EastGroup Properties Inc. (EGP) Hits New 12-Month High at $72.37
EastGroup Properties Inc. (NYSE:EGP) shares hit a new 52-week high during mid-day trading on Monday . The stock 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 subject of several recent analyst reports. Zacks Investment Research lowered EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Tuesday, March 29th. DA Davidson boosted their price target on EastGroup Properties from $58.00 to $65.00 and gave the company a “neutral” rating in a report on Thursday, April 21st. Cantor Fitzgerald reiterated a “sell” rating on shares of EastGroup Properties in a report on Wednesday, April 20th. Stifel Nicolaus upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a report on Friday, April 22nd. Finally, TheStreet upgraded EastGroup Properties from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $62.00.
The stock has a 50-day moving average price of $69.41 and a 200 day moving average price of $60.69. The firm has a market cap of $2.32 billion and a price-to-earnings ratio of 25.99.
EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, July 20th. The company reported $0.99 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.99. During the same quarter in the prior year, the business earned $0.92 EPS. The firm had revenue of $61.92 million for the quarter, compared to analyst estimates of $61.53 million. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. On average, analysts anticipate that EastGroup Properties Inc. will post $3.98 EPS 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 was Wednesday, June 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.34%.
In other news, insider Bruce Corkern sold 2,475 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $71.40, for a total transaction of $176,715.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director H C. Bailey, Jr. sold 1,339 shares of the firm’s stock in a transaction that occurred on Tuesday, June 28th. The stock was 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 disclosure for this sale can be found here.
A number of hedge funds recently bought and sold shares of EGP. Vanguard Group Inc. increased its stake in EastGroup Properties by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 4,706,511 shares of the company’s stock valued at $261,729,000 after buying an additional 163,985 shares during the period. Principal Financial Group Inc. increased 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 valued at $21,964,000 after buying an additional 122,146 shares during the period. Edge Asset Management Inc. increased its stake in EastGroup Properties by 202.7% in the fourth quarter. Edge Asset Management Inc. now owns 329,959 shares of the company’s stock valued at $18,349,000 after buying an additional 220,949 shares during the period. Wells Fargo & Company MN increased 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 valued at $10,466,000 after buying an additional 9,684 shares during the period. Finally, Century Capital Management LLC increased 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 valued at $4,751,000 after buying an additional 1,660 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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