock was acquired at an average price of $59.95 per share, with a total value of $101,915.00. Following the completion of the purchase, the director now owns 6,969 shares in the company, valued at $417,791.55. The disclosure for this purchase can be found here.
Other hedge funds and institutional investors have modified their holdings of the company. State of Alaska Department of Revenue raised its position in shares of EastGroup Properties by 49.1% in the fourth quarter. State of Alaska Department of Revenue now owns 23,539 shares of the company’s stock valued at $1,309,000 after buying an additional 7,750 shares during the last quarter. Green Street Investors LLC purchased a new stake in EastGroup Properties during the fourth quarter worth $1,424,000. Bank of Montreal Can raised 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 worth $1,448,000 after buying an additional 1,350 shares in the last quarter. Nationwide Fund Advisors raised 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 worth $1,552,000 after buying an additional 299 shares in the last quarter. Finally, Mutual of America Capital Management LLC raised 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 worth $1,629,000 after buying an additional 2,491 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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