Zacks Investment Research upgraded shares of Eastgroup Properties (NYSE:EGP) from a hold rating to a buy rating in a research report report published on Thursday. The brokerage currently has $104.00 price objective on the real estate investment trust’s stock.
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 subject of a number of other reports. Bank of America raised their price target on Eastgroup Properties from $100.00 to $103.00 and gave the company a buy rating in a report on Monday, July 16th. ValuEngine raised Eastgroup Properties from a hold rating to a buy rating in a report on Monday, July 2nd. Citigroup raised their price target on Eastgroup Properties from $87.00 to $90.00 and gave the company a neutral rating in a report on Wednesday, July 25th. Wells Fargo & Co raised their price target on Eastgroup Properties from $96.00 to $98.00 and gave the company a market perform rating in a report on Monday, July 30th. Finally, Mizuho reaffirmed a hold rating and set a $92.00 price target on shares of Eastgroup Properties in a report on Monday, July 30th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Eastgroup Properties currently has an average rating of Hold and an average target price of $95.09.
EGP stock opened at $92.25 on Thursday. Eastgroup Properties has a fifty-two week low of $77.74 and a fifty-two week high of $99.39. The firm has a market cap of $3.42 billion, a P/E ratio of 21.65, a price-to-earnings-growth ratio of 4.17 and a beta of 0.76.
Eastgroup Properties (NYSE:EGP) last released its quarterly earnings results on Thursday, July 19th. The real estate investment trust reported $0.49 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.49. Eastgroup Properties had a return on equity of 10.26% and a net margin of 28.00%. The firm had revenue of $74.90 million during the quarter, compared to analysts’ expectations of $72.60 million. During the same period last year, the firm posted $1.05 EPS. The business’s revenue was up 10.3% on a year-over-year basis. Equities analysts anticipate that Eastgroup Properties will post 4.62 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 3.12%. This is a positive change from Eastgroup Properties’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, September 27th. Eastgroup Properties’s dividend payout ratio (DPR) is presently 67.61%.
In other news, EVP Brent Wood sold 4,700 shares of the firm’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $97.40, for a total value of $457,780.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP John F. Coleman sold 5,000 shares of the firm’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $96.27, for a total value of $481,350.00. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in shares of 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 worth $643,352,000 after purchasing an additional 902,295 shares during the last quarter. Macquarie Group Ltd. boosted its position in shares of 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 worth $42,702,000 after purchasing an additional 49,353 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Eastgroup Properties in the 2nd quarter worth $791,000. Principal Financial Group Inc. boosted its position in shares of 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 worth $51,288,000 after purchasing an additional 10,402 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Eastgroup Properties by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 501,377 shares of the real estate investment trust’s stock worth $47,912,000 after purchasing an additional 8,445 shares during the last quarter. Institutional investors and hedge funds own 93.97% 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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