Eastgroup Properties Inc (EGP) Given Average Recommendation of “Hold” by Brokerages
Shares of Eastgroup Properties Inc (NYSE:EGP) have been assigned a consensus rating of “Hold” from the fifteen ratings firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $88.00.
Several research firms recently commented on EGP. DA Davidson set a $100.00 price target on Eastgroup Properties and gave the company a “hold” rating in a report on Friday, October 20th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $82.00 price target on shares of Eastgroup Properties in a report on Thursday, December 14th. Zacks Investment Research cut Eastgroup Properties from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Bank of America increased their price objective on Eastgroup Properties from $100.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. Finally, Cantor Fitzgerald reiterated a “hold” rating and issued a $79.00 price objective on shares of Eastgroup Properties in a research report on Friday, October 20th.
In other news, Director David H. Hoster II sold 12,250 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $94.10, for a total transaction of $1,152,725.00. Following the completion of the transaction, the director now directly owns 173,880 shares in the company, valued at $16,362,108. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Brent Wood sold 3,300 shares of the firm’s stock in a transaction on Thursday, December 7th. The stock was sold at an average price of $90.26, for a total value of $297,858.00. The disclosure for this sale can be found here. Insiders sold 22,668 shares of company stock valued at $2,105,037 over the last quarter. 2.90% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Integrated Investment Consultants LLC purchased a new position in shares of Eastgroup Properties during the third quarter worth $115,000. Everence Capital Management Inc. purchased a new position in shares of Eastgroup Properties during the third quarter worth $202,000. Riverhead Capital Management LLC boosted its position in shares of 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 buying an additional 500 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Eastgroup Properties during the second quarter worth $216,000. Finally, AE Wealth Management LLC purchased a new position in shares of Eastgroup Properties during the third quarter worth $239,000. Institutional investors and hedge funds own 96.20% of the company’s stock.
Eastgroup Properties (NYSE:EGP) traded up $1.43 during trading hours on Friday, hitting $84.88. The company had a trading volume of 175,510 shares, compared to its average volume of 183,023. Eastgroup Properties has a 12-month low of $67.69 and a 12-month high of $95.03. The firm has a market capitalization of $2,938.15, a PE ratio of 35.66, a PEG ratio of 4.45 and a beta of 0.99.
Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings results on Thursday, October 19th. The real estate investment trust reported $1.08 EPS for the quarter, beating the consensus estimate of $0.47 by $0.61. Eastgroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The firm had revenue of $68.75 million during the quarter, compared to analysts’ expectations of $68.74 million. During the same quarter last year, the firm earned $1.04 earnings per share. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. research analysts anticipate that Eastgroup Properties will post 4.23 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 15th were given a $0.64 dividend. The ex-dividend date was Thursday, December 14th. This represents a $2.56 annualized dividend and a yield of 3.02%. Eastgroup Properties’s payout ratio is 107.56%.
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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