Eastgroup Properties Inc (NYSE:EGP)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $119.95 and last traded at $119.95, with a volume of 301 shares traded. The stock had previously closed at $119.57.
Several equities research analysts recently commented on the stock. Morgan Stanley lowered shares of Meili from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $14.00 to $4.20 in a research note on Monday, June 3rd. Zacks Investment Research lowered shares of Green Plains from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 27th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $103.25.
The company has a debt-to-equity ratio of 1.22, a current ratio of 0.02 and a quick ratio of 0.02. The firm has a market cap of $4.40 billion, a P/E ratio of 25.52, a price-to-earnings-growth ratio of 4.68 and a beta of 0.81. The stock’s 50 day simple moving average is $115.30.
Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings data on Monday, April 22nd. The real estate investment trust reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.02. The company had revenue of $78.79 million for the quarter, compared to analyst estimates of $78.83 million. Eastgroup Properties had a net margin of 26.82% and a return on equity of 9.19%. Eastgroup Properties’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.16 earnings per share. On average, analysts forecast that Eastgroup Properties Inc will post 4.88 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.72 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $2.88 dividend on an annualized basis and a yield of 2.42%. Eastgroup Properties’s dividend payout ratio is presently 61.67%.
In other Eastgroup Properties news, Director David H. Hoster II sold 942 shares of Eastgroup Properties stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $110.83, for a total value of $104,401.86. Following the transaction, the director now directly 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 at the SEC website. Insiders own 2.00% of the company’s stock.
Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its position in shares of Eastgroup Properties by 0.9% during the fourth quarter. Bank of New York Mellon Corp now owns 518,819 shares of the real estate investment trust’s stock valued at $47,590,000 after buying an additional 4,751 shares during the last quarter. Advisor Group Inc. boosted its position in shares of Eastgroup Properties by 22.7% during the fourth quarter. Advisor Group Inc. now owns 5,277 shares of the real estate investment trust’s stock valued at $484,000 after buying an additional 975 shares during the last quarter. State of Tennessee Treasury Department boosted its position in shares of Eastgroup Properties by 4.8% during the fourth quarter. State of Tennessee Treasury Department now owns 24,315 shares of the real estate investment trust’s stock valued at $2,231,000 after buying an additional 1,118 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Eastgroup Properties during the fourth quarter valued at approximately $247,000. Finally, Great West Life Assurance Co. Can boosted its position in shares of Eastgroup Properties by 10.1% during the fourth quarter. Great West Life Assurance Co. Can now owns 70,663 shares of the real estate investment trust’s stock valued at $5,986,000 after buying an additional 6,484 shares during the last quarter. 94.38% of the stock is currently owned by institutional investors and hedge funds.
About Eastgroup Properties (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.
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