Equities analysts predict that Eastgroup Properties Inc (NYSE:EGP) will report sales of $76.53 million for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Eastgroup Properties’ earnings. The lowest sales estimate is $75.14 million and the highest is $77.26 million. Eastgroup Properties reported sales of $71.36 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 7.2%. The company is scheduled to report its next earnings report on Wednesday, January 30th.

According to Zacks, analysts expect that Eastgroup Properties will report full year sales of $298.54 million for the current fiscal year, with estimates ranging from $295.24 million to $300.80 million. For the next fiscal year, analysts forecast that the company will report sales of $316.91 million, with estimates ranging from $311.66 million to $322.10 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Eastgroup Properties.

Eastgroup Properties (NYSE:EGP) last released its quarterly earnings data on Thursday, October 18th. The real estate investment trust reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.14. The company had revenue of $75.30 million during the quarter, compared to the consensus estimate of $74.65 million. Eastgroup Properties had a net margin of 29.80% and a return on equity of 10.69%. Eastgroup Properties’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period last year, the firm earned $1.08 EPS.

EGP has been the subject of several analyst reports. Zacks Investment Research raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $110.00 price objective for the company in a report on Tuesday, September 18th. Mizuho reaffirmed a “hold” rating and issued a $92.00 price objective on shares of Eastgroup Properties in a report on Monday, July 30th. Citigroup raised their price objective on shares of Eastgroup Properties from $87.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, July 25th. ValuEngine downgraded shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. Finally, Sandler O’Neill set a $105.00 price objective on shares of Eastgroup Properties and gave the stock a “buy” rating in a report on Monday, July 23rd. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $96.67.

EGP traded down $1.73 on Friday, hitting $95.71. The company’s stock had a trading volume of 219,506 shares, compared to its average volume of 218,611. The company has a market cap of $3.45 billion, a PE ratio of 22.47, a price-to-earnings-growth ratio of 3.95 and a beta of 0.76. Eastgroup Properties has a 12 month low of $77.74 and a 12 month high of $99.39.

The company also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 3.01%. This is an increase from Eastgroup Properties’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend was Thursday, September 27th. Eastgroup Properties’s dividend payout ratio (DPR) is presently 67.61%.

In other Eastgroup Properties news, EVP Brent Wood sold 4,700 shares of the firm’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $97.40, for a total value of $457,780.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John F. Coleman sold 5,000 shares of the firm’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $96.27, for a total transaction of $481,350.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in Eastgroup Properties by 15.5% in the 2nd quarter. BlackRock Inc. now owns 6,732,435 shares of the real estate investment trust’s stock valued at $643,352,000 after purchasing an additional 902,295 shares during the period. Macquarie Group Ltd. boosted its holdings in Eastgroup Properties by 12.4% in the 2nd quarter. Macquarie Group Ltd. now owns 446,856 shares of the real estate investment trust’s stock valued at $42,702,000 after purchasing an additional 49,353 shares during the period. Cubist Systematic Strategies LLC bought a new position in Eastgroup Properties in the 2nd quarter valued at $245,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Eastgroup Properties in the 2nd quarter valued at $791,000. Finally, Principal Financial Group Inc. boosted its holdings in Eastgroup Properties by 1.7% in the 1st quarter. Principal Financial Group Inc. now owns 620,473 shares of the real estate investment trust’s stock valued at $51,288,000 after purchasing an additional 10,402 shares during the period. 93.94% of the stock is owned by hedge funds and other institutional investors.

About Eastgroup Properties

EastGroup Properties, Inc is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.

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Earnings History and Estimates for Eastgroup Properties (NYSE:EGP)

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