EastGroup Properties Inc. (EGP) Sets New 12-Month High at $74.56
EastGroup Properties Inc. (NYSE:EGP) reached a new 52-week high on Monday . The stock traded as high as $74.56 and last traded at $74.44, with a volume of 66,848 shares trading hands. The stock had previously closed at $73.62.
EGP has been the subject of several research reports. Citigroup Inc. increased their price objective 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 increased their price objective on EastGroup Properties from $58.00 to $65.00 and gave the company a “neutral” rating in a research report on Thursday, April 21st. TheStreet raised EastGroup Properties from a “hold” rating to a “buy” rating in a research report on Tuesday, June 14th. Finally, Stifel Nicolaus cut EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Friday, July 22nd. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $62.73.
The stock’s 50 day moving average price is $70.23 and its 200 day moving average price is $61.43. The stock has a market cap of $2.39 billion and a price-to-earnings ratio of 26.42.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.99 earnings per share for the quarter, meeting the consensus estimate of $0.99. The company earned $61.92 million during the quarter, compared to analyst estimates of $61.53 million. During the same period in the previous year, the company posted $0.92 EPS. The company’s quarterly revenue was up 7.0% on a year-over-year basis. On average, equities research analysts expect that EastGroup Properties Inc. will post $3.98 earnings per share for the current year.
In other news, insider Bruce Corkern sold 2,475 shares of the stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $71.40, for a total value of $176,715.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director H C. Bailey, Jr. sold 1,339 shares of the stock in a transaction dated Tuesday, June 28th. The shares were sold at an average price of $67.30, for a total value of $90,114.70. Following the completion of the sale, the director now directly owns 6,459 shares of the company’s stock, valued at approximately $434,690.70. The disclosure for this sale can be found here.
Several large investors recently modified their holdings of the stock. State of Tennessee Treasury Department bought a new stake in shares of EastGroup Properties during the fourth quarter valued at $1,401,000. 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 during 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 during the last quarter. Mutual of America Capital Management LLC raised its stake in shares of 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 last quarter. Finally, 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 during 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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