EastGroup Properties, Inc. (EGP) Reaches New 52-Week High at $90.48
EastGroup Properties, Inc. (NYSE:EGP) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $90.48 and last traded at $90.51, with a volume of 91,719 shares trading hands. The stock had previously closed at $89.80.
A number of equities research analysts recently issued reports on EGP shares. Stifel Nicolaus reaffirmed a “hold” rating and set a $85.00 price target on shares of EastGroup Properties in a research note on Friday, July 28th. Sandler O’Neill raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and upped their price target for the company from $90.00 to $104.00 in a research note on Tuesday. Zacks Investment Research raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 price target on the stock in a research note on Tuesday, July 11th. Cantor Fitzgerald reaffirmed a “hold” rating and set a $75.00 price target on shares of EastGroup Properties in a research note on Tuesday, July 25th. Finally, BidaskClub downgraded shares of EastGroup Properties from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $83.10.
The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 37.95 and a beta of 0.98. The firm’s 50-day moving average price is $86.08 and its 200-day moving average price is $80.46.
EastGroup Properties (NYSE:EGP) last issued its earnings results on Tuesday, July 25th. The real estate investment trust reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.60. EastGroup Properties had a return on equity of 12.05% and a net margin of 30.20%. The firm had revenue of $67.90 million for the quarter, compared to the consensus estimate of $67.16 million. During the same quarter in the previous year, the company posted $0.99 earnings per share. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, equities analysts expect that EastGroup Properties, Inc. will post $2.42 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.64 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.56 dividend on an annualized basis and a yield of 2.85%. This is an increase from EastGroup Properties’s previous quarterly dividend of $0.62. EastGroup Properties’s payout ratio is 104.64%.
In other EastGroup Properties news, Director David H. Hoster II sold 1,259 shares of the business’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $84.00, for a total value of $105,756.00. Following the transaction, the director now owns 186,130 shares in the company, valued at $15,634,920. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of EGP. BlackRock Inc. grew its stake in EastGroup Properties by 4,751.2% in the first quarter. BlackRock Inc. now owns 4,837,264 shares of the real estate investment trust’s stock valued at $355,684,000 after purchasing an additional 4,737,552 shares in the last quarter. Uniplan Investment Counsel Inc. grew its stake in EastGroup Properties by 42.9% in the second quarter. Uniplan Investment Counsel Inc. now owns 779,163 shares of the real estate investment trust’s stock valued at $46,349,000 after purchasing an additional 233,802 shares in the last quarter. Vanguard Group Inc. grew its stake in EastGroup Properties by 4.4% in the first quarter. Vanguard Group Inc. now owns 5,407,964 shares of the real estate investment trust’s stock valued at $397,648,000 after purchasing an additional 229,011 shares in the last quarter. Principal Financial Group Inc. grew its stake in EastGroup Properties by 25.9% in the second quarter. Principal Financial Group Inc. now owns 669,443 shares of the real estate investment trust’s stock valued at $56,099,000 after purchasing an additional 137,591 shares in the last quarter. Finally, Citadel Advisors LLC grew its stake in EastGroup Properties by 357.2% in the second quarter. Citadel Advisors LLC now owns 159,506 shares of the real estate investment trust’s stock valued at $13,367,000 after purchasing an additional 124,621 shares in the last quarter. Hedge funds and other institutional investors own 97.98% of the company’s stock.
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EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust (REIT). 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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