EastGroup Properties’ (EGP) “Hold” Rating Reaffirmed at KeyCorp
Several other analysts have also recently weighed in on the stock. ValuEngine upgraded shares of EastGroup Properties from a hold rating to a buy rating in a research note on Monday, September 11th. Sandler O’Neill upgraded shares of EastGroup Properties from a hold rating to a buy rating and lifted their price objective for the stock from $90.00 to $104.00 in a research note on Tuesday, September 5th. Bank of America Corporation upgraded shares of EastGroup Properties from a neutral rating to a buy rating and lifted their price objective for the stock from $91.00 to $96.00 in a research note on Wednesday, August 16th. Zacks Investment Research cut shares of EastGroup Properties from a buy rating to a hold rating in a research note on Monday, July 31st. Finally, Stifel Nicolaus reiterated a hold rating and issued a $85.00 price objective on shares of EastGroup Properties in a research note on Friday, July 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. The company currently has an average rating of Hold and an average target price of $83.10.
EastGroup Properties (NYSE EGP) opened at 89.20 on Friday. The stock’s 50 day moving average is $87.34 and its 200-day moving average is $81.53. EastGroup Properties has a 12 month low of $63.99 and a 12 month high of $91.51. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 37.38 and a beta of 0.98.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.60. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.05%. The business had revenue of $67.90 million during the quarter, compared to analysts’ expectations of $67.16 million. During the same quarter in the previous year, the company earned $0.99 EPS. The business’s revenue was up 9.7% on a year-over-year basis. On average, analysts anticipate that EastGroup Properties will post $2.42 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.64 per share. The ex-dividend date of this dividend is Thursday, September 14th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $0.62. This represents a $2.56 annualized dividend and a yield of 2.87%. EastGroup Properties’s dividend payout ratio is currently 108.02%.
A number of hedge funds and other institutional investors have recently modified their holdings of EGP. First Mercantile Trust Co. boosted its stake in EastGroup Properties by 1.8% during the second quarter. First Mercantile Trust Co. now owns 1,720 shares of the real estate investment trust’s stock worth $144,000 after acquiring an additional 30 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in EastGroup Properties by 8.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,220 shares of the real estate investment trust’s stock worth $163,000 after acquiring an additional 168 shares in the last quarter. Meadow Creek Investment Management LLC boosted its stake in EastGroup Properties by 5.3% during the first quarter. Meadow Creek Investment Management LLC now owns 2,720 shares of the real estate investment trust’s stock worth $200,000 after acquiring an additional 136 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in EastGroup Properties during the first quarter worth $206,000. Finally, Riverhead Capital Management LLC boosted its stake in EastGroup Properties by 25.0% during the second quarter. Riverhead Capital Management LLC now owns 2,500 shares of the real estate investment trust’s stock worth $210,000 after acquiring an additional 500 shares in the last quarter. 96.42% of the stock is currently owned by institutional investors and hedge funds.
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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