Eastgroup Properties (EGP) Upgraded by ValuEngine to “Buy”
ValuEngine upgraded shares of Eastgroup Properties (NYSE:EGP) from a hold rating to a buy rating in a research note published on Sunday.
EGP has been the topic of a number of other reports. DA Davidson set a $100.00 target price on Eastgroup Properties and gave the stock a hold rating in a research note on Friday, October 20th. Morgan Stanley restated an equal weight rating and issued a $82.00 target price on shares of Eastgroup Properties in a research note on Thursday, December 14th. Zacks Investment Research lowered Eastgroup Properties from a hold rating to a sell rating in a research note on Wednesday, December 27th. Bank of America upped their target price on Eastgroup Properties from $100.00 to $103.00 and gave the stock a buy rating in a research note on Monday, November 6th. Finally, Cantor Fitzgerald restated a hold rating and issued a $79.00 target price on shares of Eastgroup Properties in a research note on Friday, October 20th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $88.33.
Shares of Eastgroup Properties (NYSE EGP) opened at $88.38 on Friday. Eastgroup Properties has a one year low of $67.69 and a one year high of $95.03. The stock has a market capitalization of $3,042.45, a price-to-earnings ratio of 37.13, a P/E/G ratio of 4.86 and a beta of 0.99.
Eastgroup Properties (NYSE:EGP) last released its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.61. The company had revenue of $68.75 million for the quarter, compared to analyst estimates of $68.74 million. Eastgroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 EPS. equities analysts expect that Eastgroup Properties will post 4.23 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend was Thursday, December 14th. Eastgroup Properties’s payout ratio is currently 107.56%.
In other news, Director Hayden C. Eaves III sold 3,532 shares of the company’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $92.14, for a total value of $325,438.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bruce Corkern sold 3,586 shares of the company’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $91.75, for a total value of $329,015.50. The disclosure for this sale can be found here. Insiders sold a total of 22,668 shares of company stock valued at $2,105,037 over the last quarter. Company insiders own 2.90% of the company’s stock.
A number of hedge funds have recently modified their holdings of EGP. Integrated Investment Consultants LLC purchased a new stake in Eastgroup Properties during the 3rd quarter valued at about $115,000. Everence Capital Management Inc. purchased a new stake in Eastgroup Properties during the 3rd quarter valued at about $202,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Eastgroup Properties by 10.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,454 shares of the real estate investment trust’s stock worth $206,000 after buying an additional 234 shares during the period. Riverhead Capital Management LLC lifted its holdings in Eastgroup Properties by 25.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,500 shares of the real estate investment trust’s stock worth $210,000 after buying an additional 500 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in Eastgroup Properties in the 2nd quarter worth approximately $216,000. Institutional investors own 96.08% 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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