Zacks Investment Research downgraded shares of EastGroup Properties (NYSE:EGP) from a buy rating to a hold rating in a research report report published on Friday.
According to Zacks, “EastGroup Properties is a self-administered real estate investment trust focused on ownership, acquisition and selective development of industrial properties. The company pursues a three-pronged investment strategy that includes: the acquisition of industrial properties at favorable initial yields, with opportunities to improve cash flow performance through management; selective development of industrial properties in markets where they already has a presence and where market conditions justify such investments; and the acquisition of existing public & private companies. “
EGP has been the topic of several other reports. Morgan Stanley restated an equal weight rating and issued a $82.00 price objective on shares of EastGroup Properties in a report on Thursday, December 14th. ValuEngine upgraded shares of EastGroup Properties from a hold rating to a buy rating in a report on Sunday, December 31st. Mizuho restated a hold rating and issued a $90.00 price objective on shares of EastGroup Properties in a report on Sunday, February 4th. SunTrust Banks upgraded shares of EastGroup Properties from a sell rating to a hold rating in a report on Monday, January 22nd. Finally, Sandler O’Neill restated a buy rating and issued a $95.00 price objective on shares of EastGroup Properties in a report on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. EastGroup Properties currently has a consensus rating of Hold and an average price target of $88.64.
NYSE:EGP opened at $81.91 on Friday. The stock has a market capitalization of $2,818.71, a price-to-earnings ratio of 19.23, a PEG ratio of 4.18 and a beta of 0.92. EastGroup Properties has a 1-year low of $76.44 and a 1-year high of $95.03.
EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, January 31st. The real estate investment trust reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.02. The company had revenue of $71.36 million for the quarter, compared to analyst estimates of $69.66 million. EastGroup Properties had a net margin of 30.34% and a return on equity of 11.58%. EastGroup Properties’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.08 EPS. equities research analysts predict that EastGroup Properties will post 4.51 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Wednesday, March 21st were issued a dividend of $0.64 per share. The ex-dividend date of this dividend was Tuesday, March 20th. This represents a $2.56 dividend on an annualized basis and a yield of 3.13%. EastGroup Properties’s dividend payout ratio (DPR) is presently 60.09%.
In other EastGroup Properties news, Director Fredric H. Gould bought 3,000 shares of EastGroup Properties stock in a transaction on Thursday, February 8th. The shares were bought at an average cost of $80.05 per share, for a total transaction of $240,150.00. Following the acquisition, the director now directly owns 13,688 shares in the company, valued at $1,095,724.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.90% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. SeaCrest Wealth Management LLC acquired a new stake in EastGroup Properties during the 4th quarter worth approximately $148,000. MML Investors Services LLC acquired a new stake in EastGroup Properties during the 4th quarter worth approximately $218,000. Vident Investment Advisory LLC acquired a new stake in EastGroup Properties during the 4th quarter worth approximately $229,000. Connable Office Inc. acquired a new stake in EastGroup Properties during the 4th quarter worth approximately $258,000. Finally, Capital Fund Management S.A. acquired a new stake in EastGroup Properties during the 4th quarter worth approximately $274,000. Institutional investors own 96.08% of the company’s stock.
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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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