Brokerages expect that Eastgroup Properties Inc (NYSE:EGP) will report sales of $83.03 million for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Eastgroup Properties’ earnings, with the highest sales estimate coming in at $84.04 million and the lowest estimate coming in at $81.90 million. Eastgroup Properties reported sales of $75.33 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 10.2%. The business is scheduled to issue its next quarterly earnings report on Thursday, October 17th.
On average, analysts expect that Eastgroup Properties will report full year sales of $327.36 million for the current fiscal year, with estimates ranging from $324.70 million to $330.72 million. For the next fiscal year, analysts anticipate that the firm will post sales of $351.59 million, with estimates ranging from $341.43 million to $361.00 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover Eastgroup Properties.
A number of brokerages have recently weighed in on EGP. Morgan Stanley raised their target price on Eastgroup Properties from $105.00 to $110.00 and gave the company an “equal weight” rating in a research note on Monday, June 3rd. Zacks Investment Research cut Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Tuesday. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Eastgroup Properties currently has an average rating of “Hold” and a consensus target price of $107.45.
The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend was Thursday, June 27th. Eastgroup Properties’s dividend payout ratio is 61.67%.
In related news, Director David H. Hoster II sold 942 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $110.83, for a total value of $104,401.86. Following the transaction, the director now owns 174,588 shares in the company, valued at $19,349,588.04. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.00% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in EGP. Chicago Equity Partners LLC bought a new position in Eastgroup Properties in the second quarter worth approximately $3,682,000. Hillsdale Investment Management Inc. increased its position in shares of Eastgroup Properties by 18.0% during the second quarter. Hillsdale Investment Management Inc. now owns 7,235 shares of the real estate investment trust’s stock valued at $839,000 after acquiring an additional 1,105 shares during the last quarter. Swiss National Bank increased its position in shares of Eastgroup Properties by 3.3% during the second quarter. Swiss National Bank now owns 67,887 shares of the real estate investment trust’s stock valued at $7,874,000 after acquiring an additional 2,200 shares during the last quarter. CWM LLC purchased a new stake in shares of Eastgroup Properties during the second quarter valued at approximately $155,000. Finally, Aperio Group LLC increased its position in shares of Eastgroup Properties by 2.1% during the second quarter. Aperio Group LLC now owns 10,565 shares of the real estate investment trust’s stock valued at $1,225,000 after acquiring an additional 215 shares during the last quarter. Institutional investors and hedge funds own 94.31% of the company’s stock.
Eastgroup Properties Company Profile
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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