EastGroup Properties Inc. (EGP) Reaches New 1-Year High at $74.56
EastGroup Properties Inc. (NYSE:EGP)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $74.56 and last traded at $74.44, with a volume of 66,848 shares traded. The stock had previously closed at $73.62.
EGP has been the subject of a number of research analyst reports. 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. Zacks Investment Research upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $66.00 price target for the company in a report on Wednesday, April 13th. Citigroup Inc. lifted their price target on EastGroup Properties from $67.00 to $78.00 and gave the stock a “buy” rating in a report on Thursday, July 7th. TheStreet upgraded EastGroup Properties from a “hold” rating to a “buy” rating in a report on Tuesday, June 14th. Finally, Credit Suisse Group AG reiterated a “hold” rating on shares of EastGroup Properties in a report on Friday, June 17th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $62.73.
The stock has a 50 day moving average price of $69.89 and a 200 day moving average price of $61.01. The stock has a market capitalization of $2.43 billion and a P/E ratio of 26.87.
EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, July 20th. The company reported $0.99 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.99. The business earned $61.92 million during the quarter, compared to analyst estimates of $61.53 million. The company’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 EPS. On average, equities analysts expect that EastGroup Properties Inc. will post $3.98 EPS for the current year.
In other EastGroup Properties news, insider Bruce Corkern sold 2,475 shares of the stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $71.40, for a total value of $176,715.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David H. Hoster II sold 8,000 shares of the stock in a transaction dated Wednesday, June 22nd. The shares were sold at an average price of $68.00, for a total transaction of $544,000.00. Following the completion of the sale, the director now owns 192,037 shares of the company’s stock, valued at approximately $13,058,516. The disclosure for this sale can be found here.
A number of large investors have recently bought and sold shares of EGP. State of Tennessee Treasury Department purchased a new stake in EastGroup Properties during the fourth quarter valued at approximately $1,401,000. 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 valued at $1,629,000 after buying an additional 2,491 shares during the period. 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 valued at $1,794,000 after buying an additional 3,405 shares during the period. 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 valued at $4,751,000 after buying an additional 1,660 shares during the period. Finally, 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 valued at $21,964,000 after buying an additional 122,146 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.