Eastgroup Properties (EGP) Sets New 52-Week High on Better-Than-Expected Earnings

Eastgroup Properties Inc (NYSE:EGP) shares hit a new 52-week high on Tuesday following a stronger than expected earnings report. The company traded as high as $115.23 and last traded at $111.87, with a volume of 7391 shares. The stock had previously closed at $109.45.

The real estate investment trust reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.02. The business had revenue of $78.79 million during the quarter, compared to analyst estimates of $78.83 million. Eastgroup Properties had a return on equity of 10.32% and a net margin of 29.46%. The company’s revenue was up 9.1% compared to the same quarter last year. During the same period last year, the company posted $1.16 EPS.

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend was Thursday, March 28th. Eastgroup Properties’s dividend payout ratio is presently 61.67%.

A number of analysts have recently issued reports on the company. Zacks Investment Research upgraded Eastgroup Properties from a “hold” rating to a “buy” rating and set a $125.00 target price for the company in a report on Tuesday, April 9th. SunTrust Banks increased their target price on Eastgroup Properties from $92.00 to $98.00 and gave the company a “hold” rating in a report on Tuesday, February 19th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $101.52.

In other news, insider John F. Coleman sold 10,000 shares of the stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $111.09, for a total value of $1,110,900.00. Following the completion of the sale, the insider now owns 99,657 shares in the company, valued at $11,070,896.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.00% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in EGP. Norges Bank purchased a new stake in shares of Eastgroup Properties in the fourth quarter valued at $38,078,000. Vanguard Group Inc lifted its holdings in shares of Eastgroup Properties by 2.2% in the third quarter. Vanguard Group Inc now owns 5,502,403 shares of the real estate investment trust’s stock valued at $526,140,000 after purchasing an additional 116,567 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Eastgroup Properties by 2.2% in the third quarter. Vanguard Group Inc. now owns 5,502,403 shares of the real estate investment trust’s stock valued at $526,140,000 after purchasing an additional 116,567 shares in the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Eastgroup Properties by 19.5% in the fourth quarter. Macquarie Group Ltd. now owns 674,957 shares of the real estate investment trust’s stock valued at $61,914,000 after purchasing an additional 109,969 shares in the last quarter. Finally, Monarch Partners Asset Management LLC purchased a new stake in shares of Eastgroup Properties in the fourth quarter valued at $8,523,000. Institutional investors own 95.67% of the company’s stock.

The firm has a market capitalization of $4.07 billion, a PE ratio of 23.88, a price-to-earnings-growth ratio of 4.65 and a beta of 0.84.

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Eastgroup Properties Company Profile (NYSE:EGP)

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.

Further Reading: Are sell-side analysts objective?

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